Recent News

Pakistan: The trend of declining spot rate continues amid light business.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 2,00 per head and closed it at Rs 17,500 per head.The local cotton market remained stable and the trading volume was satisfactory. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,700 to Rs 17,800 per head.The rate of footi in Sindh is between Rs 7,000 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,000 to Rs 18,200 per head and the rate of cotton is between Rs 7,500 to Rs 8,500 per 40 kg.200 bales of Sanghar were sold at Rs.17,300 per head, 1000 bales of Khadro, 1000 bales of Shahpur Chakkar at Rs.17,400 to Rs.17,500 per head, 1200 bales of Tando Edam were sold at the rate of Rs.16,800 to Rs.17,400 per head. Kotri sold for Rs.16,800 to Rs.16,900 per head in 400 bales, Shahdadpur in 600 bales for Rs.17,300 to Rs.17,500 per head, Hyderabad in 600 bales for Rs.17,200 to Rs.17,400 per head, Khanewal in 600 bales. 18,000 to 18,500 per head, 200 bales of Haasil Pur were sold at 18,000 per head, 600 bales of Vehari and 200 bales of Chichavatni were sold at 18,500 per head and 400 bales of Winder Bales were sold at the rate of Rs.17,300. to Rs.17,400 per head.The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 2,00 per head and closed it at Rs 17,500 per head. Polyester fiber was available at Rs 355 per kg.

Rupee rises 7 paise to 81.97 against US dollarThe Indian rupee opened higher against the US dollar on Tuesday tracking gains in Asian currencies along with recovery in the Chinese yuan. The local unit opened at 81.97 per dollar as compared to its previous close of 82.04.

rupee 1 paise weak against dollarThis evening, the rupee closed at Rs 82.04 against the dollar with a weakness of 1 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62970.00 points with a fall of 9.37 points.On the other hand, the Nifty closed at a level of 18691.20 points with a gain of 25.70 points.

"Cotton bollworm menace worries Punjab, more than 4,000 hectares affected"A detailed field survey by the Punjab Agriculture Department has said that early sowing of cotton in 2% of the total area under cotton in various districts is putting a provisional area of 1.75 lakh hectares at risk of infection with the deadly pink bollworm this year.Experts said untimely rains with the onset of summer this year provided suitable breeding and feeding grounds for the pest.The next three weeks are critical for farmers to use the recommended steps to detect pest populations and check for any widespread infestations. PBW has surfaced in limited locations, but it can spread rapidly and potentially threaten crops in other areas if pest control management is not executed effectively, he says.This year, a section of farmers from vulnerable areas of Punjab started sowing 'white gold' as early as March 28, much before the recommended sowing time of April 15 to May 15, agriculture officials said. The pest attacks cotton plants at flowering stage in mid-July and PBW is already visible, posing a risk of infection to other fields.State agriculture director Gurvinder Singh, who made an extensive tour of cotton-growing districts this week, said the current situation was not alarming and farmers were advised to use recommended sprays to control the pest population.The director said that unlike last season, whitefly has not been detected this year and cotton growers have been advised to be vigilant.Field surveys revealed impressive plant health. “In 2022, most of the plant growth had stopped, but this time farmers are following an advisory to provide enough nutrients to the crop. This trend may help in reducing the adverse effects of pests,” he said.Punjab saw the first appearance of PBW in 2020 on about 100 acres of land at Jodhpur Romana in Bathinda. The following year, the pest severely affected other districts and in 2022, whitefly and PBW ravaged cotton production in Punjab.In the current kharif season, the traditional crop area in Punjab has come down to 1.75 lakh hectares and farmers have suffered heavy losses due to pest attack, which is responsible for the lowest acreage ever.Vijay Kumar, principal entomologist at Ludhiana-based Punjab Agricultural University (PAU), said early sowing of cash crops in such areas has been observed for the first time and is a cause of concern for pest attack. accompanied by prolonged wet and humid conditions and when the cotton plants reached the flowering stage.The expert said the bollworm is affecting only those fields from where last year's residues were not cleared as advised and making other areas vulnerable to pest infestation.“Bollworm is a deadly pest which appears in cotton plant at flowering stage, 65-70 days after sowing. It is monophagous or feeds only on cotton plants and affects the plant at flowering stage. Now farmers will have to work harder to control the pest population till mid-July when timely sown plants will enter flowering stage,” said the expert.SK Verma, head of Sirsa-based Central Institute of Cotton Research (CICR), said uniformity in sowing helps in effective pest management and farmers should strictly follow the recommended sowing time. "Bollworm infestation can be easily detected in the field by pheromone traps that catch male insects and an advisory has been issued to the farmers of Punjab in this regard," he added.

