Wait-and-see mood seen on cotton market

Wait-and-see mood adopted by main participants on Wednesday as trading activities remained suspended after the spread of coronavirus, sources at cotton market informed on phone.
The official spot rate was unchanged at Rs8800, dealers 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.
Cotton analyst, Naseem Usman said that the Pakistan Cotton ginners Association (PCGA), may not issue it's fortnightly report due to uncertainties caused by coronavirus.
He said that exporting countries among Pakistan facing expected huge losses. Governments urging rich people to donate as much as, on the other hand, exporters and mills were looking at the governments for tax exemptions and compensation, other experts informed on phone.
Reuters adds: ICE cotton futures ended higher on Tuesday after positive data from major consumer China lifted market sentiment, but prices recorded their steepest quarterly decline since 2011 as the market grappled with a coronavirus-led demand shock.
Cotton contract for May settled up 0.43 cent, or 0.85%, at 51.13 cents per lb. It traded within a range of 49.46 and 51.73 cents a lb.

===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
                     FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                   on  31-03-2020
===========================================================================
37.324 kg         8,800       160         8,960        8,960            NIL
Equivalent
40 kgs            9,431       171         9,602        9,602            NIL
===========================================================================