Recent News

*Pakistan Weekly Cotton Review: PKR price erosion is one of the reasons for the rise in cotton prices.*KARACHI: Cotton price saw an increase of Rs 2,500 per maund. Spot rate increased by Rs 1800 per maund. Acting Federal Commerce and Industry Minister Gohar Ijaz said efforts were being made to revive industries and the textile sector.The government has assured textile exporters that a refund of Rs 35 billion will be given by September 4 and the closed industries will also be restored within a month.Pakistan Textile Exporters Association Chief Patron Khurram Mukhtar described the month of September as the most difficult for the textile industry. Separately, the risk of attack by pink ball worm on cotton crop has increased.Currently, the production of the crop is 30 lakh bales, which is almost 100% more than the cotton production till August 31 last year.In the local cotton market, cotton prices continued to rise during the last week. Textile spinners are buying cotton, especially because of the extremely high dollar rate, while ginners are buying high rates, especially because of the very short ginning out turn (GOT) due to the relatively low supply of cotton and the continued rise in cotton prices. Are demanding.The month of September is considered to be the most dangerous month for the cotton crop. The current production of the crop is 30 lakh bales, which is almost 100% more than the cotton production of last August 31.However, Federal Commerce and Industry Minister Gauhar Ijaz has started efforts to increase the country's exports. If the strategy developed by them is implemented, the country's exports may start increasing and especially the textile sector may become stronger.The price of cotton in Sindh province is between Rs 20,500 and Rs 20,500. Rs 21,500 per maund with an increase of Rs 2,000 per maund while the rate of footi is between Rs 9,000 to Rs 10,500 after an increase of Rs 1,000 per 40 kg. Cotton prices in Punjab range between Rs 21,500 to Rs 22,000 per maund while cotton prices range between Rs 9,000 to Rs 10,500 per 40 kg.The price of cotton in Balochistan ranges from Rs 20,800 to Rs 21,000 per head and cottonseeds from Rs 9,300 to Rs 11,000 per 40 kg. An increasing trend was also seen in the rates of flour, cottonseed and oil. The spot rate committee of the Karachi Cotton Association raised the spot rate by Rs 1,800 per head and closed it at Rs 21,000 per head.According to the USDA's weekly export and sales report, the sales for the year 2023-24 stood at 61,400 bales. Costa Rica topped the list by purchasing 23,400 bales. Bangladesh came second by purchasing 10,000 bales. Vietnam bought 7,300 bales and ranked third. Indonesia bought 6,700 bales and ranked fourth. Pakistan bought 6,300 bales and stood fifth. 11,000 bales were sold for the year 2024-25, which was bought by Pakistan.However, the federal government has assured to activate dormant industries within a month, continue industrial assistance package and refund Rs 35 billion to export industries by September 4 and achieve the target of $25 billion exports.He also said that the meeting with the acting federal ministers is very encouraging. He expressed hope that through his efforts the industry would stand on its feet again. He further said that exporters will make every possible effort to achieve the export target of 25 billion dollars.Meanwhile, Acting Federal Minister for Commerce and Industry and Production Dr Gauhar Ijaz on Wednesday set an ambitious target of $25 billion in textile exports for the current financial year as against the target of $16 billion last financial year.The minister also promised rapid revival of all closed industries with a limited time frame of only one month. During a meeting called with Pakistan Textile Exporters Association led by Khurram Mukhtiar, Gohar outlined his vision. The minister assured that every industry currently closed due to various reasons will reopen by September 30.Comparing this year's estimated export figures to last year's $16 billion, he expressed confidence of surpassing this milestone. He stressed that all challenges hampering their operations will be addressed in a systematic manner.Furthermore, he extended an open invitation to associations and businessmen, ensuring his availability to collaborate and find solutions to their problems.Reiterating his commitment to promote a thriving business environment, the Minister assured that challenges related to gas, power, energy and wealth distribution will be resolved efficiently.

Rupee opens 4 paise higher at 82.68 against the US dollarThe Indian rupee opened 4 paise higher against the US dollar on Monday amid a steady American currency. The local currency opened at 82.68 a dollar as compared to previous close of 82.72.Sensex Rallies 200 pts, Nifty Tops 19,500Domestic markets had a positive start on Monday morning. The benchmark S&P BSE Sensex was hovering at 65,585 levels in early deals, rising 198 points or 0.3 per cent. The Nifty50, meanwhile, was quoting at 19,503, up 68 points or 0.35 per cent.

The rupee strengthened by 7 paise and closed at Rs 82.72 against the dollar.The rupee strengthened by 7 paise to close at 82.72 against the US dollar on Friday as rising crude oil prices weighed on investor sentiment.Sensex rises 556 points to close in stock marketToday, where the Sensex closed at a level of 65387.16 points with a gain of about 555.75 points. On the other hand, the Nifty closed at the level of 19435.30 points with a gain of 181.50 points.