Pakistan : Weekly Cotton Review: Rates fall amid sluggish trade; "Textile Sector Focused Towards National Importance"KARACHI: The cotton market turned bearish last week, witnessing a fall. Significant reduction in rate from Rs.2,500 to Rs.3,000 per head. The spot rate was also reduced by Rs 2,500 per head.Former President Asif Ali Zardari met members of the All Pakistan Textile Mills Association (APTMA) to discuss issues related to the economy, revival of the cotton and textile sector.The intervention price of footy has come down from Rs 8500 per 40 kg. Growers say that as promised, the government should buy cotton through the Trading Corporation of Pakistan (TCP) to stabilize the price.Javed Bilwani, chairman of the Pakistan Apparel Forum, has said that the government should refrain from implementing RCET under Section 99D on the textile sector.In the local cotton market last week, cotton prices fell by Rs 2,500 to Rs 3,000 per head due to panic selling by ginners and low rates buying by spinning mills, creating chaos in the market.In Sindh province, cotton prices declined from Rs 17,000 to Rs 18,500 per head, while the price of foot per 40 kg fell by Rs 1,000 to Rs 7,000 to Rs 8,000. Similarly, the spot price of cotton decreased by Rs 2,200 per head to reach Rs 17,700.Cotton prices are expected to fall further after Eid al-Adha due to distress in the textile sector.The government has fixed the intervention price of cotton at Rs 8,500 per 40 kg and has promised that if the price of cotton falls below Rs 8,500, the government will provide about one million rupees through the Trading Corporation of Pakistan to stabilize the price of cotton. Gant will buy cotton. At present, the price of footi has come down to a low of Rs 7,000 to Rs 7,500 per 40 kg in many areas. Cotton farmers demand that the government should start purchasing cotton through TCP as promised.The rate of cotton in Sindh is between Rs 17,000 to Rs 18,000 per head. The rate of footi is between Rs 7,000 to Rs 7,700 per 40 kg. Cotton rates in Punjab range from Rs 18,500 to Rs 19,000 per head, while footy rates range from Rs 8,500 to Rs 8,800 per 40 kg. Cotton rates in Balochistan range between Rs 17,700 to Rs 18,000 per head. The rate of footi is between Rs 7500 to Rs 8200 per 40 kg.The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 2,200 per head and closed it at Rs 17,700 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, has said that the overall bearish trend in the international cotton markets remains. The futures trading rate for the month of July closed at 78 cents.One lakh 87 thousand six hundred bales were sold in the year 2023-24. China remained on top by buying one lakh thirty seven thousand three hundred bales. Turkey bought 24,400 bales and stood second. Honduras was third with 10,900 bales.However, local textile mills have warned the government that a large number of export units may shut down as they have lost their competitive edge after the Regional Competitive Energy Tariff (RCET) is abolished.The APTMA has reiterated its demand for resumption of gas and electricity supply at subsidized rates and warned that failure to do so would lead to unemployment, loss of export revenue and further deterioration in the trade balance.Meanwhile, former President Asif Ali Zardari met APTMA leaders over revival of the economy, cotton and textile sector.In addition, Javed Balwani, head of the Pakistan Apparel Forum, which includes representatives of Pakistan's textile sector, has said that value-added garment exporters are concerned with the proposed implementation of an additional tax on "income, profits, gains and gains" under Art. 99D. He dismissed it as a "draconian and anti-business" move by the government.Garment exporters are already burdened with rising operational costs of manufacturing for exports. The super tax has been extended from one year to the second year. The present Government has earlier abolished the Regional and Competitive Energy Tariff (RCET), thereby depriving the exporters of a level playing field and a fair competitive environment.

