Karachi : Normal trading was witnessed at the Karachi Cotton Exchange on Friday, while spot rates remained unchanged.
The spot rates stood firm at Rs7,600/maund (37.324kg) and Rs8,145/40kg. Ex-Karachi rates also remained unchanged at Rs7,745/maund and Rs8,300/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
â€œMarket is again going to be high,â€� a trader said. â€œSales tax and Customs duty incentives are yet to reach buyers, as no notification is yet been issued,â€� he added.
He said 10,000 bales from India are lying at the port, but buyers are waiting for incentives.
A total of nine transactions were recorded of around 15,000 bales at a price of Rs5,500 to Rs8,000/maund. Notable deals were recorded from Sakrand, Karachi, Rahimyar Khan, Fazilpur, Sadiqabad, Jalalpur, Uch Sharif, Yazman Mandi and Fort Abbas.
Source:: The News International – Business