Cotton growers facing problems

Businessmen and traders, particularly growers are facing a lot of problems in the absence of provision of basic requirements, some dealers and experts informed on phone on Thursday.
The official spot rate was unchanged at Rs8800, dealers 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.
Not only cotton growers were in hardship, all farmers are looking fed up in the absence of pure seeds and other needs, cotton analyst, Naseem Usman said on phone and adding that so much rise in cost of production is unable growers and farmers to achieve desired target.
In the absence of cotton seeds we are not getting output, on the other hand wheat crop is almost prepared, but suffering owing to hailstorm, and causing delay in harvesting, other analysts said.
Adds Reuters: ICE cotton futures plunged as much as 5.2% to an 11-year low on Wednesday, as sentiments soured on dire predictions for the U.S. death toll from the coronavirus and as risks from the pandemic showed little sign of easing.
Cotton contract for May was down 2.41 cent, or 4.7%, to 48.72 cents per lb by 1:19 p.m. EDT (1719 GMT). Total futures market volume fell by 8,723 to 29,068 lots. Data showed total open interest gained 5,124 to 199,435 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  01-04-2020
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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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