Business remains dull on cotton market
The Cotton Association on Saturday has not uploaded the daily market report on their website because of the lock down due to coronavirus. Trading remained dull on the cotton market as no major activity was witnessed in the market.
Market sources on Saturday said that spot rate remained unchanged at Rs 8800.
The market sources also said that although no trading was seen in Binola. However, Binola was available in both Sindh and Punjab at the rate of Rs 1600 to Rs 1800 per maund. Sources also said that cotton seed was not available for trading as ginners had all the stock of Binola. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8800 per maund.
Cotton Analyst Naseem Usman stressed his hope that whenever the market will re-open after the lock down the rate of cotton will remain stable because the ginners had the stock of 5 lac bales which will be helpful in stabilizing the rate.
He said that it is a matter of great concern that farmers were unable to sow cotton on 50 percent land in Umer Kot while as per information received growers are sowing rice and other crops in the cotton sowing areas of lower Sindh.
He said it is expected that cotton sowing area will be reduced by 20 percent.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 17-04-2020
===========================================================================
37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
===========================================================================
Comments
Comments are closed.