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Cotton and Textiles: Pakistan

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Slow arrivals of phutti pushed rates up on the cotton market on Friday in the process of trading, dealers said. The official spot rate maintained overnight level at Rs 5,600, they added. In ready session, over 16,000 bales of cotton changed hands between Rs 5650 and Rs 5775, they said.

Prices moved higher modestly on the cotton market on Thursday following the fresh monsoon rains in the Punjab, dealers said. The official spot rate maintained overnight level at Rs 5,600, they added. In ready session, over 18,000 bales of cotton changed hands between Rs 5600 and Rs 5650, they said. In late evening, rates went up at Rs 5700 and Rs 5750 as a result of tight supplies in Punjab, dealer said.
Interruption in seed cotton (Kapas/Phutti) arrivals from Punjab where rains have slowed down supplies has resulted in increase in raw cotton prices. There are also predictions that Sindh region may also receive monsoon showers during the next few days. Mills became weary that rains may affect the quality of lint adversely. Thus lint prices have tightened this week.
Continued buying by mills and exporters boosted the rates to held firmness on the cotton market on Wednesday, dealers said. The official spot rate maintained overnight level at Rs 5,600, they added. In ready session, over 23,000 bales of cotton changed hands between Rs 5600 and Rs 5750, they said. In Sindh, prices of seed cotton went up with modest rise of Rs 50 to Rs 2600 and Rs 2650 and in Punjab prices were higher at Rs 2700 and Rs 2725, they said.
Election Commission of PCGA headed by Sajjad Hussain has announced after scrutiny of the nomination papers that Ginner group of Pakistan Cotton Ginners Association (PCGA) swept all the 15 vacant seats of Central Executive Committee (CEC) for the seventh time and elected unopposed because no other candidate turned up for the contest.
In a bid to save country's textile industry from complete disaster and boost exports to India, All Pakistan Textile Mills Association (APTMA) has proposed the government to ensure level-playing field for the local industry in trade negotiations with India, it is learnt. Official sources told to Business Recorder that ministry of Textile Industry has sought input from all the stakeholders to come up with a comprehensive textile policy (2014-19).
Prices advanced further on the cotton market on Tuesday amid strong demand by mills and spinners, dealers said. The official spot rate maintained surge on the back of mills' demand, picking up more Rs 100 to Rs 5,600, they added. In ready session, over 23,000 bales of cotton changed hands between Rs 5600 and Rs 5750, they said. In Sindh, prices of seed cotton came down to Rs 2550 and Rs 2650 and in Punjab prices were unchanged at Rs 2600 and Rs 2700, they said.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln