Some leading ginners and growers requested the government to save the cotton industry from disaster because workers and businessmen were facing financial losses particularly after the spread of coronavirus, market sources observed.
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.
They said that the government should take immediate rescue measures to save the textile industry from total collapse owing to negative impact of coronavirus.
Cotton analyst, Naseem Usman said that we must have to appreciate all the positive steps taken by the provincial and federal governments. He also said that cotton sowing accelerated in both the Punjab and Sindh, giving an impression that arrival of seed cotton will start, condition will improve in the near future.
According to the All Pakistan Textile Mills Association (APTMA) fully support the Association also fully support the efforts and measures taken by the both federal and provincial governments and assured all cooperation to fight against coronavirus pandemic.
Neighbouring countries are trying to make some compensation for their labourers and workers, why not our government? Other experts said.
Reuters adds: ICE cotton futures jumped as much as 5.6% to hit a more than one week high on Monday, helped by gains in the stock markets as coronavirus-related deaths and new cases slowed in some of the world's most affected countries.
The cotton contract for May settled up 2.07 cent, or 4.06 %, at 53.05 cents per lb. The contract touched 53.86 cents per lb earlier in the session, a peak since March 26.
Total futures market volume rose by 9,979 to 52,211 lots. Data showed total open interest fell 3,392 to 192,115 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 06-04-2020
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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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