Leading participants were conspicuous by their absence on the local cotton market on Wednesday in the process of lackluster session, dealers said. The official spot rate was unchanged at Rs 8900, they added. In the ready session, not a single deal reported mainly because of rising fears of conoravirus, dealers said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs 2800, while the best quality was unchanged at Rs 4100, and in the Punjab prices of low quality were at Rs 2800 while the fine type was available at Rs 4600, they said. In Sindh, Binola prices per maund were at Rs 1400-1800, in Punjab rates were at Rs 1650-1800, they said and the rate of polyester fibre was at Rs 167 per kg, they added.
According to the market sources, not a single deal finalised as ginners were not ready to make business under the circumstances. Cotton analyst, Naseem Usman said that fortnightly report about arrivals of seed cotton (Phutti) issued by the Pakistan Cotton Ginners Association (PCGA) till March 15, 2020.
Reports show that total seed cotton equivalent to 8.57 million or 8,571,261 bales has reached at country's ginneries, registering 20.36 percent shortfall compared to corresponding period of last year. People are hoping that trading activity will normalise when hovering fears of coronavirus will came to an end, other brokers observed.
Adds Reuters: ICE cotton futures slipped on Tuesday, to a more than six-month low as a robust dollar and heavy rains in top cotton-producing state Texas kept the market reeling from the impact of coronavirus under pressure. Cotton contract for May settled down 0.88 cent, or 1.5 %, at 57.92 cents per lb. Prices hit a low of 57.86 cents per lb, its lowest since August 2019. Total futures market volume fell by 12,177 to 36,228 lots. Data showed total open interest gained 233 to 214,214 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 17-03-2020
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37.324 kg 8,900 160 9,060 9,060 NIL
Equivalent
40 kgs 9,538 171 9,709 9,709 NIL
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