Prices of seed cotton in Sindh were at Rs 3000-3500, in Punjab seed cotton prices at Rs 3000-3600 and in Balochistan prices were at Rs 3200-3500, they said. According to market sources, most of the participants were on the sidelines due to rising tensions on the LoC.
Cotton analyst, Naseem Usman said that traders were worried about the US-China trade, no one is sure about the settlement of the issues between Chin and US, this is a factor, which is causing jitters among local business circles. According to reports, US companies in China forecast a gloomy year ahead, with many worrying about a deterioration in bilateral trade ties and nearly a quarter delaying investments, a business survey showed Tuesday.
The survey of 314 US businesses by the American Chamber of Commerce in China provided a full accounting of challenges American business face after Beijing and Washington exchanged tit-for-tat tariffs on more than $300 billion in two-way trade. The report was released two days after US President Donald Trump said he would delay a planned further hike in tariffs on Chinese goods this week after he and Beijing both hailed "substantial progress" in trade negotiations.
Adds Reuters: ICE cotton futures shed more than 1 percent on Tuesday, weighed down by fund selling, while investors look for progress in trade negotiations between the United States and China. The most active cotton contract on ICE Futures US, the May contract, settled down 1.08 cent, or 1.5 percent, at 72.02 cents per lb. Total futures market volume rose by 1,808 to 21,170 lots. Data showed total open interest fell 688 to 218,417 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"
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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 26-02-2019
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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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