Cotton analyst, Naseem Usman attributed the fall in daily business to amounting tensions with India and partly because of fresh rains in Punjab. According to the market sources, rainfall also expected in other parts of country and this factor may not disturb early sowing in Sindh.
They said that trading activity through Wagha border has been come to a halt due to suspension of trade by India with Pakistan. Trade community said that Indian importers have cancelled all orders to Pakistani exporters while demanding return of advance payments.
They also observed that a large number of trucks and containers were found stuck up at the Wagha border due to suspension of trading activity since India has announced to withdraw the Most Favoured Nation (MFN) status to Pakistan. Adds Reuters: ICE cotton futures settled higher on Tuesday, having touched a one-week high earlier in the session, helped by a weaker dollar, while investors focused on the latest round of trade talks between the United States and China.
The most active cotton contract on ICE Futures US, the March contract, settled up 0.19 cent, or 0.27 percent, at 70.41 cents per lb. Total futures market volume rose by 7,601 to 42,936 lots. Data showed total open interest fell 256 to 237,643 contracts in the previous session. Cotton prices were firm in other parts of the world.
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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"
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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 19-02-2019
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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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