KARACHI: Trading in the cotton market weakened on Monday due to rising prices and the imposition of sales tax recently introduced in cotton, traders said.
"A couple of deals were reported at prices that vary in the range of Rs11, 500 and Rs13, 500 per Maund both in the cotton growing provinces, Punjab and Sindh, where both ginners and spinners stayed away in protest against newly introduced tax on agricultural products, "said Naseem Usman, president of the Forum of Karachi Cotton Brokers.
Shakeel Ahmed, a cotton analyst, said the farmers of Faisalabad went on strike was prolonged as food and gas shortages and dented his business and the tax to force them to close their factories.
However, members of all Pakistan Textile Mills Association (APTMA) will meet the president of the Federal Board of Revenue (FBR) on Tuesday in Lahore, with a view to abolishing the tax.
Meanwhile, spot rates at Karachi Cotton Association (KCA) remained unchanged at RS12, 500 for Maund and Rs13, 396 per 40 kilos of medium quality lint. Seedcotton (Phutti / Kapas) was sold in the range of RS4, RS5 000 to, 200 per 40 kg, depending on the quality and grade of product.
(Source: http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=37473&Cat=3&dt=3/22/2011)
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