Official spot rate was unchanged on the local market on Friday in the process of cautious trading session, dealers said. The official spot rate managed to sustain overnight level at Rs 8800, they added. According to the market sources, under the circumstances, main participants were not visible.
Cotton analyst, Naseem Usman said that all workers, traders and industrialists are upset as fears of coronavirus hovering, on the other hand, heap of exporting stuff is piling up because foreign countries were delaying payment. Besides, non-availability of re-fund facility was also an adding factor for the businessmen and traders, other brokers said.
Adds Reuters: ICE cotton futures plunged to their lowest level in more than 10 years on Thursday, on fears of dwindling demand for the natural fibre due to the coronavirus and its impact on supply chains. Cotton contracts for May settled down 1.71 cent, or 3.02%, at 54.93 cents per lb. Further weighing on cotton prices, the dollar soared to its highest since 2017, rising against a basket of currencies for a third day.
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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 19-03-2020
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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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