"Piyush Goyal: Will review import duty on cotton after consultation with agriculture ministry"We need to strike a balance between the interests of farmers and industry, says ministerUnion Minister of Textiles, Commerce and Industry, Consumer Affairs, Food and Public Distribution Piyush Goyal said, the decision to remove import duty on cotton will be taken after consultation with the Ministry of Agriculture.Asked about the textile industry's demand for removal of 11% duty on cotton, the minister told The Hindu, "We need to balance the interests of farmers and industry. We will take a decision after consulting the Ministry of Agriculture.On the decline in textile and apparel exports for almost a year, he said exports of products such as jewellery, diamonds and textiles have come down as the economic slowdown in many countries has affected the demand for such products.With regard to extension of time for new applications for Production Linked Incentive (PLI) Scheme for MMF (Man-Made Fibre) apparel, MMF fabrics and technical textiles till the end of October when the industry was demanding PLI Scheme 2.0, Shri Goyal said that the two schemes were targeted at different sectors of the textile industry.

Pakistan: Cotton Market: Spot price increased by Rs 300 per maund.LAHORE: The Spot Rate Committee of Karachi Cotton Association (KCA) on Thursday increased the spot rate by Rs 300 per maund and closed it at Rs 20,100 per maund. The local cotton market remained bullish and the traded volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is Rs 20,200 to Rs 20,800 per maund.The rate of footi in Sindh is between Rs 8,800 to Rs 10,200 per 40 kg. In Punjab, the rate of cotton is between Rs 21,000 to Rs 21,200 per maund and the rate of cotton is between Rs 9,000 to Rs 10,500 per 40 kg. The rate of cotton in Balochistan is Rs 20,500 per head while the rate of footy ranges from Rs 9,700 to Rs 10,500 per 40 kg.About 600 bales of Sui Gas are sold between Rs 19,800 to Rs 20,000 per head, 200 bales of Sultanabad, 1800 bales of Rohri at Rs 20,000 per head, 2400 bales of Tando Edam are sold between Rs 19,750 to Rs 20,000. Per head, Shahdadpur 3400 bales Rs 19,800 to 20,000 per head, Sanghar 2400 bales Rs 19,700 to Rs 20,000 per head, Hala 600 bales, Sarkand 200 bales, Hyderabad 400 bales, Nawab Shah ki Khairpur 600 bales 800 bales were sold at Rs 20,000 per head, 800 bales of Saleh Pat at Rs 20,000 to 20,100 per head, 600 bales of Qila Abbas at Rs 20,600 per head, 600 bales of Multan were sold. 20,000 to Rs 20,300 per head, Fakir Wali 1800 bales at Rs 20,200 to Rs 20,400 per head, Fort Abbas 400 bales at Rs 20,500 per head, Haasil Pur 200 bales at Rs. 20,500 per head, Harunabad 3200 bales at Rs 20,200 to Rs 20,500 per head, Chishtian 2400 bales, Khanewal 1600 bales at Rs 20,500 per head, Rahim Yar Khan 1200 bales at Rs 20,300 to Rs 20,500 per head. Per head, 800 bales of Miyan Channu at Rs 20,400 to 20,500 per head, 600 bales of Bahawalpur at Rs 20,400 to 20,500 per head, 600 bales of Ahmed Pur Purvi at Rs 20,500 per head, 400 bales sold at Tunsa Sharif, 1000 bales of Burewala That's Rs 20,000 Sold at Rs.20,000 per head, 1800 bales of Vehari sold at Rs.20,000 to Rs.20,500 per head, 800 bales of Alipur sold at Rs.20,000 per head, 2400 bales of Laiya sold at Rs.20,000 to 20,500 Rs per head, 800 bales of Yajman Mandi sold for Rs 20,350 to Rs 20,400 per head, 400 bales of Khairpur Tamiwali sold for Rs 20,200 to Rs 20,400 per head, 3200 bales of Lodhran sold for Rs 20,400 per head. 20,200 to 20,500 per head and 1200 bales of Chichavatni were sold at the rate of Rs.20,200 to 20,500 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 300 per head and closed it at Rs 20,100 per head. The rate of polyester fiber was increased by Rs 3 per kg and was available at Rs 373 per kg.

Rupee jumps 22 paise to open at 82.57 against the US dollarThe Indian rupee opened 22 paise higher against the US dollar on Friday amid a softer American currency and after the release of domestic GDP data. The local currency opened at 82.57 a dollar as against previous close of 82.79.

