Farmers, growers busy in cotton sowing

Cotton growers were busy in cotton sowing in the country, hoping to achieve better production this year, while official spot rate was unchanged, market sources informed on phone on Thursday.

The official spot rate was unchanged at Rs8800, dealers said. Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said.

In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs167 per kg, they added. They said that reports were appearing that pro-longed closer of export oriented textile mills in Sind is big losses for the economy.

Cotton analyst, Naseem Usman said that businessmen are expecting trade activity will begin as early as possible. Adds Reuters: ICE cotton futures climbed to a two-week peak on Wednesday as stock markets gained on hopes the novel coronavirus outbreak was close to its peak, while investors await the USDA's monthly supply-demand report and the weekly export sales data.

The cotton contract for May rose 0.77 cent, or 1.46%, at 53.67 cents per lb by 2:11 p.m. EDT (1811 GMT). Total futures market volume fell by 9,206 to 44,848 lots. Data showed total open interest gained 656 to 188,501 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  08-04-2020
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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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