Dull trading was witnessed at cotton market on Tuesday by Karachi Cotton Exchange, the spot rates continued to remain unchanged. According to traders, the activity remained slow in the market, waiting the government to announce textile package on Tuesday.

The spot rates stood firm at Rs6,350/ maund (37.324kg) and Rs6,805/40kg while the Ex-Karachi rates also remained unchanged at Rs6,485/maund and Rs6,950/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.

KCE recorded domestic transactions of around 3,000 bales in between Rs6,150/maund to Rs6,625/maund.

Transactions were recorded from Mirpurkhas in Sindh and Mianwali, Khanewal, Kachiwala, Fort Abbas, Ahmedpur and Vehari in Punjab.

In the textile package announced by the federal government, four percent Customs duty was removed on import of raw cotton, while sales tax on import of textile machinery was also taken back.