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Cotton and Textiles


Spot rate was higher on the cotton market on Thursday amid moderate trading activity, dealers said. The official spot rate was up by Rs 50 to Rs 4700, dealers said. Seed cotton prices in Sindh were at Rs 1700-2000, In Punjab, prices were at Rs 1700 and Rs 2300, they said. In the ready business, over, 4000 bales of cotton changed hands between Rs 4700 and Rs 5000, they said.

Experts from the Punjab Agriculture department in an advisory issued on Thursday said that cotton farmers should drain water in fields or shift it to sugarcane or fodder crops in nearby fields. They also suggested that if drainage is impossible, it should be shifted to a ditch dug at any one edge of the field. Experts said the roots of a cotton plant stop working after receiving heavy watering and suggested using spray of urea solution in case crop went pale and repeating it after 10 days, if needed.
Raw cotton prices in Pakistan remain under pressure due to fear of rain damage which may produce water-laden lint due to the continuing rainfall in several parts of the cotton belt. Moreover, global weakness in cotton and yarn prices is also pressuring the cotton prices. Within a week or so, seedcotton (Kapas/Phutti) prices have reportedly declined by about Rs 200 per 40 Kilogrammes. Thus seedcotton prices in Sindh on Thursday were said to have ranged from Rs 1700 to Rs 2200 per 40 Kgs, while in the Punjab they reportedly ranged from Rs 1700 to Rs 2300 per kgs in a quiet market.
Benchmark cotton futures on ICE Futures US dropped to a more than three-month low on Thursday as speculators liquidated long positions to square their books ahead of the month's end, and the US dollar rose on expectations of an interest rate hike.
The fluctuations observed during the day:

Pakistan share in global textile trade dropped from 2.2 percent to 1.8 percent during last five years and may go down to 1.5 percent by 2020 if the sector remains uncompetitive in the region with low power supply, high cost of doing business and desired relief in taxes. This was revealed in the Senate Standing Committee on Textile Industry that met with Mohsin Aziz in the chair where serious concerns were shown over the struggling situations of the industry.
All Pakistan Textile Mills Association Chairman S M Tanveer has said as many as 10 million textile workers would be on roads to protest and record their worries over the viability issues of textile industry. He was addressing a press conference after presiding over an emergent meeting of the General Body of the APTMA, largely attended by the Members from all over the Pakistan. The meeting considered the appropriate strategy for restoration of the viability of the Textile Industry.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln