Slowdown on cotton market.

KARACHI -- Dull and dreary conditions prevailed on the cotton market on Saturday as buyers took to the sidelines ahead of fast approaching New Year. Short supply of quality cotton coupled with slowdown in picking of phutti (seed cotton) due to fog restricted activity.

The hope that the government would withdraw duty and taxes on import of cotton by the turn of year kept many big textile spinners away from the trading ring, brokers said.

However, ginners on their part are asking the government not to remove duty and taxes on import of cotton till such time local stocks are exhausted, they added.

Cotton picking in Sindh is almost over. Meanwhile in Punjab third and final picking is going on though a thick fog in the province has hindered process. Ginning factories are now operating partially in the province.

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