Trading activity on the local cotton markets in Pakistan has been slow as a tight money market in Pakistan with several domestic mills reported to be facing payments problems. Indeed imports of cotton and yarns by Pakistani mills, significantly from India, have also been reported. Textile circles reported that the industry has been in trouble since a long time now.
Inappropriate tax laws, delay in refund payments and continuing energy shortages like gas and power have been largely hampering the functioning of the Pakistan textile industry.
According to traders in Karachi, the prices of lower grades of seed cotton (Kapas/Phutti) have dropped by Rs 200 to Rs 300 per 40 Kgs recently, while the prices of better grade seed cotton have reportedly fallen by Rs 100 to Rs 150 per 40 Kilogrammes.
In Sindh, the price of better quality cotton is said to have decreased by Rs 100 to Rs 150 per maund (37.32 Kgs). Thus lint prices in Sindh are said to have ranged from Rs 4600 to Rs 5550 per maund, according to the quality.
In the Punjab on Thursday, the price of better quality of lint reportedly decreased by Rs 100 per maund (37.32 Kgs). Thus the price of lint in Punjab extended from Rs 4600 to Rs 5600 per maund, according to the quality. Mills in Pakistan thus continue to face a challenging situation as not only have their profits been reduced, several mills have also been forced to curtail their production or even close their units.
In Punjab, 200 bales of cotton from Shahpur sold at Rs 5300 per maund (37.32 Kgs), while 200 bales from Bahawalpur sold at Rs 5375 per maund.
According to a report from the Karachi Cotton Association (KCA), the 75th Plenary Meeting of International Cotton Advisory Committee (ICAC) will be held from October 30 to November 04, 2016 at Islamabad, Pakistan.
The ICAC Secretariat, Washington DC, USA has forwarded detailed requirements to the Ministry of Textile Industry, Government of Pakistan for hosting the Plenary Session which also includes the preparation of a comprehensive “THEME” of the Plenary meeting.
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