08262016Fri
Last update: Fri, 26 Aug 2016 03pm

Cotton and Textiles: Pakistan

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Prices stabilised on the cotton market on Thursday in the process of moderate trade activity, dealers said. The official spot rate was unchanged at Rs 6,650, dealers said. In Sindh, seed cotton prices were down by Rs 100 to Rs 3400-3450 and in Punjab rates of Phutti, were inert at Rs 3000-3350, per 40 kg, they said. In ready business, around 13,000 bales of cotton changed hands between Rs 6750 and Rs 7000, they said.
Recent rains in the cotton belt and also Hindu religious festival and the forthcoming Eidul Azha festival have slowed down cotton picking which has provided firmness to the domestic cotton. Otherwise, generally the foreign origin fiber prices in the United States, China and India were reported to be subdued. However, it is mostly observed that the current rains have not damaged the standing cotton crop in any notable way.
On the demand of leading textile industry associations, the Federal Textile Board (FTB) is considering exempting the export-oriented textile sector from the provincial/local holidays. They said the Board was planning to recommend to the provincial governments for exempting the value-added textile industry from holidays in their respective notifications.
Tariq Saud, Chairman All Pakistan Textile Mills Association (APTMA) has expressed gratitude to Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar for releasing the outstanding sales tax refund of Rs 21.44 billion by 31st August 2016 against RPOs issued until 30thApril 2016. The Chairman APTMA termed the govt step a good sign that it honoured its commitment made in the FY17 budget and started the disbursement of outstanding refund claims. He hoped that the announcement made by the Finance Minister would be implemented in letter and spirit.
Rates went up on the panic buying by mills and spinners following the fresh downpour in the cotton growing areas, dealers said on the cotton market on Wednesday. The official spot rate maintained rising tempo, picking up more Rs 50 to Rs 6,650, dealers said. In Sindh, seed cotton prices were up by Rs 100 to Rs 3400-3550 and in Punjab rates of Phutti, however, fell by Rs 50 to Rs 3000-3350, per 40 kg, they said.
75th plenary meeting of International Cotton Advisory Committee (ICAC) will be held from 30th October to 4th November in Islamabad. Immediately after this meeting the delegates will also spend three days in Faisalabad to personally witness the textile strength of Pakistan.
Agriculture experts have called for tangible steps to combat environmental hazards affecting growth of cotton, improper usage of cotton seeds and climate change that may reduce 20 percent average cotton production by 2040. A delegation of Ministry of Textile Industry (MINTEX) visited the University of Agriculture Faisalabad and called on UAF Vice Chancellor Professor Dr Iqrar Ahmad Khan and deans and directors, here on Wednesday.