The All Pakistan Textile Mills Association (Aptma) has objected to the permission accorded by the Securities and Exchange Commission of Pakistan to the National Commodity Exchange Limited for initiating futures trading in cotton yarn.
Textile raw material prices in the local market have surged by 20 percent to 25 percent in cotton yarn varieties and nearly 20 percent in polyester cotton, over the last six months making Pakistan's exports uncompetitive to face the new world trade order
Thousands of powerloom factories have been forced to close down due to exorbitant hike in prices of cotton and PC yarn, resulting from indiscriminate export of yarn.
The All Pakistan Textile Mills Association (Aptma) has regretted that the National Commodity Exchange Limited (NCEL) is being allowed to initiate trading in cotton yarn along with gold.