Official spot rate was down modestly on the cotton market on Tuesday in the process of trading activity, dealers said. The official spot rate was down by Rs 50 Rs 8950, they added. In the ready session, over 3000 bales of cotton changed hands between Rs 6450-9100, they said. Market sources said that the mills were active buyers to replenish their stock because old stock of cotton crop is diminishing with the passage of time.
Cotton analyst, Naseem Usman said that the ginners were not in a hurry to sell old stock as they have little stock to sell. Report showing that to encourage growers, the Senate body asked the government to fix cotton Support Price. In fact, this positive measure would help growers to earn reasonable profit on their crop. Other experts said that we have to increase hectare area to achieve improved cotton production.
Some experts said that farmers should use only registered and certified seed varieties. He said that for the cotton season 2019-20, the CCRI Multan had recommended Bt varieties including CIM-632, CIM-602, CIM-598, CIM-599, CIM-600, CIM-177, CIM-178, and CIM-179. Non-Bt varieties included CIM-610, CIM-620, CIM-534, CIM-124, and CIM-496.He said that farmers should bring at least 10 percent of their area under non-Bt cotton cultivation.
ICE cotton futures fell 1 percent to touch a two-week low on Monday, as weather conditions across the US cotton growing areas improved for harvesting the natural fiber crop. The most-active cotton contract on ICE Futures US July settled down 0.75 cent, or 0.97 percent, at 76.95 cents per lb.
Total futures market volume fell by 1,842 to 22,309 lots. Data showed total open interest fell 1,667 to 210,167 contracts in the previous session. Other parts of the world, the prices were almost down during the trading session, they said. The following deals reported: 200 bales of cotton from Shahdadpur at Rs 6450, 1000 bales from Khanpur at Rs 8900/9100, 400 bales from Rahim Yar Khan at Rs 8900, 400 bales from Ahmedpur East at Rs 8600, 1000 bales from Nurpur Nooranga at Rs 8600 and 511 bales from Khanewal at Rs 8400, they said.
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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 29-04-2019
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37.324 kg 8,950 160 9,110 9,160 - 50/-
Equivalent
40 kgs 9,592 171 9,763 9,816 - 53/-
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