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Cotton and Textiles


Prices maintained steadier trend on the cotton market on Tuesday in the process of persistent demand by mills and spinners, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In Sindh, seed cotton prices posted fresh gain of Rs 100 to Rs 2500 and Rs 2600 and prices in Lahore were sharply higher by Rs 200 to Rs 2600 and Rs 2900, they said. In the ready business, around 18,000 bales of cotton changed hands between Rs 4775 and Rs 5250, they said.

ICE cotton rose on Tuesday, extending substantial gains from the prior session to hit its highest level in more than two weeks on concerns that flooding and rains in the US Southeast would damage crop quality, and also on support from a broader rally in the commodities complex. "You always get a little bit of a follow-through on such a strong move as we had yesterday," said Chris Kramedjian, a risk management consultant with INTL FCStone in Memphis, Tennessee, noting that the day's gains were also largely attributable to "the general commodity rally."
The following were the fluctuations observed during the day:

Some 30 percent of the textile industry capacity in all six major sub-sectors is almost closed due to multiple reasons, including energy supply mismanagement, comparatively high cost of energy, losing market access, no investment, country perception, policy and implementation divide, etc, said Tariq Saud, Chairman All Pakistan Textile Mills Association (APTMA).
The Federal Board of Revenue (FBR) has raised duty drawback rates on export of hosiery garments and woven Garments. The rates are worked out by the Input-Output Co-efficient Organization (IOCO) of the Customs. Pakistan Hosiery Manufacturers & Exporters Association - PHMA, about four years ago made tireless efforts and prepared a revised working paper for duty drawback on export of Hosiery Garments and Woven Garments - White Blended polyester/cotton Garments; Dyed Blended polyester/cotton Garments; White 100% cotton Garments and Dyed 100% cotton Garments.
Rates showed further rise on the cotton market on Monday following the persistent demand by local mills and foreign demand, dealers said. The official spot rate on the back of rising demand, picked up more Rs 100 to Rs 4,950, dealers said. In Sindh, seed cotton prices were higher by Rs 100 to Rs 2400 and Rs 2600 and in Punjab prices maintained upward trend, picking up Rs 100 to Rs 2400 and Rs 2800, they said.
ICE cotton jumped to a two-week high on Monday as historic rains in South Carolina, which flooded streets and left nine people dead, also inundated cotton fields in the region, potentially damaging yields and crop quality. "It's a veritable disaster," said Jordan Lea, chairman and co-owner of Eastern Trading in Greenville, South Carolina, who said he had heard reports of fields where cotton was submerged.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln