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BUSINESS RECORDER
04 June 2010
Cotton prices continue to sink
LAHORE (June 04, 2010): After losing about Rs 1,200 per maund (37.32 kgs)
over
the last month, lint prices continued to nosedive in the domestic market due
to our bearish fundamentals. Steeply high Regulatory Duty (RD) on yarn exports
imposed on May 13, 2010, impending closure of some spindles till the arrival
of
the new crop (2010-2011), increasing the count number of yarns by the
Pakistani
mills and accumulation of yarn stocks due to notable decrease in
yarn exports
have joined together to plummet fiber prices precipitously.
Dullness prevails again on cotton market
KARACHI (June 04, 2010): Lacklustre business was again witnessed on the
cotton
market on Thursday as mill are still waiting for encouraging news on the
economic front, dealers said. The Karachi Cotton Association (KCA) official
spot rate was unchanged at Rs 6,400. In the ready business no deal finalised
during the day, they said.
Fertiliser, domestic sectors: textile ministry
opposes cross subsidy on gas
ISLAMABAD (June 04, 2010): Ministry of Textile has strongly opposed cross
subsidy on gas being given to fertiliser and domestic sectors and proposed to
the
Finance Ministry to pick up subsidy for these sectors through budgetary
allocation
in upcoming budget 2010-11, Business Recorder has learnt.
15 percent regulatory duty on export of yarn not acceptable: Aptma
LAHORE (June 04, 2010): All Pakistan Textile Mills Association (Aptma) said
categorically on Thursday that export duty of 15 percent is punitive and it
could
not be accepted by Aptma. In a letter to the Federal Minister for
Textile Industry
Rana Farooq Saeed, the Aptma spokesman thanked for chairing
marathon meetings
of the stakeholders held on 30th & 31st May 2010 at Karachi
for resolving the issue
of imposition of Regulatory Duty on the export of
yarn.
Government likely to revise duty structure on import
of PTA, PSF
ISLAMABAD (June 04, 2010): The government is likely to revise duty structure
on
import of Purified Terephthalic Acid (PTA) from 7.5 percent to 3 percent
and Polyester
Staple Fiber (PSF) from 4 to 6 percent in the upcoming budget 2010-11,
Business
Recorder has learnt reliably.
03 June 2010
Solo deal seen after a long pause on cotton market
KARACHI (June 03, 2010): After a long-time, a deal was finalised on the cotton
market
on Wednesday as the buyers were still waiting for market moving factor,
dealers said.
The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs
6,400.
In the ready business, a deal of 400 bales of cotton from Khan Pur done at Rs
6450, they said.
Spinning industry at halt since last 20 days
LAHORE (June 03, 2010): The spinning industry is at halt since last 20 days,
as the ongoing stand-off between spinning industry, value-added industry and
Ministry of Textile
Industry, as 110 million dollar surplus yarn is lying at production facilities
besides 12 - 15 million
dollar stuck up consignments at the Karachi port.
Government urged to extend 15 percent regulatory duty on yarn export
ISLAMABAD (June 03, 2010): National Assembly Standing Committee on Textile has
recommended to the government to extend 15 percent Regulatory Duty (RD) on the
yarn
export for indefinite period after July 12, 2010 to save the value-added
textile sector,
as the international market would witness shortage during the next season.
2 June 2010
KARACHI (June 02, 2010):
Lackluster business was seen on the cotton
market on Tuesday as not a single deal was reported following the prolonged
issue about Regulatory Duty (RD), dealers said. The Karachi Cotton Association
(KCA) official spot rate was unchanged at Rs 6,400. In the ready business,
no trade was seen mainly because of higher prices, they said.
27 May 2010
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10-month cotton export up 140 percent
KARACHI (May 27, 2010): Despite a massive shortage in the domestic market,
the country's raw cotton export registered a robust increase of 140
percent during the first 10 months of current fiscal year mainly due to
rising demand in the world market. Industry sources told Business
Recorder on Wednesday that Pakistani exporters are getting massive
orders on the back of high production and low prices in the domestic
market as compared to other countries.
