All
 

 

Just in:  

You are here: Home»Cotton & Textiles»Pakistan

Cotton and Textiles: Pakistan

Archive: 

A wait-and-see attitude adopted by the buyers on the cotton market at the week-end, dealers said. The official spot rate was unchanged at Rs 6,400, they said, adding in the ready business, 1,400 bales of cotton changed hand between 5800-6300.

Pakistan Cotton Ginners Association (PCGA) has decided to challenge the hedge trading of cotton in Supreme Court of Pakistan describing it as un-Islamic and repugnant to Shariah. PCGA strongly opposed the introduction of International Cotton (Icotton) Futures Contract at Pakistan Mercantile Exchange Limited (PMEX) as the same decision has been taken by the government without consultation with the stakeholders of the cotton economy ie the KCA, APTMA, PCGA, FAP and PCF.
Modest trading was seen on the cotton market on Friday as some needy mills took interest in buying to meet the urgent requirements, dealers said. The official spot rate was unchanged at Rs 6,400, while in the ready business, 2,000 bales of cotton changed hand between 5900-6800, dealers said. According to the market sources, main participants were out of the arena to observe fresh developments on both the political and economic fronts.
Central Chairman All Pakistan Textile Mills Association (APTMA) Ahsan Bashir has said that the textile industry is braving unprecedented loadshedding in the history of Pakistan, as no such abnormal electricity cuts have ever been witnessed in the past. He said that dire consequences of the prevailing situation were emerging out fast in the textile hubs of the country.
Prices were firm on the cotton market on Thursday in the process falling demand by millers and spinners, dealers said. The official spot rate was unchanged at Rs 6,400, they said. In the ready business, 1,500 bales of cotton changed hand between 6200-6550, dealers said.
Business remains slow on the cotton market though some inquiries emerge now and then. Power shortages in the country, particularly in the Punjab, sizeable coverage of cotton already made by the domestic mills till the arrival of the new season (August 2013 - July 2014) and hopes that some new crop cotton may trickle in the end of June or early July 2013 have tempered cotton purchases to any large degree.
Punjab Seed Council (PSC) has approved 5 Non-Bt Cotton and 4 new rice varieties for general cultivation in Punjab. The approval was granted in 43rd meeting of Punjab Seed Council chaired by Caretaker Minister for Agriculture, Punjab Qaisar Zulfaiqar Khan the other day.

 



 
IndexClosingChg%
ArrowDJIA 15,303.10 0.06
ArrowNasdaq 3,459.14 0.01
ArrowS&P 1,649.60 0.06
ArrowFTSE 6,654.34 0.63
ArrowDAX 8,305.32 0.56
ArrowCAC-40 3,956.79 0.26
ArrowNikkei 14,612.45 0.89
ArrowH.Seng 22,618.67 0.23
ArrowSensex 19,704.33 0.15






Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln