LAHORE: The local cotton market on Saturday remained easy and the trading volume remained satisfactory.
Cotton Analyst Naseem Usman told that the rate of cotton in Sindh is in between Rs 16,000 to Rs 16,800 per maund. The rate of cotton in Punjab is in between Rs 16,800 to Rs 17,200 per maund.
The rate of Phutti in Sindh is in between Rs 6500 to Rs 7200 per 40 Kg. The rate of Phutti in Punjab is in between Rs 6500 to Rs 7200 per 40 Kg. The rate of Phutti in Balochistan is in between Rs 6800 to Rs 7300 per 40 Kg.
1800 bales of Tando Adam were sold in between Rs 16,700 to Rs 16,800 per maund, 400 bales of Shahdad Pur, 600 bales of Shah Pur Chakar, 400 bales of Windar, 200 bales of Samundri, 200 bales of Khanewal were sold at Rs 16,800 per maund, 200 bales of Mungi Bangla, 200 bales of Mureed Wala, 200 bales of Gojra and 400 bales of Chichawatni were sold at Rs 17,000 per maund.
All Pakistan Textile Mills Association (APTMA) has sought Prime Minister’s help for restoration of gas to the textile industry as it is hurting exports.
APTMA’s Patron-in-Chief, Ijaz Gohar, in a letter to Prime Minister, Shehbaz Sharif stated that textile industry had achieved a new record in terms of exports reaching nearly $20 billion from $12.5 billion just two years ago.
The fantastic growth was enabled by implementation of Regionally Competitive Energy Tariff (RCET), investment of over $5 billion in expansion and establishment of 100 new textile units resulting in enhanced export capacity of $500 million per annum.
“It is inexplicable that the exporting sector which has the capacity to deliver over $2 billion in exports per month is being denied energy/gas and consequently exports will be significantly lower, much to the detriment of Pakistan’s economy.”
According to APTMA, gas/RLNG to industry has been suspended from July 1, to July 8, 2022 with Eid holidays from July 9 to 14 July –a shutdown of a total of 15 days that will translate into a loss of at least $1 billion. More than 50 percent of output will be lost this month, with the very real risk of losing orders on a permanent basis as well as loss of repeat business due to delays in delivery of orders.
Gohar maintained that textile exports were expected to increase to $25 billion plus in the coming fiscal year and if that momentum was lost due to energy supply and cost constraints, Pakistan would be forced to seek additional $6 billion in loans from abroad which under the circumstances may not be possible.
“Textiles have repeatedly delivered their commitments and proven that they are a viable and long-term solution towards economic stability.” He requested that under these circumstances, gas/ RLNG supply of export-oriented industry be restored immediately.
The Spot Rate remained unchanged at Rs 16,700 per maund. The Polyester Fiber was available at Rs 325 per kg.
Copyright Business Recorder, 2022
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