Cotton futures: Aptma managing committee to discuss trading on May 13

The All Pakistan Textile Mills Association (Aptma) has convened a meeting of the managing committee on Friday May 13, 2011, to discuss issues faced by the industry. The meeting will deliberate on two major issues: one) the resumption of cotton futures trading; and second) the energy shortage issue.
Aptma spokesman Yasin Siddik told Business Recorder that the current year had seen cotton prices rise from Rs 6,500 to Rs 12,500 per maund in the domestic market and from 80 cents per pound to $2.10 per pound in international market. And then again they came back to Rs 7,000 and $1.40 per pound.
In the face of such volatility and with the fact that Pakistan's crop is still short of the demand of Pakistan textile industry, it is very important to carefully weigh the pros and cons of this new move, which could have important consequences for the largest export earning Industry of the country, he said. With regard to energy shortage, Aptma is going to deliberate on different proposals to alleviate the shortage and make some possible suggestions to the government, he added.