By admin       2018-01-08

Trade activity slowed down on the cotton market on Saturday following the withdrawal of sales tax and customs duty on import of cotton, dealers said. *The official spot rate was unchanged at Rs 7800, they said. *In ready session, over 5,000 bales of cotton changed hands between Rs 6500-8075, they said. In Sindh, seed cotton prices were at Rs 2900-3500, and in Punjab rates were at Rs 2900-3600, as per 40 kg, they said. *Market sources said that on Friday, the ECC approved a waiver of sales tax and customs duty on the import of cotton. Just after the news, mills indulged in new booking of Indian cotton. They said that trend in the global markets continued to influence domestic trade which was already facing short crop and declining supply of quality lint. It is most likely that Indian exporters, who were backing out from their commitments, may consider to fulfilling it, but with increased rates, they said

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