By admin       2018-01-30

Dull trading continued at the Karachi Cotton Exchange on Monday, where no transaction was recorded. However, the spot rates remained unchanged at Rs7,500/maund (37.324kg) and Rs8,038/40kg. Ex-Karachi rates also stood firm at Rs7,645/maund and Rs8,193/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said the government has issued SRO for a cut of four percent Customs duty and five percent sales tax. Such an action has decreased buying from the local market, he added. Spinners moved to the international market for purchase of cotton, while shipment of Indian and other countries’ lint has started arriving in the country. “Around 2.5 million bales would be imported, while the country is likely to produce 11.5 million bales,” the analyst said.

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