Moderate trading activity was witnessed at the cotton market on Friday, with needy spinners chasing quality lint but short supply disappointed many. Most buyers preferring to mark time in the hope that the government may cut duty and taxes or withdraw 4 percent customs duty and 5percent sales tax on cotton imports from Jan 1, 2018, brokers said.
According to market sources, many Pakistani spinners have placed cotton import orders of 300,000 bales from India. However, with the cotton prices in India recently surging after pest attacks destroyed standing crop. They are now either receiving cancellation orders or are being asked to revise prices upwards.
At the Karachi Cotton Association (KCA) spot rates were unchanged at overnight level.
The following deals were reports to have transacted on ready counter: 600 bales, Saleh Pat, at Rs7,000; 800 bales, Rasoolabad, at Rs6,700; 6,400 bales, Khanpur, at Rs7,500; 2,000 bales, Kot Sabzal, at Rs7,400 to Rs7,500; 2,000 bales, Rahimyar Khan, at Rs7,500; 2,000 bales, Sadiqabad, at Rs7,500; 1,800 bales, Jalalpur, at Rs6,800 to Rs7,400; 200 bales, Hasilpur, at Rs7,350; 600 bales, Ahmedpur East, at Rs6,900; 600 bales, Shujabad, at Rs6,800 to Rs6,850; and 600 bales, Fort Abbas, at Rs6,550 to Rs6,750.
On the global front, world leading cotton markets were firm, with New York cotton touching peak level at US77.96 cents per lb. Indian and Chinese markets also closed steady.
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