All
 

 

Just in:  

You are here: Home»Cotton & Textiles»Pakistan

Cotton and Textiles: Pakistan

Archive: 

Seed cotton prices continued on the cotton market on Tuesday, which propelled mills and spinners to purchase as much as they can, dealers said. The official spot rate sustained overnight level at Rs 4,550, dealers said. Seed cotton prices in Sindh were lower by Rs 50 to Rs 2300 and Rs 2350 and in Punjab rates fell by Rs 100 to Rs 2100 and Rs 2300, they said. In the ready business, over 20,000 bales of cotton changed hands between Rs 4550 and Rs 4600, they said.

The Cotton Crop Assessment Committee (CCAC) Tuesday revised the cotton production estimates downward by over 12 percent to 13.59 million bales against the initial estimate of 15.49 million bales for the current season (2015-16), after heavy rains and floods damaged the crop. The meeting of CCAC was held with Amir Marwat federal secretary ministry of textile industry in the chair to assess the volume of current cotton crop in the country.
Trading Corporation of Pakistan (TCP) received poor response in the fourth cotton tender as only two bids were submitted for procurement of 4,600 bales against the offered quantity of 88,600 bales. Sources told Business Recorder Tuesday that the state-run grain trader is facing difficulties in offloading cotton, procured on the federal government directives during the last season to support the farmers and stabilise its prices in the domestic market.
The textile industry has pinned high hopes on the upcoming meeting of the premier with industry associations, signalling a much-awaited relief package that is expected to be announced in the follow-up, sources claimed. Nawaz Sharif is due to meet the textile associations one-by-one.
Centre for the Promotion of Imports from Developing Countries (CBI) expert Macel Oosterweer has said that decline in textile exports is alarming despite of GSP Plus status to Pakistan. However its causes have been identified and CBI will extend guidance, training, capacity-building facilities and technical support to increase its exports to Netherland and other EU countries.
Phutti prices likely to come under pressure as supply improved after a short break on the cotton market on Monday, dealers said. The official spot rate sustained overnight level at Rs 4,550, dealers said. Seed cotton prices in Sindh were lower by Rs 50 to Rs 2300 and Rs 2400 and in Punjab rates at Rs 2200 and Rs 2400, they said. In the ready business, over 16,000 bales of cotton changed hands between Rs 4600 and Rs 4700, they said.
The Trading Corporation of Pakistan (TCP) has asked the Federal Board of Revenue (FBR) to clarify the rate of withholding tax on purchase of lint cotton under the prevailing laws, as the rate would have future implications for TCP if government intervenes in the market during current season. It is learnt on Monday that the TCP has written a letter to the FBR seeking clarification of withholding tax rate on purchase of ginned/lint cotton.

 



 
Index Closing Chg%
Arrow DJIA 16,058.35 2.84
Arrow Nasdaq 4,636.11 2.94
Arrow S&P 1,913.85 2.96
Arrow FTSE 6,058.54 3.03
Arrow DAX 10,015.57 2.38
Arrow CAC-40 4,541.16 2.40
Arrow Nikkei 18,165.69 3.84
Arrow H.Seng 21,185.43 2.24
Arrow Sensex 25,696.44 2.23





New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk



Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln