Traders are hopeful that trading activity will soon partially resume in the cotton market as the government had given permission to the whole textile supply chain to resume it's operations.
Market sources told that Sindh governments will also gave permission to the whole textile supply chain to resume it's operations as the Punjab government had given permission.
Cotton Analyst Naseem Usman told that there are reports that some trading was started in the cotton market. The deals were not verified so they were not reported by Karachi Cotton Association.
Naseem said that President Pakistan Kissan Ittehad Khalid Khokhar has termed that the summary of the rejection of the intervention price for cotton crop 2020-21 by Economic Coordination Committee of the cabinet as black day for the growers in general and the cotton growers in particular as in the battle of industry and agriculture once again industry has defeated agriculture with full force.
He also said that spot rate remained unchanged 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.
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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 08-05-2020
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37.324 kg 8,600 160 8,760 8,760 NIL
Equivalent
40 kgs 9,217 171 9,388 9,388 NIL
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