Trading activities in cotton market were badly effected due to the rejection of the proposal of buying of cotton at Rs 4200 per maund through Trading Corporation of Pakistan by Economic Coordination Committe.
Cotton Analyst Naseem Usman said that government should reconsider the decision of ECC and announce the support price of cotton other cotton production will be badly effected. He also said that farmers are dishearted with this decision. He showed his apprehension that sowing of cotton will be effected with this decision.
He also said that government is continuously rejecting the long standing demand of cotton farmers of announcing the support price of cotton for the last three years.
He told that after the decision forward trading was also stopped in the market. He also told that there was already no business in the market for the last one and a half months in the market because of the lockdown due to the coronavirus.
Meanwhile, All Pakistan Textile Mills Association has demanded from the Sindh government that they should allow the whole supply chain of textile to start it's operations. The Punjab government has already allowed the whole supply chain of textile sector that they should resume their operations.
Sindhi government had already given permission of resumption of activities to the export oriented sector which is mostly related to textile sector.
He also said that Karachi Cotton Association has decreased the spot rate by Rs 100 per maund and closed it at Rs 8600 per maund. The rate of cotton in Sindh and Punjab is in between Rs 7000 to Rs 8600 per maund. The polyester fiber was available at Rs 160 per kg.
===========================================================================
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 06-05-2020
===========================================================================
37.324 kg 8,600 160 8,760 8,860 -100/-
Equivalent
40 kgs 9,217 171 9,388 9,495 -107/-
===========================================================================
Comments
Comments are closed.