Traders on the cotton market are hopeful that reporting of the deals will be started from the first week of June. Market sources told that though the business activities resumed in the cotton market but hopefully trading will fully resume in coming days.

Cotton Analyst Naseem Usman told that first deal for the new cotton crop of 2020-21 was reported of 200 bales of Sanghar which were sold at Rs 7800 per maund and it's delivery time is between June 5 and 10.

He also said that cotton crop is facing severe threat of locust attack. He said that Plant Protection Department of Government of Sindh is working on saving the cotton crop from the attack of locust. He urged that both provincial and federal governments should work together to save the cotton crop from the locust attack.

Naseem said that there are reports that condition of cotton crop in Lower Sindh is satisfactory but there are chances of severe attack of locust in Upper Sindh and Punjab.

He further said that ginning factories will partially resume their operations in Sindh from June 15. 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.

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  29-05-2020
37.324 kg         8,600       160         8,760        8,760            NIL
40 kgs            9,217       171         9,388        9,388            NIL

Copyright Business Recorder, 2020