Trading activities resume on the cotton market on Monday after the closure of more than one and a half months due to the coronavirus lockdown.
Market sources said that traders are hopeful that situation will be improved gradually after the softening of the lockdown by the government.
Cotton analyst Naseem Usman told that both federal and provincial governments should take steps to save the cotton crop from the locust attack. The recent report of Food and Agriculture Organisation (FAO) of the United Nations warned of a potentially serious food security crisis this year in several regional countries, including Pakistan, due to locust attacks.
It is expected that Pakisan's Rabi and Kharif crops will be badly affected by locust attack. According to the estimates Pakistan's economy has to bear the loss of Rs 669 billion due to the locust attack during the current year.
Naseem Usman said that Spot Rate Committee of Karachi Cotton Association has stabled the spot rate at Rs 8600 per maund. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8600 per maund. The rate of polyester fiber was decreased by Rs 3 per kg and was available at Rs 157 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 09-05-2020
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37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,602 NIL
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