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Cotton and Textiles


Prices went up sharply on the cotton market on Tuesday in the process of tight supply, dealers said. The official spot rate was unchanged at Rs 5150, dealers said. In the ready session, nearly 8000 bales changed hand between Rs 4700 and 5450, they said. The prices of seed cotton in Sindh were at Rs 1800 and Rs 2400 and in Punjab rates were at Rs 2000 and Rs 2800, they said.

ICE cotton rallied on Tuesday after the US Department of Agriculture (USDA) released its Prospective Plantings report, which said US farmers would plant 9.549 million acres of cotton in 2015, the lowest figure in six years. The most active, front-month May contract on ICE Futures US gained 0.58 cent, or 0.9 percent, to settle at 63.1 cents a lb, after rising as high as 63.94 cents.
The following were the fluctuations observed during the day:

All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer has lamented over delay in the issuance of notification for the technology upgradation fund scheme (TUFS), hindering the industry from undertaking BMR and fresh investment initiatives for the textile industry.
Former Federal Minister Dr Ata- ur-Rehman on Tuesday said that the world would have electronic clothing in about 10 years as E-textiles sector was developing to provide the customers with unique products to wear. "In about 10 years, you will all be wearing E-Textiles," he told participants as chief guest on 'Thrilling World of Innovations' at the 3rd Pakistan CIO Summit and Expo held at a local hotel.
The Federal Board of Revenue (FBR) has assured All Pakistan Textile Mills Association (APTMA) to issue condonation of textile mills against sales tax on cotton imported during March 1-18, 2013 to clear their amount of sales tax paid as input tax in their subsequent tax period.
Steadier trend was witnessed on cotton market on Monday as mills and spinners continued buying to cover their immediate requirements, dealers said. The official spot rate was unchanged at Rs 5150, dealers said. In the ready session, around 7,000 bales of cotton changed hands between Rs 4850 and Rs 5300, they said.


Index Closing Chg%
Arrow DJIA 17,776.12 1.11
Arrow Nasdaq 4,900.89 0.94
Arrow S&P 2,067.89 0.88
Arrow FTSE 6,773.04 1.72
Arrow DAX 11,966.17 0.99
Arrow CAC-40 5,033.64 0.98
Arrow Nikkei 19,206.99 1.05
Arrow H.Seng 24,900.89 0.81
Arrow Sensex 27,957.49 0.07

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln