KARACHI: The spot rate committee of the Karachi Cotton Association (KCA) on Wednesday increased the spot rate to Rs 100 per maund and closed it to Rs 13,000 per maund.
Cotton analyst Naseem Usman told Business Recorder that the local cotton market on Wednesday remained bullish and volume remained satisfactory.
The cotton rate in Sindh is between Rs 13,200 and Rs 13,300 per maund. The cotton rate in Punjab is between Rs 13,500 and Rs 13,700 per maund.
The rate of new harvest of Phutti in Sindh was between Rs 5,800 and Rs 6,000 per 40 kg. The rate of Phutti in Punjab is between Rs 6000 and Rs 6500 per 40 kg. Banola’s rate in Sindh is between Rs 2000 and Rs 2100 per maund. The Banola rate in Punjab is between Rs 2000 and Rs 2200 per maund.
400 balls of Shahdad Pur were sold at Rs 13,200 by maund, 2400 balls of Tando Adam, 800 balls of Sanghar were sold at Rs 13,200 at Rs 13,250 per maund, 200 balls of Khadro were sold at Rs 13,250 by maund, 400 Vehari balls were sold at Rs 13,300 per maund and 200 Chichawatni balls were sold at Rs 13,700 per maund.
Technology and globalization have created lucrative opportunities for Pakistan’s fashion and textile industry and they should be exploited by focusing on branding and marketing, said Mian Tariq Misbah, Speaker of the Chamber. of Commerce and Industry of Lahore (LCCI).
Chairing a seminar on Tuesday entitled “Latest trends and collaboration in the fashion and textile industry”, he said the textile sector is the backbone of Pakistan’s economy and is of great importance.
“Pakistan is the eighth largest exporter of textile products in Asia, the fourth largest producer and the third largest consumer of cotton,” he said. “Pakistan’s textile sector covers 46% of the country’s total manufacturing sector and provides jobs for 40% of the total labor force.”
He pointed out that the sector also held 60% of total exports and contributed 8.5% to gross domestic product (GDP).
Misbah pointed out that Pakistan’s fashion and textile industry has become an important component of national trade due to its export potential. He believed that both segments had enormous potential to secure a gigantic share of the international fashion market, which was worth billions of dollars.
“Pakistani entrepreneurs have managed to build a good reputation in the local fashion industry and have developed various top brands over time,” he said. “Some of them have also succeeded in establishing their brands on the international stage.”
He appreciated the local women entrepreneurs, saying they were taking the textile sector to new heights.
“Pakistan can grab a significant share of the fashion industry’s exports if it manages to catch the attention of foreign buyers,” Misbah added.
He stressed the need to focus on added value as this would help improve profit margins in the export market.
He believed that by improving the collaboration and liaison between the textile sector and the fashion industry, Pakistan could achieve the desired results.
The President of LCCI also spoke about the importance of forecasting trends in the clothing industry and said that certain techniques were needed to anticipate the future safely.
LCCI Vice President Tahir Manzoor Chaudhry said Pakistani entrepreneurs associated with the fashion industry should stay abreast of modern demands and be aware of changing global market trends.
ICE cotton futures fell on Tuesday, following a decline in staple grain markets and a stronger dollar, retreating from the highest level in more than four months, which was hit by weather concerns as the storm Tropical Elsa was targeting Florida.
Cotton contracts for December fell 0.18 cents, or 0.2%, to 86.79 cents a pound, as of 1:51 p.m. EDT (1751 GMT). Earlier, the December contract had climbed around 2.2% to 88.89 cents, its highest since February 25.
“What made the chair fall under the cotton was the lowering of the open limit for corn”, associated with a drop in soybeans, a rise in the dollar and significant technical resistance near February highs said Keith Brown, director of cotton brokers Keith Brown and Co. in Georgia.
In late February, cotton contracts for December peaked at 89.28 cents per pound.
Chicago Board of Trade corn futures fell to the daily limit imposed by the exchanges on Tuesday, as forecasts of cool, wet weather in growing areas of the United States allayed concerns about harvest conditions unfavorable.
The dollar strengthened on Tuesday, making cotton expensive for other currency holders and limiting demand.
Cotton futures jumped earlier amid concerns over unfavorable and humid weather, and it is still raining in West Texas, with Elsa expected to bring more rain to already flooded areas of Georgia, Brown added. .
After making landfall along the Florida Gulf Coast on Wednesday morning, Tropical Storm Elsa is expected to move north-northeast through the southeastern United States through Thursday, dropping 2-4 inches of rain on the Florida peninsula. Market participants also expected a weekly federal crop condition report later Tuesday.
The Karachi Cotton Association spot rate committee increased the spot rate to Rs 100 per maund and closed it to Rs 13,000 per maund. Polyester fiber was available at Rs 210 per kg.
Copyright Business Recorder, 2021