Spot rate remains unchanged on cotton market

In the absence of trading activity, the official spot rate was unchanged on Tuesday, dealers said on phone.
The official spot rate was unchanged at Rs8800, dealer said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was unchanged at Rs4100, and in the Punjab prices of low quality were at Rs2800 while the fine type was available at Rs4600, they said.
In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and the rate of polyester fibre was at Rs167 per kg, they added.
Commenting on the prevailing situation the world over, cotton analyst, Naseem Usman said that nobody is out of uncertainty owing to recession and particularly after the coronavirus. The government is trying it's best to provide basic needs to the poor people, especially for daily wages workers, he said.
The factories who want to run their businesses during lockdown. The exporters will get permission to run their plants from Tuesday. The people who want to help poor, must come forward to make their life better in days to come, others said.
Adds Reuters; ICE cotton futures tumbled to a nearly 11-year low on Monday as fears of easing demand, heightened by extension of U.S. social distancing measures until the end of April, gripped a market already reeling from the economic fallout of the coronavirus outbreak.
Cotton contract for May fell 1.37 cent, or 2.67 %, at 49.96 cents per lb by 1:06 p.m. EDT (1706 GMT). The contract hit a low since April 2009 at 48.80 cents per lb, earlier in the session.
Total futures market volume fell by 3,489 to 25,178 lots. Data showed total open interest gained 903 to 193,519 contracts in the previous session.

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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  30-03-2020
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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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