Pakistan: The uptrend continues in the cotton marketLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Wednesday hiked the spot rate by Rs 300 per head and closed it at Rs 19,800 per head. The local cotton market remained firm and the trading volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is Rs 19,800 to Rs 20,800 per maund. The rate of footi in Sindh is between Rs 8,200 to Rs 9,200 per 40 kg. In Punjab, the rate of cotton is Rs 20,000 to 20,300 per maund and the rate of cotton is Rs 8,500 to 9,500 per 40 kg. Cotton rates in Balochistan range from Rs 19,700 to Rs 19,800 per maund while cotton rates range between Rs 10,000 to Rs 10,500 per 40 kg.About 800 bales of Akri Haider Shah, 800 bales of Kotri Kabir, 600 bales of Rani Pur were sold between Rs 19,950 to Rs 20,000 per maund, 2800 bales of Saleh Pat were sold between Rs 19,700 to Rs 20,000 per maund, 800 bales of Rohri Sold between Rs 19,800 to Rs 20,000 per maund, 400 bales of Peer Vasan were sold between Rs 19,950 per maund, 200 bales of Sui Gas, 200 bales of Mehraab Pur, 200 bales of Rasulabad, 400 bales of Hingorja were sold. At the rate of Rs 19,975 per maund, 2600 bales of Sanghar were sold at Rs 19,500 to Rs 19,600 per maund, 200 bales of Mirpur Khas were sold at Rs 19,600 per maund, 200 bales of Nouabad were sold at the rate of Rs 19,400 per maund. 2800 bales of Tando Edam were sold at Rs 19,300 to Rs 19,500 per maund, 2800 bales of Shahdad Pur were sold at Rs 19,300 to Rs 19,500 per maund, 800 bales of Sarkand were sold at Rs 19,500 to Rs 19,800 per maund, 900 bales of Murid were sold at Rs 19,500 to Rs 19,800 per maund. Wala, 200 bales of Yajman Mandi, 1400 bales of Lodhran, 200 bales of Mungi Bangla, 400 bales of Dera Ghazi Khan, 600 bales of Chichawatni, 800 bales of Harunabad, 2000 bales of Laiya, 1800 bales of Vehari, 300 bales of Multan. say , 400 bales of Fort Abbas, 600 bales of Rahim Yar Khan, 200 bales of Sadiqabad were sold at Rs 20,000 per maund and 800 bales of Utal were sold between Rs 19,500 and Rs 19,800 per maund.The Spot Rate Committee of Karachi Cotton Association increased the spot rate by Rs 300 per maund and closed it at Rs 19,800 per maund. Polyester fiber was available at Rs 370 per kg.

Rupee rises 8 paise to open at 82.65 against the US dollarThe Indian rupee opened 8 paise higher against the US dollar on Thursday amid a fall in dollar index after downward revision to second quarter US economic growth. The local currency opened at 82.65 a dollar as compared to previous close of 82.73.

Rupee gains 5 paise to open at 82.66 against the US dollarThe Indian rupee opened 5 paise higher against the US dollar on Wednesday amid a fall in greenback and US Treasury yields. The local currency opened at 82.66 a dollar as compared to previous close of 82.71.

Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 82.71 against the dollar with a weakness of 8 paise.Sensex up 79 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65075.82 points with a gain of about 79.22 points.Whereas the Nifty gained 36.70 points.

Pakistan: Stable trend in cotton marketLAHORE: The local cotton market remained firm on Monday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is Rs 19,400 to Rs 19,500 per head. The rate of footi in Sindh is between Rs 7,500 to Rs 9,000 per 40 kg. Cotton rates in Punjab range from Rs 19,200 to Rs 20,000 per head and cotton between Rs 7,500 to Rs 9,200 per 40 kg. Cotton rates in Balochistan range from Rs 19,400 to Rs 19,500 per head, while footy rates range from Rs 8,200 to Rs 9,300 per 40 kg.Shahdadpur 1200 bales, Tando Adam 1800 bales were sold at Rs 19,200 to Rs 19,300 per head, Hyderabad 200 bales, Rani Pur 200 bales, Rohri 400 bales, Kotri Kabir 400 bales at Rs 19,000 per head. Sadiqabad sold 600 bales for Rs 19,500 per head, Hyderabad 1400 bales for Rs 19,500 to 19,800 per head, Vehari 1400 bales, Yajman Mandi 1200 bales for Rs 19,800 per head, Fort 600 bales. Abbas was sold at Rs 19,700 per head, 1000 bales of Layya were sold at Rs 19,500 per head and 1000 bales of Burewala were sold at Rs 19,800 per head.The spot rate remained unchanged at Rs 19,200 per head. Polyester fiber was available at Rs 365 per kg.