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Last update: Sat, 23 Jul 2016 02pm

Cotton and Textiles: Pakistan

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Influenced by the global track, prices drifted lower further on the cotton market on Friday in the process of trading, dealers said. The official spot rate dropped further Rs 100 to Rs 6,500, dealers said. Similarly, falling trend was witnessed in the seed cotton in Sindh, as low type was unchanged at Rs 3000 and best type lost Rs 150 to Rs 3200 per 40 kg, in Punjab, inferior quality was inert at Rs 3000 and fine also shed Rs 150 to Rs 3300, respectively, they said.
Prices failed to maintain overnight gains on the cotton market on Thursday amid cautious buying by mills and spinners, dealers said. The official spot rate was down by Rs 50 to Rs 6,600, dealers said. Similarly, falling trend was witnessed in the seed cotton in Sindh, as low type shed Rs 400 to Rs 3000 and best type lost Rs 200 to Rs 3350 per 40 kg, in Punjab, rates also dropped modestly as inferior quality fell by Rs 400 to Rs 3000 and fine type shed Rs 150 to Rs 3450, respectively, they said.
After rising continuously since the beginning of this month posting an increase of nearly Rs 700 to Rs 800 per maund (37.32 Kgs), lint prices have conceded a loss reported to range from Rs 100 to Rs 150 per maund (37.32 Kgs) over the past coupCe of days. Stronger US Dollar and slow Chinese buying are also reported to have influenced domestic cotton prices on the lower side. Selling of cotton by the Cotton Corporation of India and decrease in cotton prices in the International market also influenced the reduction of cotton prices.
Nine companies from Pakistan will participate in Intertextile Shanghai Home Textiles exhibition schedule to be held from August 24 to 27, in Shanghai. Asia's leading exhibition for home textiles industry will accommodate around 1,400 international and domestic suppliers. Products including upholstery fabrics and other home related items including bedding and toweling, carpets and rugs, sun-protection systems and curtain accessories, digital printing and original service designs and artwork will be on display.
All Pakistan Textile Mills Association (Aptma) Chairman Tariq Saud has said that the federal government has imposed regulatory duty on the import of cotton yarn in order to protect the domestic industry. "Indian mills were dumping cotton yarn into Pakistan, of which Pakistan had imposed regulatory duty as this was the only protection available to the local industry," he added.
Annual Election of Pakistan Yarn Merchant Association (PYMA) will be held on September 5, 2016 to elect the executive committee members of the association. The association will start issuing papers from August 8, 2016 and last date of receiving nominations paper has been fixed as August 13, 2016. Provisional list of voters will be issued on July 21, 2016 and last date of filing objection on revised voters' list is July 25, 2016.
The official spot rate jumped on the cotton market on Wednesday in the process of moderate trade activity, dealers said. The official spot rate maintained rising trend, gaining Rs 200 to Rs 6,650, dealers said. In Sindh seed cotton prices showed no change at Rs 3400 and Rs 3500 per 40 kg, respectively, In Punjab, rates also inert at Rs 3400 and Rs 3600, they said.