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Prices likely to show improvement as the Trading Corporation of Pakistan (TCP) has started lifting cotton to stabilise the rates, dealers said on Wednesday. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, over 20,000 bales of cotton changed hands between Rs 4450-5100, they said.

Cotton futures rose on Tuesday in sympathy with climbing grains markets in Chicago and equities markets world-wide. The benchmark March cotton contract on ICE Futures US closed up 0.5 cent, or 0.9 percent, at 59.31 cents a lb, gaining throughout much of the session as it recovered from dropping to an over five-year low of 58.53 cents on Monday.
The fluctuations observed during the day:

Federal Minister for Commerce Khurram Dastgir Khan has said that federal government would purchase one million bales of cotton and Trading Corporation of Pakistan (TCP) has signed contracts both in Punjab and Sindh. Responding to members' points of orders about agriculture sector in the National Assembly on Wednesday, the Minister said that necessary funds were released on Tuesday, payments would be made to ginners and bales would be lifted within next two weeks.
Haji Hafeez Anwar Chairman of Pakistan Cotton Ginners Association (PCGA) has termed the role of ministries of textile industry, commerce and finance as silent spectators and these are doing nothing to the sinking vessel of the cotton ginners who were crying with unsold stock of 2.5 million bales worth Rs 27 billion.
The GIZ, a German-based international NGO has offered a project with the cost of around Euro 1.7 million for supporting social standards in the Textile & Garment Industry in Punjab, duly funded by German Federal Foreign Office, Berlin. This was disclosed by Punjab Minister Labour & Human Resource, Raja Ashfaq Sarwar, while addressing the concluding session of a workshop on Implementation of Social Standards Support Program to the textile and garment industries in Punjab held here on Wednesday.
Central Chairman APTMA S M Tanveer has dispatched relief goods for the people in flood-affected areas on Monday. A good number of trucks, carrying blankets for the flood-hit people in district Bhakkar, Chiniot and Jhang left the provincial metropolis. Talking to media persons, he said, the APTMA Welfare Foundation has been active in helping out the people of Pakistan in every hour of need. He said relief goods are being dispatched to the flood-affected areas and more relief goods would be sent soon.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln