By admin       2017-12-26

Activity on the cotton market was somewhat modest on Friday, with needy spinners chasing quality lots while others preferring to mark time in the hope that the government may cut duty and taxes on lint imports from Jan 1, 2018. Buyers remained focused on quality lint but short supply disappointed many. Most buyers are anticipating that the government may cut or withdraw 4 per cent customs duty and 5pc sales tax on cotton imports, brokers said. On the other hand, reports have reached the trading ring that many Pakistani spinners – who had placed orders for cotton import with Indian exporters – are now either receiving cancellation orders or are being asked to revise prices upwards. According to market sources, so far Pakistani spinners have placed cotton import orders of 300,000 bales from India. However, cotton prices in India recently surged after pest attacks destroyed standing crop. The world leading cotton markets were firm, with New York cotton touching peak level at US77.96 cents per lb. Indian and Chinese markets also closed steady. The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level. The following deals were reports to have transacted on ready counter: 600 bales, Saleh Pat, at Rs7,000; 800 bales, Rasoolabad, at Rs6,700; 6,400 bales, Khanpur, at Rs7,500; 2,000 bales, Kot Sabzal, at Rs7,400 to Rs7,500; 2,000 bales, Rahimyar Khan, at Rs7,500; 2,000 bales, Sadiqabad, at Rs7,500; 1,800 bales, Jalalpur, at Rs6,800 to Rs7,400; 200 bales, Hasilpur, at Rs7,350; 600 bales, Ahmedpur East, at Rs6,900; 600 bales, Shujabad, at Rs6,800 to Rs6,850; and 600 bales, Fort Abbas, at Rs6,550 to Rs6,750.

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