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Commodities: Slow trading on cotton market
KARACHI: Trading on the cotton market remained restricted on Monday as buyers and sellers weighed the pros and cons of budget 2019-20.
There was little trading interest since all stakeholders are currently protesting against the proposed tax measures including imposition of 17 per cent sale tax on five zero-rated sectors.
During last week couple of federal government officials and ministers put cotton production at around 15-15.2 million bales. Punjab government has set a realistic cotton production target of 8m bales.
When added with Sindh’s average cotton production per annum of around 3.5 to 4m bales along with around half million from Balochistan and Khyber Pakhtunkhwa, the country would produce round 12-13m bales during 2019-20 season.