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Cotton and Textiles: Pakistan

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Prices showed modest improvement amid tight supply of seed cotton on the cotton market on Friday, dealers said. The official spot rate recovered Rs 50 to Rs 4,550, dealers said. Seed cotton prices in Sindh were up by Rs 50 to Rs 2300 and Rs 2400 and in Punjab rates were Rs 2150 and Rs 2350, they said. In the ready business, over 10,000 bales of cotton changed hands between Rs 4575 and Rs 4700, they said.

All Pakistan Textile Mills Association''s Chairman SM Tanveer has said the government''s intervention to the free-market mechanism is imprudent as there is a move to procure seed cotton (Phutti) equivalent to one million bales at the support price of Rs 3,000 per 40 kilogrammes.
Pakistan Cotton Ginners Association (PCGA) has issued the figures of cotton arrival up to September 1. Seed cotton (Phutti) equivalent to over 1,339,990 bales of cotton have reached ginneries across Pakistan as of September 1 showing a decrease of 23.96 percent compared to corresponding period last year when ginneries received 1,762,282 bales.
The All Pakistan Textile Mills Association has lambasted India for waging an economic war against Pakistan and the border shooting. Both the sitting central Chairman SM Tanveer and the upcoming Chairman for the Punjab chapter Aamir Fayyaz accused India of dumping yarn in Pakistan to stop the industry wheel. "India was firing shots on the border, on the one hand, and dumping its yarn in Pakistani market, on the other," Chairman Tanveer said.
Mills and spinners took interest in fresh buying of fine quality in the process of trading, dealers said. The official spot rate fell by Rs 50 to Rs 4,500, dealers said. Seed cotton prices in Sindh were lower by Rs 50 to Rs 2300 and Rs 2350 and in Punjab rates were Rs 2100 and Rs 2325, they said. In the ready business, over 12,000 bales of cotton changed hands between Rs 4550 and Rs 4600, they said.
In order to quickly offload cotton stocks and facilitate the bidders, the state-run grain trader has decided to disclose reserve price for cotton tender two days before the opening date. Sources said Thursday that slow cotton offtake and cancellation of two tenders, due to less than reserve price quotations, has forced the Trading Corporation of Pakistan (TCP) to take this step and reveal reserve prices two days before the tender opening date to get an optimistic response from bidders.
Cotton market essentially remained in a stable and steady condition due to a reported decline in the arrivals of seedcotton (Kapas /Phutti) into the ginning factories over the last week or ten days. Traders say that seedcotton arrivals will now pick up early next week to resume their normal pace. Thus both in Sindh and Punjab the ginning operation will gain speed.

 



 
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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