Cotton firm

Karachi : No trading was recorded at the Karachi Cotton Exchange on Tuesday, which kept the spot rates unchanged at the previous levels.

The spot rates remained unchanged at Rs6,900/maund (37.324kg) and Rs7,395/40kg. Ex-Karachi rates also stood firm at Rs7,045/maund and Rs7,550/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

An analyst said trade activity remained very low in the local market, as buyers were going behind cotton imports, as they are enjoying sales tax and Customs duty cut on import of cotton.

Due to the demand in the country, local buyers were importing around 2.5 million bales.

Pakistan has recorded exports registration for 197,642 bales from August 1, 2017 till January 31, 2018. During this period, a total of 120,940 bales were also shipped.

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