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Cotton and Textiles: Pakistan

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Prices almost held the overnight levels on the cotton market on Friday in the process of active buying by mills and exporters, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5150 and Rs 5275, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were unchanged at Rs 2300 and Rs 2600, they said.

Prices showed slight fall on the cotton market on Thursday on comfortable supply of phutti, dealers said. The official spot rate maintained last level at Rs 5,100, they added. In the ready session, around, 22,000 bales of cotton changed hands between Rs 5100 and Rs 5275, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were inert at Rs 2300 and Rs 2500, they said.
Due to global pressure of high production of cotton as in China, India and the United States, domestic market in Pakistan for the time being is hardly stable. The local money market is tight. Low lifting by the mills and the exporters are providing some pressure. At the approaching end of this month, Muharram activities will begin and then some holidays will keep the market closed for a few days at the beginning of November 2014.
Declining prices and rumour of Trading Corporation of Pakistan (TCP) for procurement helped the rates to stabilise on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate slid by Rs 100 to Rs 5,100, they added. In the ready session, around, 32,000 bales of cotton changed hands between Rs 5150 and Rs 5300, they said. In Sindh, rates were at Rs 2100 and Rs 2500, in Punjab prices were inert at Rs 2300 and Rs 2600, they said.
Rates moved cautiously amid mills and exporters buying on the cotton market on Tuesday, dealers said. The official spot rate was unchanged at Rs 5,200, they added. In the ready session, around, 20,000 bales of cotton changed hands between Rs 5200 and Rs 5300, they said. In Sindh, rates were lower by Rs 100 to Rs 2000 and Rs 2025, in Punjab prices were at Rs 2300 and Rs 2600, they said.
Pest Warning Wing of the Punjab Agriculture Department has reported attack of pink bollworm on cotton crop in Lodhran, Bahawalpur, Bahawalnagar and Rahim Yar Khan districts of the province. The attack has been witnessed in Lodhran, Duniyapur, Kehror Pucca, Ahmedpur Sharqia, Hasilpur, Yazman, Fort Abbas, Khanpur, Liaquatpur and Sadiqabad areas of these districts.
Finance Minister Ishaq Dar has promised Punjab-based textile industry that the government would resolve their problem of tax refund and gas supply after the industry expressed inability to take advantage of the GSP Plus status. Sources said the industry has conveyed to the Finance Ministry that the country''s exports are declining and the situation would further aggravate if gas shortages persists. The Finance Ministry held a meeting with the business community of Lahore, Faisalabad, Multan to discuss gas supply situation to the industry.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln