06292016Wed
Last update: Wed, 29 Jun 2016 12pm

Cotton and Textiles: Pakistan

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Prices rose on the cotton market on Tuesday amid strong buying by mills and spinners, dealers said. The official spot rate picked up Rs 100 to Rs 5,700, dealers said. In both Sindh and Punjab prices of seed cotton were at Rs 3200 and Rs 3300, per 40 kg, respectively, they said. Nearly 4600 bales of cotton of new crop sold to mills and spinners at Rs 6150-6200, they said.
Pest Warning wing of the Punjab Agriculture Department (PAD) observing attacks of different pests in Sahiwal division has urged the growers to carry out pest scouting of their cotton crop twice a week. The Pest Warning wing has mentioned observing hot spots of different pests in Sahiwal, Pakpattan and Okara districts. It includes 10 hot spots of white fly, nine of Jassid, four of Thrips and two hot spots of mealy bug.
Not a single deal was reported on the cotton market on Monday, dealers said. The official spot rate remained unchanged at Rs 5,600, dealers said. In both Sindh and Punjab prices of seed cotton were at Rs 3300 and Rs 3400 per 40 kg, respectively, they said.
An undue delay in notifying the Multi Year Tariff by the Ministry of Water and Power, determination by the National Electricity Power Regulatory Authority (NEPRA), is hitting hard to the growth of textile exports, already witnessed a negative growth of 7.72 per cent during the first ten months of the current fiscal year compared to the corresponding period of last year.
Chairman of All Pakistan Textile Mills Association, Tariq Saud has repeated the demand for urgent measures to be taken by the government to arrest the decline in the size of the domestic cotton and urged that the 3 per cent import duty on raw cotton be immediately removed. He demanded that the removal of duty was imperative so that raw material is available to the industry at competitive prices and it can play its role in contributing to the country's economy.
Prices recovered on the cotton market on Saturday amid selective buying by mills and spinners, dealers said. The official spot rate recovered overnight losses by Rs 50 to Rs 5,600, dealers said. In both Sindh and Punjab prices of seed cotton were at Rs 3200 and Rs 3400 per 40 kg, respectively, they said.
The volume of business came down on the cotton market on Friday as most of the participants were on the sidelines due to several factors, dealers said. The official spot rate was lower by Rs 50 to Rs 5,550, dealers said. In Sindh, prices of seed cotton were at Rs 3250 and Rs 3300, per 40 kg, they said. In Punjab, gaining Rs 100 to Rs 3100 and Rs 3350, they said.