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Cotton and Textiles


A renewed buying interest seen in new crop on the cotton market on Tuesday, dealers said. The official spot rate was unchanged at Rs 5100, dealers said. In the ready session 800 bales reported at Rs 5000. Seed cotton prices in Sindh were at Rs 2450-2500 and in Punjab rates were at Rs 2600 and Rs 2650, they said.

ICE cotton turned higher on Tuesday after the US government slashed its estimate for cotton plantings to the lowest in over three decades, bucking pressure from news earlier from Beijing on a plan to offload huge inventories. The benchmark December cotton contract on ICE Futures US was up 0.45 cent, or 0.7 percent, at 67.68 cents a lb by 12:19 pm EST (1619 GMT) after the US government report. The US Department of Agriculture (USDA) pegged total cotton acres at just under 9 million acres, the lowest since 1983.
The fluctuations observed during the day:

Japan International Co-operation Agency (JICA) on Tuesday extended a helping hand to the ailing textile sector of Pakistan by showing willingness to provide technical assistance to the Ministry of Textile in marketing, products diversification and capacity building of garment technology institutes.
Official spot rate dropped moderately on the cotton market on Monday in the process of lean business, dealers said. The official spot rate was down by Rs 100 to Rs 5100, dealers said. Seed cotton prices in Sindh were higher by Rs 100 to Rs 2400-2500 and in Punjab rates were at Rs 2500 and Rs 2600, they said. Commenting on the present trend in the market, other experts said that new crop is in demand and so spinners were buying to meet their requirement.
ICE cotton futures fell on Monday, failing to build on Friday's breakout rally ahead of a US government report expected Tuesday on US acreage devoted to cotton plantings. Concerns about the impact of Greece's debt crisis on the dollar contributed to the decline.
The fluctuations observed during the day:


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
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WeeklyJune 25, 2015
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