On Tuesday, cotton prices in Pakistan slid amid lackluster trade due to lack of buying interest from spinners and higher imports of cotton, whereas, cotton prices in the world markets moved higher.
The spot rate settled at PakRs5,500/maund (37.324 kilogram each), down PakRs50/maund from the previous level. Around 1400 bales of cotton were changed hand in the ready markets of Sindh and Punjab.
Floor brokers stated that the market was expected to witness enthusiasm after a governmentâ€™s decision to declare textile exports free from duty and taxes. However, there was hardly any change in the trading pattern.
The Trading Corporation of Pakistan also sold 2,000 bales to spinning mills as ginners continued to ask high prices for the premium quality fiber amid fast depleting lint stocks with them, said brokers.
A major factor for low buying interest was higher imports of cotton, but some brokers said that many spinners believed the arrival of new crop phutti (seed cotton) would be in time.
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