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  KARACHI: Persistent demand inches up spot rate, lint prices on cotton market (August 20, 11)
Strong mills' demand persisted on the cotton market on Friday amid market anticipation about rise in prices following the upward trend in the global market but some analysts were of the opinion that rate may drift lower due to thin attendance during the pre-Eid sessions, dealers said on Friday.
  CHINA: Lenzing Nanjing Fibers starts up new fiber production line (August 20, 11)
Lenzing Nanjing Fibers, the Chinese subsidiary of Lenzing AG, has successfully started up its new production line. The new line will offer a nominal capacity of 60,000 tons p.a. and will produce viscose fibers for textile applications and the nonwoven industry mainly for the Asian market.
  VIETNAM: African cotton popular for quality, price (August 20, 11)
At a seminar, co-organised by the Ministry of Industry and Trade (MoIT) and the International Trade Centre, VITAS and the Viet Nam Cotton and Spinning Association in Ha Noi yesterday, Vu Duc Giang, chairman of VITAS, said that Viet Nam had imported 357,300 tonnes of cotton from the US, India, Africa and several other countries during the course of last year.
  PAKISTAN: All-round price decline permeates cotton business, US cotton selling under $1, spot rate, lint, seedcotton down on domestic market (July 25, 11)
The cotton trading remained subject to whimsicality, sliding prices at times and rejected adroitly, the spot rate until was down to Rs 5,500, lint prices at Rs 5,300-5,500and seed cotton rates fell to Rs 2,200-2,400. The domestic market is moving along with the trend world over. WORLD SCENARIO For weather or disturbed conditions China and India are expecting lower production. China is largest cotton producer with a global market share of 28.3 percent or 6.6 times India's share. India is the second largest producer as well as exporter. The situation will stick so, many keen watchers have begin to doubt. They view India may vie with China in procuring cotton. However, smart cotton traders see world scenario differently. The great debt problem which countries are trying to level up is still out of grip. European bankers and people are mustering effort such as adopting austerity measures but ways other than that is likely to be debated in European summit anytime. The USA cotton production is clearly disappointing due to floods on the sides of Mississippi River and unprecedented drought in largest cotton growing Texas. Like European debt problem the world power is also faced with 3.27 billion dollar and is considered unmanageable. Many are crossing all limits to view another global economic recession may be ahead. Pakistan lint by deluge and floods is optimistic to grow cotton 15 million bales. The EU package and encouraging signs of trading with other friendly countries will offer enough orders for exports will government accede to ginners demand for inducting TCP cover to save from sustained downdraft, knowing well nervousness of the cotton ginners. On Monday the US cotton futures finished at a nine-month low due to debt woes in the US and Europe as the historic rally in the market appears to be at an end. Cotton had posted its sixth straight weekly loss last week and the biggest single weekly decline since December 2008, as demand destruction from the market's run up to a record over $2 per lb hit fiber contracts. "The macro picture is lousy and there is no way to get around that," said Sharon Johnson, senior cotton analyst at commodities brokerage Penson Futures in Atlanta, Georgia. The key December cotton futures on ICE Futures US plunged 2.62 cents to end at 96.46 cents per lb, dealing from 94.46 cents to $1.0073. It was the lowest close for the second-position contract since early October 2010, Thomson Reuters data showed. Business was brisk. Total market volumes hit around 24,500 lots, more than a quarter above the 30-day norm. LOCAL TRADING: Slight fall was marked in cotton trading on the week opening day when 2500 bales of cotton changed hands in price range of Rs 6100 and Rs 6250. Seedcotton rate in Sindh was firm at Rs 2850 and Rs 2900, while phutti rate was in Punjab at Rs 2600 and Rs 2800. Easy rate is owing to global rate keeping low. It may be recalled that cotton futures peaked at over $2.0 a pound. Currently grow more hype and deteriorating political conditions are balancing cotton rate. On Tuesday spot rate lint prices dipped on cotton market as phutti maintained reaching ginneries. The spot rate was slashed by Rs 200 to Rs 6000, seedcotton in Sindh also dropped by Rs 100 to Rs 2700 and Rs 2800, while higher loss by Rs 200 was marked in Punjab to Rs 2400 and Rs 2600. The consumers lifted around 5000 bales of cotton in price range of Rs 5800 and Rs 6250. The cotton futures in global markets also are keeping low profile forcing sellers in Pakistan follow suite. GINNERS SAY SPINNERS NOT MAKING PAYMENT The ginners and spinners cannot do without them, still they have problem such as non-payment on technical grounds. From Multan the PCGA executive body member Ehsanul Haq has given a distress call to the fellow travellers to clear payment and save ginners from economic stress. The background story of the distress call is that rising global cotton rate from around 60 cents a pound to two dollar and above. The spinners who are main suppliers of material to local as well as foreign buyers adopted stop buy attitude hoping things would not reach that passe. Cotton buyers restrain at times but they pounced on slightly falling rate. The sellers were however, world wide looked only forward communicating there was no going back until rate matched century old peak. In Pakistan the EU package offered to relieve Pakistani textile exporters of unprecedented flood havoc is awaiting clearance from the WTO. HANDLOOMS SECTORS' VOICE OF WOES Raising voices once in a blue moon, two sectors suffering one or the other way, cotton and handlooms sectors have been calling for help to contribute maximum to economy and country. Not deterred by handwork and investment the sectors call for requisite help so that economy can stand on its feet. The handlooms sector out to do every possible sacrifice is constrained to seek authorities assistance to save it from cut-throat competition with regional competitors and downturn in the economies of developed countries. The chairman of all Pakistan Handloom and traditional manufacturers and exporters association with heavy heart said that hundreds of industrial units had so far been closed due to energy shortfall but he regretted the government was showing no interest to overcome the energy crisis. When authorities are given such call they are in a way admonished for ignoring their immediate attention as well as similar needs that will linger in future. US TEXTILE BUYERS NOT KEEN ON STRIKING DEALS The value-added textile product exporters were constrained to say that unrest in the city is causing at least Rs 25 billion loss for halt in production frequently. As a result textile manufacturers and exporters of value added textile feel harassed whether they will be able to ship their products to foreign buyers particularly to the US markets. It is unfortunate, country's seaports continued to undergo violence causing enormous loss to local trading and exports to regular and friendly countries. It is but natural that importers keep an eye on peace wherefrom they are arranging imports. Timely arrival of consignment is main concern of the importers whereas frequent outbreaks, deadly violence make importers double minded. The zonal chairman of Readymade Garments Manufacture and Exporters said at least 10 percent of industrial production is affected on daily basis, besides delay in shipments of foreign consignments by at least 15 to 20 days. SBP STOPS PAYMENT OF CLAIMS The textile product exporters are always faced with liquidity crunch as following the exports they exhaust the reserve. After a gap when they manage some exportable they need money but its is not readily found. They thus start voicing for duty drawback and other dues against research and development. The process seems that Finance Ministry sanctions the amount and State Bank of Pakistan distributes the same. It, however, perhaps was fourth time that SBP stopped payment of drawback of local taxes and levies (DLDT) and research and development subsidy claims following fund exhaustion.
  Pakistan : Raw cotton prices remain firm (February 01, 11)
Raw cotton remained steady on Monday, despite tight supply in the local market, dealers said. “Ginned cotton prices could increase in the upcoming days as there are more buyers than sellers who ask for higher prices in the domestic market,” said Naseem Usman, chairman of the Karachi Cotton Brokers Forum.
  Pakistan : Cotton market observes range-bound trading session (February 01, 11)
The Karachi cotton market witnessed a range-bound trading session with strong physical prices and firm spot rate, traders at the Karachi Cotton Association (KCA) said Monday.
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