Pakistan Cotton Market Updates: 23rd November ‘2016


Today KCA Spot Rate – 02:35. PM – November 23, 2016

Today Karachi Cotton Association (KCA) spot price unchanged at (New Crop 2016 -17) 6150 per maund Ex- Gin.

Sindh Cotton Market overnight Commentary – 11:45. AM – November 23, 2016

The Sindh & Baluchistan cotton markets were decreased  yesterday – 22/11/2016,  some more buying activities have been seen in the domestic  market but rates were depressing  due to quality issue. Cotton new (Crop 2016-17) traded at an idea price of  between the ranges of Rs.4400 – 6400  per maund  while Seed cotton New (phutty) crop 2016- 17 was traded at an idea  price  of between  the ranges of Rs. 2000 – 3250 per maund.

Punjab Cotton Market Overnight Commentary – 11:40. AM – November 23, 2016

The Punjab market –  yesterday – 22/11/2016: was  almost unchanged, some more activity on buying was seen in the  domestic  market but rates  were very low  due to quality issue. New Cotton (Crop 2016-17) was traded at an idea price of between  the ranges of Rs.5925- 6400 per maund. New Seed cotton (phutty) (Crop 2016-17) was also traded at an idea price of between the ranges of Rs. 2400 – 3475 per maund.

NA body proposes low interest rate on agri loans – 11:35. AM – November 23, 2016

National Assembly Standing Committee on Finance recommended on Tuesday for reducing interest rate on agricultural loans to 7 percent for the relief of farmers and for development of the sector.
Members of the committee said that the current interest rate on agricultural loans was 14 percent which was too high and the poor farmers were not able to afford such a high rate. They said the traders and industrialists were getting loans at the rate of 6 percent.

Textile package, APTMA wants cut in energy cost – 10:30. AM – November 23, 2016

All Pakistan Textile Mills Association (Aptma) Punjab Chairman Syed Ali Ahsan has urged the government to make the energy cost competitive to restore industry based in the province.
“The energy cost should be made regionally competitive – for example, electricity at Rs7/KWh and RLNG at Rs600 per mmbtu should also be included in the textile package,” he said in a press conference Tuesday.
The Aptma leadership also urged the government to protect the domestic market from dumped and subsidised import of yarn and fabric from India, China and the Far East

NYBOT Cotton Future Contracts Closing – 09:15. AM – November 23, 2016

As on 22 November 2016 (1 USD = 104.40 PKR)

Month C/lbs PKR / maund
Dec 16 73.72 6332.92
Mar 17 72.24 6205.78
May 17 72.89 6261.62
Jul 17 73.01 6271.93
Dec 17 70.71 6074.35