Other experts said that cotton importing countries avoiding Chinese cotton, textile products, they preferring to import cotton from Indian, Pakistan and Bangladesh. Cotton analyst, Naseem Usman said that the ginners are not willing in fresh selling in expectations of rise in rates in coming days. According to the reports, Brazilian cotton farmers have finished sowing their crop on 1.619 million hectares (4 million acres), marking a 0.05% increase from last season's record area as estimated by the government, agribusiness consultancy INTL FCStone said in a report on Friday.
Adds Reuters: ICE cotton futures rose on Friday as expectations for more stimulus measures to counter the economic impact of the coronavirus provided investors a glimmer of hope following sharp sell-offs this week. Cotton contract for May settled up 0.79 cent, or 1.3%, at 60.49 cents. Total futures market volume fell by 7,949 to 57,934 lots. Data showed total open interest gained 1,809 to 214,594 contracts in the previous session. Following deals were reported: 1400 bales from Rahim Yar Khan at Rs 8200 and 200 bales from Khanpur at Rs 8850, they said.
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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 13-03-2020
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37.324 kg 8,900 160 9,060 9,160 - 100/-
Equivalent
40 kgs 9,538 171 9,709 9,816 - 107/-
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