Sindh Cotton Market Overnight Commentary – 12:55 PM – November 10, 2015
The Sindh cotton market was also almost stable yesterday 9/11/2015. Cotton (New Crop 2015-16) was traded at an idea price of Rs 4650- 5500 per maund, and Seed cotton (phutty) new crop 2015-16 at Rs.2000 – 2825 per maund.
Punjab Cotton Market Overnight Commentary – 12:45 PM – November 10, 2015
Yesterday – 9/11/2015: The Punjab market was almost stable. Cotton (Crop 2015-16) was traded at an idea price of between the ranges of Rs. 5300 – 5575 per maund and Seed cotton (phutty) new Crop 2015-16 @Rs.2200 – 3050 per maund.
Today KCA Spot Rate – 12:35 PM – November 10, 2015
Today Karachi Cotton Association (KCA) spot price unchanged at (New Crop 2015 -16) 5300 per maund Ex- Gin
Cotton utilization may fall to 8.5 million bales this year – 11:55 AM – November 10, 2015
Utilization of cotton is likely to fall to 8.5 million bales this year from 14 million bales earlier as the export-dependent working capacities of spindles and looms decreased to one shift operation or closed down.
“The production of only 25 percent spindles, converted to garments and made-ups, could survive in case the high cost of doing business kept hurting the sector constantly,” said spokesman of the All Pakistan Textile Mills Association (APTMA) in a statement issued on Monday. “Furthermore, six to eight million textile workers would become jobless with permanent closure of the export-dependent spindles and looms.”
The spokesman said the utilization of cotton bales may decrease if the government delays the decision of reducing cost of doing business. He said the exports of both yarn and grey fabrics worth $3 billion in total are under threat due to the non-viability of textile industry owing to increase in power tariff to Rs15/unit from Rs9/unit.
NYBOT Cotton Future Contracts Closing – 10:40 AM – November 10, 2015
As on 09th November 2015 (1 USD = 105.00 PKR)
|Month||C/lbs||PKR / maund|