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Less buying interest pushed the rates further down on the cotton market on Monday in process of trading, dealers said. The official spot rate was lower by Rs 50 to Rs 6650, they said. In the ready session, a single deal of 755 bales of cotton from Haroonabad reported at Rs 6900, they said. In Sindh, seed-cotton prices were available at Rs 3300-3325 per 40 kg and in the Punjab rates were at Rs 3200-3300 per 40 kg, they said.
Market sources said that continued fall in prices is a serious factor, so that the government should take an urgent measure to support the textile sector, which was already facing difficulties in the absence of incentives.
They also said that the government should take the matter some seriously to protect the interest of farmers and growers who could lose interest in the crop thing did not change in the right direction. Some other experts said that the government should fix cotton support price at Rs 3,500 per maund (around 37 kilograms. Besides, the Trading Corporation of Pakistan (TCP) should purchase at this rate, they suggested.



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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
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 17-06-2017
===========================================================================
37.324 kg 6,650 135 6,785 6,835 -50/-
Equivalent
40 kgs 7,127 145 7,272 7,325 -53/-
===========================================================================

Copyright Business Recorder, 2017

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