KARACHI: Trading activity on cotton market will fully resume after the announcement of budget on June 12. Market sources told that cotton market remained stable on Thursday however they said that business community is hopeful that government will announce relief for the community in the upcoming budget. Cotton Analyst Naseem Usman told that Phutti of Sindh was sold in between Rs3700 to Rs3800 per 40 kg. He said that there are reports that a ginning factory in Tandoo Adam was sealed by the district administration on the violation of Standard Operating Procedures. Naseem said that according to international news channel attack of locust is the biggest threat than coronavirus. He told that according to the sources a joint meeting between Pakistan and India on the issue of locust attack is scheduled to be held on June 18 in Indian city of Monabao. He said that it is expected that six meetings will be held between the two countries regarding evolving a joint strategy on saving the crops from locust attack. Sources said in this regard a joint wireless system will be established in the Indian city of Jodhpur and Karachi (Pakistan) for exchanging the information on locust between the two countries. Naseem said that both federal and provincial governments along with Pakistan Army had taken steps on war footings to control the attack. He also said that there is uncertainty regarding the exact estimates of cotton production in the country. The situation of cotton crop in lower Sindh is satisfactory. Sowing is still going on in Punjab. Naseem Usman also said that it is first time in the history of Pakistan that seed companies are buying Banola between Rs2500 to Rs2600 per maund for using it as seed. The seed of good quality is not available in the market. He also said that Spot Rate remained unchanged Rs8300 per maund. The rate of cotton in Sindh and Punjab is in between Rs6500 to Rs8400 per maund. The polyester fiber was available at Rs155 per kg.
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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 10-06-2020
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37.324 kg 8,300 175 8,475 8,475 NIL
Equivalent
40 kgs 8,895 188 9,083 9,083 NIL
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