Cotton & Textiles

Further decline seen on cotton market in lint prices, spot rate KARACHI (October 10, 2009): Bearish sentiment persisted on the cotton market on Friday as phutti arrivals were rising with gradual pace, dealers said. The official spot rate was lowered by Rs 25 for the fourth day in a row at Rs 3450, showing a net loss of Rs 100, since the week started, they said. More than 25,000 bales changed hands between Rs 3425-3500. Phutti prices in Sindh and the Punjab were same at Rs 1600-1650, they added.

Apparel sector doubtful of achieving textile policy target LAHORE (October 10, 2009): The Apparel sector has expressed doubts over meeting the exports target of $25 billion in the next five years set by the Ministry of Textile in first-ever-five-year textile policy. The Apparel sector sources told Business Recorder that the PAF is holding seminar in third week of October on the irritants of the textile policy.

Exports from EPZ: Prgmea seeks end to double duty drawback ISLAMABAD (October 10, 2009): The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has urged the government not to allow double duty drawback on exports from Export Processing Zone (EPZ).

12 International fairs approved for PTA KARACHI (October 10, 2009): A delegation of the Pakistan Tanners Association (PTA) held a meeting with the Chief Executive of the Trade Development Authority of Pakistan (TDAP), Syed Mohibullah Shah, on Friday.

Continuous decrease in cotton prices LAHORE (October 09, 2009): Despite a lot of hullaballo in the domestic market since the past several weeks regarding significant losses projected for the current crop (2009-2010) in Pakistan, the recent seedcotton (kapas/phutti) arrivals report issued by the Pakistan Cotton Ginner s Association (PCGA) for the period ending 1st October 2009 shows an increase of about 700,000 lint equivalent bales compared to previous season (2008-2009) triggering fall in lint prices since beginning of this week.

Price decline continues, spot rate at Rs 3,475 on cotton market KARACHI (October 09, 2009): Prices continued overnight weakness, showing Rs 25 fall in spot rate for the third day in a row on the cotton market on Thursday, dealers said. The official spot rate was reduced by another Rs 25 for the third day in a row at Rs 3475, thus, since the week stared the official spot is lower by Rs 75. More than 30,000 bales changed hands between Rs 3450-3500, they said.

102 textile units closed due to global recession: Senate informed ISLAMABAD (October 09, 2009): The Senate on Thursday was informed that during the recent years a total of 102 textile units remained closed due to different reasons, out of these 15 stopped working this year. On a question raised by Pakistan Muslim League PML-Q president and Senator Chaudhry Shujaat Hussain Federal Minister for Textile Industry Rana Muhammad Farooq Khan said that these units were mainly closed due to global recession.

Six percent increase in power tariff to have devastating effect on exports FAISALABAD (October 09, 2009): Six percent increase in electricity tariff and forced closure of gas would have devastating repercussions on our national export and overall textile industry, contended Mian Aftab Ahmed, Chairman All Pakistan Textile Processing Mills Association (APTPMA) while talking to newsmen here on Thursday.

Setting up of GTTC in Karachi: KOICA to provide $1.5 million grant to Textile Ministry ISLAMABAD (October 09, 2009): Korea International Co-operation Agency (KOICA), Republic of Korea, has agreed to provide $1.5 million grant to the Textile Ministry for the establishment of Garment Technology Training Center (GTTC) in Karachi. Well-placed sources in the Textile Ministry told Business Recorder that the Ministry of Textile Industry (MINTEX) through Economic Affairs Division submitted a proposal to Korea International Co-operation Agency (KOICA) to provide assistance for the establishment of GTTC.

Steady arrivals push rates down, spot rate slashed by Rs 25 KARACHI (October 08, 2009): Steady arrivals pushed the prices lower on the cotton market as spot rate continued slide for the second consecutive day on Wednesday, dealers said. The official spot rate dropped by Rs 25 for the second day in a row at Rs 3500, thus, since the week commenced the official spot fell by Rs 50, they said. Nearly, 45,000 bales changed hands between Rs 3450-3550, they said.