Cotton prices see heavy decline across country

The cotton rates in Punjab slashed by Rs300 to Rs6500 per maund while in Sindh the price stood at Rs6100 per maund. — File Photo

ISLAMABAD: Cotton price across the country witnessed a massive decline on reports of keeping regulatory duty imposed for one more month.
The cotton rates in Punjab slashed by Rs300 to Rs6500 per maund while in Sindh the price stood at Rs6100 per maund.
Member Pakistan Cotton Ginners Association Ahsanul Haq said that the price of cotton has seen a decline of Rs800 over the past one week while the supply of Phutti into the ginning factories has witnessed a 25 per cent rise.
He said that NA Standing Committee on Textile has moved a proposal to extend imposition of 15 per cent regulatory duty on yarn import till August 26.
This has triggered massive decrease in the price of cotton in local market, he added.
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