Rupee rises 3 paise to 82 against US dollarThe Indian rupee opened marginally higher against the US dollar on Monday following mixed Asian currencies as weekend turmoil in Russia weighed on investors' risk appetite and had little impact on the dollar index. The local unit opened higher by 3 paise at 82.00 against the US dollar as compared to Friday's 82.03.

Panipat: Yarn industry is in troubleThe yarn industry here is facing a crisis. The cotton industrialists were forced to run their industry in a single shift. Recycled yarn production has declined by over 50 per cent in the last two months, while yarn rates have declined by 20 per cent due to lack of demand for handloom products in the domestic and global markets.Globally known as the 'Handloom City', Panipat is the center of the recycling industry, which results in the production of yarn from waste cloth. This yarn is being used for making blankets, shawls, curtains, bath mats, foot mats, bedsheets, bed covers, carpets, kitchen wares, cushion covers and other handloom products. Then the final products are sold in the domestic market and exported to the global market, especially in the United States and European countries.Handum town has a turnover of around Rs 50,000 crore, of which Rs 15,000 crore comes from exports. But, due to high inflation in the United States, recession in Germany and unrest in European countries due to the year-long Russia-Ukraine war, Panipat's export industry was badly hit and a 50 percent slump was registered. Apart from this, a decline has also been registered in the domestic market.Now the production of yarn is only 50 per cent, but the consumption is less than 50 per cent, due to which the stock has increased, said Pritam Singh Sachdeva, president of Panipat Industries Association and Northern India Roller Spinners Association. Even the rate of recycling yarn has come down by about 20 percent. Sachdeva said, earlier the rate of yarn was Rs 100-110 per kg, but now the rate is only Rs 80-82 per kg.Most of the industries here depend on recycled yarn to manufacture their products, he added. He said that due to low demand for yarn, industries here are running in only one shift, but industries in southern India have been closed for 15 days. Sachdeva said that now, the industrialists of Panipat are also planning to shut down their industries.He said the industry used 80 per cent cotton to manufacture handloom products, but demand from foreign buyers was low in the first quarter. Vinod Dhamija, chairman of the Haryana Chamber of Commerce and Industries, Panipat chapter, said exporters were expecting good business but got a poor response.

Rupee weakens by 8 paise against dollar.This evening, the rupee closed at a level of 82.04 against the dollar with a weakness of 8 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62979.37 points, down by about 259.52 points.On the other hand, the Nifty closed at a level of 18665.50 points with a decline of 105.80 points.

Pakistan: The spot price further declined by Rs 300 per head.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday reduced the spot rate by Rs 3,00 per head and closed it at Rs 18,700 per head.The local cotton market remained subdued and the volume of business was satisfactory. Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 18,300 to Rs 18,600 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,000 per 40 kg. Cotton rates in Punjab range from Rs 19,500 to Rs 19,700 per head and cottonseed rates range from Rs 8,800 to Rs 9,500 per 40 kg.About 4600 bales of Tando Adam were sold at Rs.18,500 to Rs.18,800 per head, 200 bales of Khando at Rs.18,500 per head, 600 bales of Khadro at Rs.18,500 to Rs.18,700 per head, 400 bales of Shah Pur were sold. Chakar was sold for Rs.18,500 to Rs.18,700 per head, Mirpur Khas in 600 bales at Rs.18,500 to Rs.18,800 per head, Sanghar in 1600 bales at Rs.18,500 to Rs.18,800 per head, Chichavatni in 100 bales. At the rate of Rs.19,700 per head, 200 bales of Haasil Pur, 200 bales of Khanewal were sold at the rate of Rs.19,600 per head.The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 3,00 per head and closed it at Rs 18,700 per head. Polyester fiber was available at Rs 355 per kg.

Rupee falls 12 paise to open at 82.07 against US dollarThe Indian rupee on Thursday opened lower by 12 paise against the US dollar following a fall in other Asian currencies. The local unit opened at 82.07 per dollar as compared to the previous close of 81.95.

Rupee strengthened by 9 paise against dollarThe rupee strengthened by 9 paise to close at Rs 81.95 against the dollar this evening.Sensex closed down by 284 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 63238.89 points with a fall of 284.26 points.On the other hand, the Nifty closed at a level of 18771.30 points with a fall of 85.50 points.