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Cotton prices rise due to active buying from mills

21
Jan '11
Prices increased in the cotton market yesterday as the textile mills continued to buy on the basis of their anticipation that cotton prices might continue to rise due to the shortage in their supply. The Karachi Cotton Association (KCA) spot rate touched the record high level of Rs 10,000 following a gain of Rs 100.

As ginners are no longer buying phutti from the cotton growers therefore, the price of this commodity is not available. In ready business, prices are maintaining an upward march to surpass the record high level at Rs 11,000. Business activity has been reasonably good owing to the high demand from the side of the mills. Around 13,000 cotton bales were traded between Rs 9,650-10,600.

Cotton traders, for the first time in the history of Pakistan, had ceased the business activity to protest the imposition of 3.5 percent withholding tax on agricultural items, as the traders are not ready to accept this levy.

Previously, it was anticipated that the country would achieve the target of 11.7 million cotton bales for 2010-11 season but now it is estimated that about 11.5 million cotton bales will be produced because of the damage caused by the floods, last year.

Fibre2fashion News Desk - India


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