01252017Wed
Last update: Wed, 25 Jan 2017 04am

Cotton and Textiles

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Cotton prices posted fresh gains on the local market on Monday in the process of improved business activity but with slight pace, dealers said. The official spot rate was higher by Rs 50 to Rs 6500, dealers said. In Sindh, seed cotton prices were up at Rs 3100-3400, they said. In Punjab, phutti rates were at Rs 3100 and Rs 3600, as per 40 kg, they added.
The Punjab Agriculture Department (PAD) has advised the cotton growers to use PB Ropes to save the cash crop of cotton from the attack of pink bollworm and enhance per acre yield. A departmental spokesman said here on Monday that 100 percent area under cotton cultivation affects from the pink bollworm which not only decrease cotton production by 30 percent but also affect the quality.
The following were the fluctuations observed during the day:

The Federal Board of Revenue (FBR) has exempted sales tax on the import of machinery (not manufactured locally) by textile units registered with the Ministry of Textile Industry from January 16, 2017 till June 30, 2018. In this connection, the FBR has amended SRO 1125(1)2011 through an SRO 36(1)/2017 issued here on Monday.
The three-day GTex International B2B Textile Machinery Brand Expo concluded with $18 million matured deals at the Expo Centre here Sunday. Sindh Transport Minister Syed Nasir Hussain Shah was the chief guest at the closing ceremony. He visited stalls and interacted with foreign and local exhibitors.
The volume of business could not pick up as both buyers and sellers failed to come on meeting ground, dealers said. The official spot rate was unchanged at Rs 6450, dealers said. In Sindh, seed cotton prices were higher at Rs 3100-3350, they said. In Punjab, phutti rates were at Rs 3100 and Rs 3575, as per 40 kgs, they added.
ICE cotton futures rose marginally to hit a more than one-week high on Friday, supported by bullish export sales data and a weaker dollar. The March cotton contract on ICE Futures US hit a session high of 73.43 cents a lb, a peak since January 12. The contract rose about 1.1 percent for the week.