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Prices likely to remain high at cotton market

YarnsandFibers News Bureau 2017-02-03 14:00:00 – Karachi

Dull trading was record at cotton market on Thursday by the Karachi Cotton Exchange. The spot spot rates stood unchanged at Rs6,650/maund (37.324kg) and Rs7,127/40kg.

Ex-Karachi rates also remained unchanged at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

KCE recorded domestic transactions of around 2,500 bales in between Rs6,300/maund to Rs7,000/maund from three stations that included Sultanabad, Punj Moro and Bahawalpur.

According to analyst, dull trading activity was recorded, as sellers and buyers wait for cotton arrivals data, which is likely to be released by the Pakistan Cotton Ginners Association (PCGA) on Friday.

Despite abolition of four percent duty on cotton imports, little deals were booked, as prices increased across the globe and buyers preferred local lots. Prices are likely to remain high.

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