The Karachi Cotton Exchange on Monday witnessed dull trading as many mills stopped lint buying, while some were engaged in price negotiations with the ginners.
The spot rates remained unchanged at Rs6,750/maund (37.324kg) and Rs7,234/40kg. Ex-Karachi rates also stood firm at Rs6,885/maund and Rs7,379/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
Only one transaction was recorded at KCE of 400 bales from Khanpur at the rate of Rs7,000/maund.
According to Naseem Usman, chairman of the Karachi Cotton Brokers Association, the millers are waiting for their refunds, but the government is denying, saying they do not have funds. Even, textile package of Rs180 billion is not being provided to the sector.
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