Absence of growers may delay cotton sowing
In the absence of required number of farmers and growers in the field may cause delay in cotton sowing, leading sources informed on phone on Monday. The official spot rate was unchanged at Rs8800, dealer 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.
Commenting on the negative impact of spread of coronavirus on cotton production, cotton analyst, Naseem Usman said that season of wheat harvesting started but works are still delaying. This is a factor, keeping ginners under pressure, he observed.
According to the Pakistan Cotton Ginners Association (PCGA), the cotton ginners, who are holding a huge stock but no buyer in the market, requesting the government to exempt cotton ginner's mark up from March 1st till July 2020.
Cotton production is short of demand, despite this factor demand nor prices picking up, both locally and globally, he 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 28-03-2020
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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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