Last update: Sat, 01 Oct 2016 02am

Cotton and Textiles: Pakistan


No major change was seen in the present outlook on the cotton market on Thursday as the mills continued buying to replenish their stocks, dealers said. The official spot rate gave up overnight gains, losing Rs 50 to Rs 6050, dealers said. In Sindh, seed cotton prices were at Rs 3000-3150 and in Punjab rates of Phutti were at Rs 2900-3150, as per 40 kg, they said.
Global decline in cotton prices coupled with notable fall in yarn prices in Faisalabad have put pressure on the domestic lint prices over the past couple of days. Traders said in Karachi that cotton prices fell by Rs 100 to Rs 150 per maund (37.32 kgs) within a couple of days. Chinese cotton markets will also close for about a week beginning from the first of next month.
The textile industry is expecting the announcement of a revival package from the government sooner than later which was delayed because of the absence of prime minister from the country. "We are hoping for a revival package in a day or so, as the prime minister is back from the UN," said one industrialist on Thursday.
Rafiq Habib Godil, M Adil Butt and Aitazaz Ahmed Japanwala have been elected unopposed as Chairman, Senior Vice Chairman and Vice Chairman of Pakistan Knitwear and Sweater Exports Association (PAKSEA) respectively for the year 2016-17. Merchant, Naseem A Farooqui, Asif Shamim and Naeem Anwar Butt were elected as the members of executive committee.
Sheikh Muhammad Naeem Mairaj was elected Chairman of Pakistan Yarn Merchants Association (PYMA) and Khurram Ijaz Bharara Senior Vice Chairman. While Waqar Nasir was elected Zonal Chairman Punjab & KPK Zone and Shahid Akram Guccha was elected as Zonal Vice Chairman. Announcement of office bearers of Association was made by Election Commission in the Annual General Meeting held here today.
A brisk activity was witnessed on the cotton market on Wednesday as mills and spinners were busy in replenishing their stocks at current rates, dealers said. The official spot rate maintained rising trend for consecutive day, picking up Rs 50 to Rs 6100, dealers said. In Sindh, seed cotton prices were unchanged at Rs 3000-3200 and in Punjab rates of Phutti were at Rs 2900-3200, as per 40 kg, they said.
The world's first fully automatic jeans machine has been displayed for the visitors first time in Pakistan in a three-day GTex International B2B Textile Machinery Brand exhibition opened in the Expo Centre, Lahore, on Wednesday. Chairman Pakistan Engineering Council Engr Jawed Qureshi and MNA Kiran Dar inaugurated the event. CEO Global Enterprise Mujib R Siddiqui, Naeemuddin of United Machinery, Kamran Abbasi and other exhibitors were also present on this occasion.