Growers busy in cotton sowing

As the cotton growers were busy in cotton sowing in the country, government should give incentives to the ginners in these difficult times when there was no business in the market due to the Covid 19 locked down. Market sources told Business Recorder on Tuesday that spot rate remained unchanged.

The market sources said that spot rate was remained unchanged at Rs 8800. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8800 per maund.

Cotton Analyst Naseem Usman told Business Recorder that government should announce package for the ginners as there was no business in the market and they had to pay the mark up on the loans taken from the banks. Moreover, they had the stock of 5 lac bales.

Usman also said that government should also release the amount of sales tax refund to members of All Pakistan Textile Mills Association.

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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  13-04-2020
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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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