Last update: Thu, 26 May 2016 09am

Cotton and Textiles: Pakistan


Prices fell on the cotton market on Wednesday on lack of buying interest from spinners and mills, dealers said. The official spot rate was down by Rs 50 to Rs 5550, they said in the ready business, nearly 1400 bales changed hands between Rs 5450 and Rs 5500, they said.
Sheikh Muhammad Qasim, Chairman Pakistan Yarn Merchants Association (Punjab and KP Zone), has welcomed 0.25 percent reduction on bank loans announced by the State Bank of Pakistan and demanded that the commercial banks should also reduce their additional 1.5 percent mark-up on these loans.
Prices showed modest improvement on the cotton market on Tuesday in the process of tight supply of fine quality, dealers said. The official spot rate gained Rs 50 Rs 5,600, dealers said. In ready session, approximately 3000 bales of cotton changed hands between Rs 5300 and Rs 5900, they said. Market sources said that the ginners, who have limited stock of unsold quality lint raised prices, so a few needy mills and spinners indulged in fresh buying to meet requirements.
Cotton farmers are told to rid their fields of weeds to boost the per acre yield. In an advisory released on Tuesday, a Punjab Agriculture Department spokesman advised the farmers to clean up their fields before flowering of their cotton crops and ensure all sorts of weeds are removed during the initial six to nine weeks of crops.
Chairmen of five Textile Sectors' Associations have expressed grave concern and apprehensions on the FBR proposal of hefty increase in Sales Tax and strongly demanded for "Zero-rated tax regime at 0% No payment No Refund System for the export-oriented Textile Industry. They have also threatened to begin protest campaign in all over the country if the payments of pending Sales Tax Refund Claims, Customs Rebate Claims and the DLTL Claims were not paid by the government.
The Met Office on Monday asked the farmers to begin spraying pesticides on their standing crops ahead of expected rains in upper parts and Northwest Balochistan. It said, the cotton crop was germinating in most areas of the country, advising the farmers to irrigate crops keeping in mind the expected rainy spell.
WWF-Pakistan and the Agriculture Extension Department (AED) Balochistan signed a memorandum of understanding (MoU) to initiate a formal partnership for capacity building of organic cotton farmers in Balochistan in order to meet organic cotton standards.