Ginners unable to sell cotton stock due to lockdown

Market sources however, stressed their hope that things will start improving in coming days as the government of Sindh has allowed 373 industries to resume their operations out of which majority of them are related to textile industry.

Cotton Analyst Naseem Usman told that sowing season is successfully going on in Punjab and Sindh adding that government has asked the stakeholders that they should share their suggestions for the cotton policy hopefully announced by the government very soon.

He stressed his hope that cotton production will be increased if the weather conditions remains favourable and if there will be no scarcity of water. He said people should pray that cotton crop should save from the attack of locusts.

He said that spot rate remained unchanged at Rs 8800. He also said that although no trading was seen in Binola, however Binola was available in both Sindh and Punjab at the rate of Rs 1600 to Rs 1800 per maund. Sources also said that cotton seed was not available for trading as ginners had all the stock of Binola. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8800 per maund. The rate of polyester fiber decreased by Rs 7 per kg after decrease in the price of petroleum products and was available at Rs 160 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  28-04-2020
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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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Copyright Business Recorder, 2020

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