Volume of business improved on the cotton market on Monday ahead of the Pakistan Cotton Ginners' Association (PCGA) fortnightly report, dealers said. The official spot rate maintained week-end level at Rs 9000, they added. In the ready session, 3000 bales of cotton from Rahim Yar Khan finalised at Rs 9000, dealers 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 down by Rs 3 to Rs 170, per kg they added.
Market sources said that slight improvement was seen in the overseas market, it looks that the world is coming out of hovering fears of coronavirus, but gradually. They said that the ginners may refrain from fresh deals ahead of the PCGA data.
Cotton analyst, Naseem Usman said that US-Afghan pact on core issues likely to help in resolving problems between the two countries. This will also bring peace and stability in the region, he added. He expects that after a long time, these positive developments likely to give a boost to trade and political sectors.
Under the circumstances, the ginners were keen to make deals but above their psychological levels, other experts said.
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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 29-02-2020
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37.324 kg 9,000 160 9,160 9,160 NIL
Equivalent
40 kgs 9,645 171 9,816 9,816 NIL
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