LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Thursday decreased the spot rate by Rs 500 per maund and closed it at Rs 22000 per maund.
The local market remained steady and the trading volume remained low.
Cotton Analyst Naseem Usman told that rate of cotton in Punjab and Sindh is in between Rs 21000 to Rs 22,000 per maund. He also told that rates of cotton and Phutti witnessed a decrease of Rs 1500 in two days.
The New Kappaas from Kunari, Jhudo, Noakot were sold at Rs 9000-9100. The rate of New Kappaas from Digri, Samaro was Rs 9000-9200 and the rate of Kapaas of Tando Ghulam Ali was Rs 9000-9200, the New Kapasas of Tando Bhago, Kudan was available in between Rs 9000-9100 and the Kapaas of Talhar,Badeen, Gularchi wasa Rs 9100-9300. The Kapaas of Sajawal and Chor Jamali was in between Rs 9300-9500 and the rate of MP Sakro, Gharo was Rs 8900-9000.
Federal Minister for Finance and Revenue Miftah Ismail held a meeting with a delegation of Pakistan Cotton Ginners Association (PCGA) at Finance Division, on Wednesday.
Sohail Mahmood Harral, Chairman Pakistan Cotton Ginners Association, Chairman FBR and other senior officers attended the meeting.
The delegation shared with the Finance Minister about the importance of ‘white gold’ in the growth of the economy especially in context of exports.
It was shared that cotton not only has significant importance for the growth of Pakistan’s textile industry but also has considerable impact on the overall export of the Pakistan. The delegation also highlighted few issues faced by this sector before the Finance Minister.
The Finance Minister appreciated the role played by this sector in managing the Balance of Payment issue. He shared with the delegation that present government is heavily focusing on promotion of exports.
Pakistan Hosiery Manufacturers and Exporters Association (PHMA) on Wednesday sought trade facilitation across the global markets, saying that the country’s apparel textile posted 25 percent growth this fiscal year.
A delegation of Trade and Investment Officers posted in Pakistan’s missions abroad for promoting exports and foreign direct investment visited PHMA House to seek suggestions from apparel exporters for trade expansion abroad with made in Pakistan tag.
During the meeting, Muhammad Jawed Bilwani, Chief Coordinator, PHMA told the delegation that trade and investment officers serving the country’s missions over 50 friendly countries can play a important role to boost up exports.
He suggested that trade and investment officers should participate in all exhibitions and prepare reports for the trade organizations and exporters to help explore the new markets and exploit trade opportunities.
The TIOs should act vibrantly and explore all the major markets and commercial centers in a country they are placed to help argument exports, he said.
He also highlighted knitwear products that are made and exported to the world markets including hoodies, shirts, t-shirts, jersey, docks, trousers, jackets, gloves, knitted bed-sheets etc.
He advised that the trade missions abroad to help facilitate the foreign buyers during visas process so that they could visit Pakistan easily on a business tour.
Moreover, ICE cotton futures fell more than 2% on Wednesday as a stronger dollar and fall in wider commodities pressured the natural fiber.
Cotton contracts for July fell 2.44 cent, or 1.76%, to 136.54 cents per lb as of 2:31 p.m. ET. It traded within a range of 135.59 and 139.75 cents a lb.
The market is “basically leveling off” trying to find a “reasonable level”, said Jon Marcus, president of Lakefront Futures and Options brokerage in Chicago.
The US dollar rose helped by upbeat US economic data, making the natural fiber more expensive for holders of foreign currencies.
China cotton futures on the Zhengzhou Commodity Exchange were down 1.02% at 20,320 yuan per tonne.
The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 500 per maund and closed it at Rs 22000 per maund. The Polyester Fiber was available at Rs 305 per kg.
Copyright Business Recorder, 2022
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