A subdued business was again witnessed on the cotton market on Monday owing to lack of buying interest among spinners and mills, dealers said. The official spot rate was unchanged at Rs 6650, they said. In Sindh, seed cotton prices were at Rs 3300-3400, in Punjab prices were at Rs 3300-3700, as per 40 kg,they said.
In the ready season, only 2000 bales of cotton from Bahawalpur sold at Rs 6950, they added. Cotton analyst, Naseem Usman said that the leading buyers have avoided the fresh proceedings because they have covered their short positions. In the meantime, prices to maintain firm trend locally as the rates are still on the upward trend in the international market, other analysts said.
Some analysts said that a huge stock of unsold cotton yarn is creating financial crisis and the factor may be a reason behind the sluggish business. To achieve desired results, recently, Pakistan Central Cotton Committee (PCCC) imparted comprehensive training on off season management strategies from Mealy Bug and Pink Boll Worm to the agriculture extension technicians of 11 districts in Punjab.
During the session 526 master trainers have been trained. Simultaneously, scientists of Central Cotton Research Institute-Sakrand are in fields arranging various seminars and corner meetings with the cotton growers and farmers regarding advisory on cost efficient production practices and pest management especially pink boll worm for the forth coming cotton crop season. Growers are being advised to bring more area under cotton cultivation during the next season.
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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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 25-02-2017 in Rupees
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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