Dullness persists on cotton market

Dullness persisted on the cotton on Wednesday as all participants were absent from routine business owing to fears of spread coronavirus in the globe, dealers informed on phone.
The official spot rate was unchanged at Rs 8800, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs 2800, while the best quality was unchanged at Rs 4100, and in the Punjab prices of low quality were at Rs 2800 while the fine type was available at Rs 4600, they said.
In Sindh, Binola prices per maund were at Rs 1400-1800, in Punjab rates were at Rs 1650-1800, they said and the rate of polyester fibre was at Rs 167 per kg, they added.
Lint prices moving up in the international market, despite the fact that coronavirus is spreading in the world with the passage of the time, they observed.
Cotton analyst Naseem Usman said that under the circumstances, we are praying to the God to keep us away from all kinds of diseases and bad days.
Adds Reuters: ICE cotton futures on Tuesday were on track to snap a six-day losing streak, helped by rebound in financial markets, as investors hoped for major stimulus measures to cushion the blow from the coronavirus epidemic.
Cotton contract for May rose 2.12 cent, or 4.1%, to 54.27 cents per lb as of 1:04 p.m. EDT (1704 GMT). It traded within a range of 51.16 and 54.87 cents a lb.
Total futures market volume fell by 27,550 to 36,422 lots. Data showed total open interest fell 2,722 to 200,616 contracts in the previous session.

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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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                     FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                   on  24-03-2020
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37.324 kg         8,800       160         8,960        8,960            NIL
Equivalent
40 kgs            9,431       171         9,602        9,602            NIL
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