Trading activity remains suspended on cotton market

Trading activity remained suspended on the cotton market owing to fight against the spread of coronavirus, dealers informed on phone on Friday. 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.
The Karachi Cotton Association (KCA) is issuing Daily Market Report (DMR) on regular basis for the requirements of banks and global markets, they said.
Reports showing that cotton growers have started sowing in the Punjab, but it was some late due to weather change, they added.
Explaining a few latest developments, cotton analyst, Naseem Usman said that Prime Minister Imran Khan is taking interest in affairs of textile industry. Imran Khan promised to provide all basic requirements, such as cotton seeds, pesticides spray etc, he added.
Reuters adds: ICE cotton futures were on track for the best daily gain in nearly six months on Thursday, rebounding from 11-year lows on the back of firmer oil prices and a slight uptick in export data by the U.S. Department of Agriculture (USDA).
Cotton contract for May rose 1.56 cent, or 3.2%, at 49.97 cents per lb by 1:46 p.m. EDT (1746 GMT), the biggest one-day percentage gain since October 11. It traded within a range of 48.58 and 51.48 cents a lb.
Total futures market volume fell by 6,597 to 41,293 lots. Data showed total open interest fell 662 to 198,773 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  02-04-2020
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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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