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Cotton and Textiles


Rates halted further decline despite falling buying interest by mills and spinners on Thursday, dealers said. The official spot rate was unchanged at Rs 5400, dealers said. In the ready session, only 2000 bales changed hands between Rs 5100-5600, they said.

ICE cotton futures had their largest single-session gains since April 24 on Thursday as the US dollar ended a four-day rally, falling against a basket of currencies and pressuring greenback-traded commodities like cotton. "It's taken a breather," Sharon Johnson, introducing broker for Wedbush Securities in Atlanta, said of the dollar. "Once it went down and stayed down, we started to see some improvement in cotton."
Cotton prices came under pressure this week in the domestic market due to several reasons. Mills are facing slow demand of yarn while cost of doing business has gone up. Particularly, the All Pakistan Textile Mills Association (APTMA) has sent an urgent message to the government and also published in the press that they are unable to pay the Gas Infrastructure Development Cess (GIDC) which will hurt the textile industry at large, but will result in total closure of units located in Sindh and Balochistan.
The fluctuations observed during the day:

Chairman All Pakistan Textile Mills Association (APTMA), S M Tanveer has apprehended severe implications of Gas Infrastructure Development Cess (GIDC) on the textile industry. He was chairing an emergent meeting called to discuss the dire impact of GIDC on the textile industry. Those who attended the meeting included Amanullah Kassim, Tariq Saud, Yasin Siddk, Nadeem Maqbool, Asif Inam, Imran Maqbool, Jamil Qasim, Saleem Shakoor etc.
Rates fell on the cotton market on Wednesday as leading millers kept on the sidelines in the process of trading, dealers said. The official spot rate was unchanged at Rs 5400, dealers said. In the ready session, over 2000 bales changed hands between Rs 3800-5600, they said. Seed cotton prices in Sindh were at Rs 2100-2700 and in Punjab at Rs 2500-3100, they said.
ICE cotton futures fell to their lowest levels in more than a month on Wednesday, as index funds prepared to roll long positions forward from the July to the December contract, resulting in limited buying interest despite delayed plantings. "We're running out of time in the July contract," said Louis Rose, independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee. "The market may have trouble going up."


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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 $-1.795 bln
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WeeklyMay 28, 2015
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