Trading activities on the cotton market will fully resume after Eid Ul Fitr. Market sources said that after the easing of lockdown by the government trading has started but it will fully resume after Eid.
Cotton Analyst Naseem Usman told that people associated with the cotton business as well as farmers were very disappointed with the decision of Economic Coordination Committee of rejecting the support price of cotton. However, in a recent meeting Federal Cabinet has blocked the decision of ECC and constituted a four member committee comprising of Syed Fakhir Imam, Shah Mahmood Qureshi, Makhdoom Khusroo Bakhtiar and Amin Aslam to look after the matter and gave their proposals.
Naseem said that farmers welcome the decision of the Economic Coordination Committee (ECC) of the Cabinet of approving a multi-billion agriculture package of providing the farmers subsidy on fertilizers, reduction in bank mark-up on agriculture loans, subsidy on cotton seed and white fly pesticides and sales tax subsidy on locally manufactured tractors.
Naseem said that Pakistan army has started a campaign to control locust attacks. In this regard Mangla core of Pak army will perform duties in six districts of Punjab which includes Khushab, Bhakkar, Jhang, Mianwali, Jehlum and Chakwal. They will help civil administration in their activities of controlling locust attacks.
While according to Met. Office reports Naseem said that locust attacks pose an "unprecedented" threat to the country's food security with the livelihood of farmers, as migration of the insects has started from spring breeding areas into Indo-Pak border.
Naseem Usman 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 157 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 14-05-2020
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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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