By admin       2018-01-24

Volume of business improved on the cotton market on Tuesday in process of trading, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In ready session, over 6000 bales of cotton changed hands between Rs 6600-8000, they said. In Sindh seed cotton prices were at Rs 2800 and Rs 3500, and in the Punjab rates were at Rs 2800-3400, they said. Market sources said that buying by some of the leading mills and spinners helped the prices to hold present levels and trading activity also showed improvement. To settle down the issues related cotton, the government has withdrawn duties and taxes on import of cotton from India, cotton analyst, Naseem Usman said. Besides, he said that Statuary Release Orders (SRO) also issued, which will ease pressure in the coming days. Other experts said that business activity may come under pressure in the local market. Additionally, the Pakistan Cotton Ginners Association (PCGA) likely to hold protest against the issuance of SRO and removal of taxes and duties, some analysts said. In the New York, cotton futures were down on Monday. The following deals reported: 400 bales of cotton from MP Mathelo at Rs 7800, 400 bales from Sanghar at Rs 6600, 400 bales from Mailsi at Rs 8000, 4400 bales from R. Y. K at Rs 7725, 3800 bales from Alipur at Rs 7300/7500, 2000 bales from Bahawalpur at Rs 7350, 1000 bales from Shujabad at Rs 7300 and 400 bales from Faqeerwali at Rs 6750, they said.

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