Pakistani cotton dealers averred that, no deal was inked on the Karachi Cotton Exchange (KCE) last week, over uncertainty on the imposition of regulatory duty on yarn exports.
Dealers further informed that, the Karachi Cotton Association (KCA) spot rates remained stable at Rs 6,400 per maund and Rs 6,859 per 40 kilograms without any changes in rates.
July cotton exports to the US fell by 0.56 cents standing at 81.28 cents per pound, whereas rate for October payments recovered by 0.42 cents registering 78.57 cents per pound.
More so, there seems to be some rumour, doing the rounds of Pakistani cotton market that, the recently imposed regulatory duty will most likely be cut to 7.5 percent from the current 15 percent.
The Ministry of Textile Industry had just recently formed two representative bodies for both the spinning and value-added segments in order to solve their problems. Two renowned industrialists, who were chosen to head these bodies, will soon present a proposal for resolving the sector-based problems.
Fibre2Fashion News Desk - India
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