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Cotton yarn controversy: who will solve the regulatory duty imbroglio?
KARACHI (May 27, 2010): No change was seen in the obtaining scenario on
the cotton market on Wednesday as both buyers and sellers were waiting for
any outcome of several meetings of cotton related circles and the
government officials to settle the Regulatory Duty issue, dealers said.
The Karachi Cotton Association (KCA) official spot rate was saved from
further decline as it did not show any change at Rs 6,300, they said.
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Seminar on Cotton Yarn Issues and National Interest
LAHORE (May 27, 2010): Former Advisor to Prime Minister on Finance, Dr
Salman Shah will address an important seminar on 'Cotton Yarn Issues and
National Interest' being organised by Pakistan Textile Value Added Forum
at a local hotel on Thursday (today).
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21 May 2010
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Cotton circles keenly await government's intervention outcome
KARACHI (May 21, 2010): Official spot rate saved from further decline on
the cotton market on Thursday as any positive outcome is keenly watched
by the cotton circles after the expected discussions between the
government and textile mills, dealers said. The Karachi Cotton
Association (KCA) official spot rate was left unchanged at Rs 6450.
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Cotton business remains suspended
LAHORE (May 21, 2010): Cotton business remained at a virtual standstill
for the second week in a row in the domestic market due to continuing
imbroglios between the spinners and the value added textile sector after
the government imposed regularity duty (RD) on yarn exports on Thursday
of previous week. The stiff export duty on yarn exports stunned the
spinners who called last Thursday (13 May 2010) a black day in the
history of the textile industry of Pakistan.
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APTMA calls off strike: another meeting today
ISLAMABAD (May 21, 2010): After successful negotiations with the
government All Pakistan Textile Mills Association (APTMA) has called off
spinning mills indefinite countrywide strike against the imposition of
Regulatory Duty on yarn export. Another meeting will be held on Friday
(today) where a breakthrough is expected.
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19 May 2010
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KCA cuts spot rate by another Rs 100, cotton market remains dormant
KARACHI (May 19, 2010): Official spot rate continued to be lowered for the
second day on the cotton market on Tuesday in process of lacklustre
trading, dealers said. The Karachi Cotton Association (KCA) official spot
rate was again curtailed by Rs 100 to Rs 6500, they said. In the ready
business, not a single deal finalised due to lack of buying interest, they
added.
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15 percent regulatory duty on exports: spinning mills shut
KARACHI (May 19, 2010): Nearly all of 400 textile spinning mills shut down
on Tuesday to protest against the imposition of a 15 percent regulatory
duty on exports of all types of cotton yarn, millers said. Pakistan is the
world's fourth biggest cotton producer but often has to turn to imports to
feed its textile sector, which accounts for about 60 percent of its
exports.
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No transaction on Faisalabad yarn market due to strike
FAISALABAD (May 19, 2010): Yarn prices continued decreasing slightly for
the last two weeks and no big deal has been struck here due to strike. The
tow camps (spinners and yarn users) announced strike at the same time but
demands are different. Cotton spinners' protest begins due to 15 percent
regulatory duty on yarn exports and value-added sector protest and
demanded cap export of yarn and cotton and increase regulatory duty from
15 to 30 percent.
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17 May 2010
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Better prospects may produce record high cotton crop next season
KARACHI (May 17, 2010): Cotton sowing is going on peak as ideal sowing
season starts from 15th May and extends till 15th of June month but
availability of irrigation water make it adjustable on both sides.
Reportedly, some 40 to 45% cotton sowing has been completed in Multan,
Khanewal, Muzaffargarh, D.G. Khan, Ali Pur, and Rajanpur areas where
irrigation water has been made available.
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PHMA castigates Aptma's threat to close units twice a week
FAISALABAD (May 17, 2010): Chairman Pakistan Hosiery Manufacturers and
Exporters Association (PHMA) Mian Naeem Ahmed has castigated the threat of
All Pakistan Textile Mills Association (Aptma) to close down their units
on every Tuesday and Wednesday and said that it is worst kind of economic
black mailing.
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5 May 2010

28 April 2010

26April 2010 |