Amid hope of softening in the lock down in the coming days the trading opened on Monday in the Cotton market as the Sindh government has given approval of starting their operations to seventeen factories related to export oriented industry.
Market sources said that out of seventeen factories fourteen are of textile sector and three factories are related to engineering sector which were given permission by the Sindh government to start their operations. Although no major trading activity was witnessed in the market at the start of the week but the market sources are hopeful that market will remain stable whenever the market will re-open after the lock down.
Cotton Analyst Naseem Usman said that spot rate remained unchanged at Rs 8800. He also said that although no trading was seen in Binola. However, Binola was available in both Sindh and Punjab at the rate of Rs 1600 to Rs 1800 per maund.
Sources also said that cotton seed was not available for trading as ginners had all the stock of Binola. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8800 per maund. He showed his apprehensions that if the government has not announced the support price of cotton it will effect the production of cotton in the country.
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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 18-04-2020
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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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