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Cotton and Textiles: Pakistan

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Cautious selling by ginners witnessed on the cotton market on Thursday after the CCAC target announcement, dealers said. The official spot rate was unchanged at Rs 5200, they added. In the ready session, approximately, 23,000 bales of cotton changed hands between Rs 4800 and Rs 5400, they said. In Sindh, rates were at Rs 2300 and Rs 2550, in Punjab prices were at Rs 2500 and Rs 2700, they said.

Cotton prices on the ready cotton market were in a steady mode because of the call for application by the Trading Corporation of Pakistan (TCP) for appointment of labour for its godowns at Karachi and Multan to lift cotton to strengthen lint and seed cotton prices as decided by the government recently to support the growers. Also, due to some rains on the Punjab cotton belt three or four days ago the seed cotton supply was slowed down. Moreover, growers were selling seed cotton sparingly to obtain better prices. TCP may become active by the middle of November 2014.
The Cotton Crop Assessment Committee (CCAC) on Thursday set a target of 13.5395 million cotton bales for the crop season 2014-15. The CCAC took the decision at its first meeting, which held here with Secretary Textile Industry Ms Rukhsana Shah in the chair.
Mills and spinners indulged in panic buying on rising anticipation of increase in the rates, dealers said on the cotton market on Wednesday. The spot rate was unchanged at Rs 5200, they said. Seed cotton prices were in Sindh at Rs 2300-2600 and in Punjab rates were at Rs 2500-2700, they said.
Prices managed to hold the present levels as picking operations stopped after fresh rains in some parts of Punjab, dealers said on the cotton market on Tuesday. The official spot rate was unchanged at Rs 5,200, they added. In Sindh, rates were at Rs 2300 and Rs 2650, in Punjab prices were at Rs 2550 and Rs 2700, they said. In the ready session, nearly 16000 bales of cotton changed hands between Rs 4800 and Rs 5400, they said.
Pakistan Textile City Limited (Textile City) has decided to take formal approval from the Ministry of Textile Industry to sign a joint venture with K-Electric for setting up a 600 MW coal-based power project. K- Electric has presented a proposal to Pakistan Textile City for a joint venture of 600 MW coal-based power project in the Textile City which will help to supply cheap power, steam and hot water to value-added textile industries in the Pakistan Textile City zone.
The Chief Executive of Trade Development Authority of Pakistan (TDAP) S M Muneer has said that Pakistan's carpet export has dropped by 50 percent in last five years while the export of rugs from India has shown growth of over nine percent in early 2014-15 due to government support to export-oriented 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