05042016Wed
Last update: Wed, 04 May 2016 06pm

Cotton and Textiles

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The volume of business improved on fresh buying interest by mills, dealers said on the cotton market on Tuesday. The official spot rate was down by Rs 50 to Rs 5,600 dealers said. In the Punjab, prices showed no change at Rs 3100 and Rs 3400, they said. In the ready business, around 5000 bales of cotton changed hands between Rs 4200-5800, they said. Some brokers said that spinners and mills indulged in fresh buying as the ginners have only two million bales of unsold stock.
Cotton futures rose nearly one percent to register the biggest gain in more than a week on Monday, helped by a weak dollar and short covering. "There is an element of people who think they should be long in the commodities market in general," said Keith Brown, proprietor and cotton trader at Keith Brown and Co in Moultrie, Georgia, adding that the sentiment in the cotton market is "friendly."
The following were the fluctuations observed during the day:

Pakistan has a fast-growing apparel sector with low prices, but lags behind competitors in reliability, compliance and political stability, says the World Bank (WB). The Bank report issued here on Tuesday, "Stitches to Riches? Apparel Employment, Trade, and Economic Development in South Asia", says that Pakistan offers low prices in most product categories, but it lags behind competitors in reliability and political stability.
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Tuesday approached Federal Minister for Finance urging him to resolve the issue of revised calculation method of Drawback of Local Taxes and Levies' (DLTL) scheme. In a letter sent to Ishaq Dar Federal Minister for Finance, Revenue Economic Affairs by Ijaz A Khokhar, Chief Co-ordinator of PRGMEA, the association has urged federal minister to implement revised calculation method of DLTL scheme from next financial year.
Central Chairman of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Sheikh Mohammad Shafiq has said the high cost of doing business has started hitting the textile industry severely, which is evident from the growing number of factory closures in the sector. He said that the government has set export target of $35 billion to be achieved during next three years through Strategic Trade Policy Framework (STPF) 2015-2018 and improvement in export competitiveness, while on the other hand export is continuously declining, and break the highest decline record of 32 years.
A tug-of-war between spinners and ginners caused fall in trading activity on the cotton market on Monday, dealers said. The official spot rate was unchanged at Rs 5,650 dealers said. In the Punjab, prices showed no change at Rs 3100 and Rs 3400, they said. In the ready business, over 2000 bales of cotton changed hands between Rs 4575-4700 and Rs 5650, they said.