Cautious trading on cotton market.

MULTAN -- Trading on the cotton market remained slow on Monday as buyers and sellers avoided to enter into big deals in the absence of any price trends from the New York Cotton Exchange which was closed for a public holiday in the United States.

The Karachi Cotton Association, however, kept its spot rates unchanged at Rs9,000 per maund.

Brokers said the local market was in short supply of quality lots, which make hardly 20 per cent of total available unsold stock, amid massive drop in overall production.

Meanwhile, the government has announced to end 5pc sales tax on cotton-seed. However, the ginners and oil mill owners are not happy...

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