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CEC reduces sale

price of CIS cotton

FAISALABAD: The Cotton Export Corporation (CEC) has reduced the sale price of CIS cotton by ten percent with retrospective effect for spinning mills.

The new price has been fixed at Rs 2115 per maund (37.3245 kg) from Rs 2350 per maund.

The mills which have purchased this cotton at previous rate can lift extra cotton lying at CEC's Multan godowns equivalent of the amount with CEC on account of the different of price (Rs 235 per maund) which is non-refundable.

A spokesman of the CEC said on Saturday that the mills which have not purchased this cotton earlier may do so now. However, the fresh applications will be entertained on first come first serve basis however maximum of 1500 bales will be allocated to each mill. The parties entering into this purchase will have to lift cotton latest by August 18.-APP