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Cotton and Textiles: Pakistan

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Prices held the overnight firmness on the cotton market on Saturday in the process of modest trading, dealers said. The official spot rate was unchanged at Rs 5500, dealers said. In the ready session, around 2400 bales changed hands between Rs 4500-5300, they said. Seed cotton prices in Sindh were at Rs 2100-2700 and in Punjab at Rs 2500-3100, they said.

All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer has welcomed a reduction in policy rate by 100 basis points by the State Bank of Pakistan here on Saturday. "It will provide relief to the industry, especially the textile industry which is already facing a high cost of doing business in the region," he added.
Steady trend prevailed on the cotton market on Friday as millers were ready to pay above the psychological levels, dealers said. The official spot rate was unchanged at Rs 5500, dealers said. In the ready session, around 2800 bales changed hands between Rs 5300-5800, they said. Seed cotton prices in Sindh were at Rs 2100-2700 and in Punjab at Rs 2500-3100, they said.
Textile exporters have urged upon the government to announce special incentives for the sector in the next budget to boost the country's exports. Sohail Pasha, Chairman, and Rizwan Riaz Saigal, Vice-Chairman, Pakistan Textile Exporters Association (PTEA), said on Friday that after enduring a difficult year, the textile exporters pinned high hopes on the next fiscal year. "2014 remained a very difficult year for textile sector, as the industry faced severe energy crises, scarcity of funds, rising cost of production and deteriorating economic conditions," they added.
Chairman of All Pakistan Bedsheet and Upholstery Manufacturers Association (APBUMA) Khawaja Jalaluddin Roomi has said that government is taking drastic steps for the development and promotion of value added sector which can play a vital role to increase the exports. He stated this while addressing a joint session of officers of the State Bank of Pakistan, local commercial banks and members of APBUMA here on Friday.
Prices moved higher on the cotton market on Thursday on persistent demand mills and spinners, dealers said. The official spot rate was unchanged at Rs 5500, dealers said. In the ready session, around 7000 bales changed hands between Rs 5400-5800, they said. Seed cotton prices in Sindh were up by Rs 100 to Rs 2100-2700 and in Punjab followed same trend, picking up equal amount to Rs 2500-3100, they said According to the market sources, mills were active to cover the forward deals, so that they would be able to meet urgent requirements.
With depleting stocks from the current season (August 2014/July 2015) leaving only 125,000 to 150,000 unsold bales in the market, lint prices were firm to steady this week. Despite weaker advices from New York and India, domestic cotton prices were mostly held tightly. Meaningful arrivals of new cotton crop may take another six to eight weeks, therefore meager quantities of new crop (August 2015/July 2016) are being sold for forward deliveries.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln