Cotton spot rate slashed

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Karachi  The Karachi Cotton Exchange (KCE) revised down its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs6,400 per maund after the demand for the commodity continued to decline at the local markets, a dealer said on Monday.

 

“The KCE declined its cotton spot rate in line with the downward trend at the local markets,” a broker at the KCE said.No trade deals were reported to have been materialised at the cotton markets as compared to 3,600 bales (155 kilograms each) were traded at Rs5,100 to Rs6,600 per maund on the previous working day, Saturday, the KCE reported.

 

The markets witnessed slowdown in cotton trade throughout the last week, he recalled. “The slowdown, at last, resulted in a lull at the markets.” He said that spinning mill-owners, exporters and traders have gone on the sidelines of the markets ahead of the arrival of the new cotton crop in the next one to two weeks. Moreover, the proposed imposition of two percent tax on unregistered traders, one percent turnover tax on traders and retailers and increase in the general sales tax by one percent to 17 percent altogether kept the traders confused, as these taxes will be implemented, or not, on cotton traders, he added.




Courtesy:  The News


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