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Some leading mills and spinners were on the sidelines on the cotton market on Saturday, causing a fall in the volume of business, dealers said. The official spot rate maintained overnight level at Rs 4,800, they added. In the ready session, around 15,000 bales of cotton changed hands between Rs 4600-5100, they said. In Sindh, rates were unchanged at Rs 1600 and Rs 2400, in Punjab prices firmly held the overnight levels at Rs 2200 and Rs 2600, they said.

Cotton futures jumped from depressed levels on Friday as short-covering and bargain-hunting inspired buying, though prices still finished with a 5 percent weekly decline. The most-active March cotton contract on ICE Futures US rose 0.66 cent, or 1.1 percent, at 59.52 cents a lb. December futures rallied 1.22 cent, or 2.1 percent, to settle at 59.76 cents a lb on short-covering as the contract entered notice period.
Cotton farmers have rushed to a government loan support program for the first time in five years, according to US Department of Agriculture data, the latest sign that governments are helping to shoulder the burden of a huge price rout. The USDA has so far shelled out over $10.4 million for about 784,200 bales to farmers through loan deficiency payments, according to the agency's most recent unofficial tally, to compensate for depressed world prices.
Poor rainfall in some areas and flooding in others have forced Mali to lower its raw cotton production forecast to 547,700 tonnes for the 2014/15 season, the government-owned Malian Company for the Development of Textile (CMDT) said on Thursday. The country had originally projected output of 600,000 tonnes, but this season's overall weather patterns were better than last year and the lower forecast is still well above the 400,000 tonnes of cotton produced during the 2013/14 season.
Pakistan Yarn Merchants Association (PYMA) Central Chairman Khalil Qaisar Shamas Guccha has said that to achieve the export target of 26 billion dollars, regular supply of gas to the textile industry on preferential basis was most essential. Talking to newspersons here on Saturday he said that textile exports earn 50 percent of total foreign exchange for the country. The exports for the last five months were continuously recording negative figures.
Leading mills and spinners continued normal buying on the cotton market on Friday in the process of trading, dealers said. The official spot rate resisted further decline by Rs 50 to Rs 4,800, they added. In the ready session, around 23,000 bales of cotton changed hands between Rs 4400-5100, they said. In Sindh, rates were unchanged at Rs 1600 and Rs 2400, in Punjab prices firmly held the overnight levels at Rs 2200 and Rs 2600, they said.
APTMA and Better Cotton Initiative (BCI) Chief Executive Patrick Charles Laine have signed a memorandum of understanding (MoU) to implement joint and synergetic activities to mainstream sustainability in cotton production in Pakistan. Chairman APTMA Punjab Seth Muhammad Akbar and Vice Chairman APTMA Wisal Monnoo alongwith members were also present on the occasion.

 



 
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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