After a long and heavy surge in bullish positions by speculators fearing tight supplies in the fiber, U.S. cotton futures plunge 3 percent on Tuesday, the most in a month. The market, which had hit six-month highs on Monday, could drop further in the near term before regaining strength.
Majority of spinning mill-owners stayed out of the cotton markets looking ahead for revival in sales of cotton yarn, due to which the cotton trading at the local market witnessed slow move on Tuesday at Karachi cotton market.
According to the Karachi Cotton Association (KCA) report traders exchange 6,140 bales (155 kilograms each) at Rs5,800 to Rs7,000 per maund as compared to 3,600 bales traded at Rs6,875 to Rs6,900 per maund the previous day
To strengthen bilateral relations in the textile sector between India and Bangladesh, the officials of the two countries will be meeting later this month. The meeting turned up a memorandum of understanding (MoU) is a major trade facilitation mechanism on Textile Sector collaboration signed between the two neighbouring countries in August, 2013 when Abdul Latif Siddique, the then minister for Textiles and Jute of Bangladesh, visited New Delhi at the invitation of KS Rao, minister of Textiles of India.
As summer the new season sets in, Gul Ahmed prepares to launch a new line of prints on the runway in the month of February. On 21st February at FPW- 2014, Gul Ahmed will be show casing designs that are exaggerated yet wearable and also bring in a mix of wardrobe essentials to create the perfect mishmash. Gul Ahmed by and large caters to the masses and therefore the brand’s fashion shows are extremely moving and offer an opportunity to astonish its audience.
Andhra Pradesh (AP) has been a major market for the Surat-based synthetic textile industry as on an average, around 50-60 trucks carrying readymade sarees, dress materials and other textile products plied everyday to AP from Surat worth roughly around Rs 10-12 crore. Currently, they are not even doing 25 percent of the normal business that they used to do with Andhra Pradesh.
Export today is an important tool for India’s economic development. As the Indian textile sector is said to have gone into the area of globally competitive as defined by WTO Law. A product is called competitive when its share reaches at least 3.25 percent in world trade for two consecutive calendar years. Indian textile sector has crossed 3.5 percent share in the global market and so it is not now eligible for export subsidy.
London Waste and Recycling Board (LWARB) aims to create solutions to increase the re-use and recycling of textiles such as clothing, carpets and mattresses in London. Around 200,000 tonnes of textiles currently go to landfill in London every year. Reducing the burden on the capital’s landfill sites, increasing textile reuse and recycling will also help to grow London’s economy by creating jobs and volunteering/training opportunities and have a positive monetary impact on the public purse.
Itochu Textile Materials (Asia) Limited (Itochu Asia), a wholly owned subsidiary of Itochu Corporation, Japan, which was newly established in April 1998 for larger, deeper and quicker activity of the textile material business in Asia with focus for trading of textile raw materials has made a strategic exit Patspin India Limited under the advice of HSA Advocates.
The textile industry in Ghana is facing unfair competition presently from outsiders through the importation of cheap inferior textiles onto the Ghanaian market. Akosombo Textiles Ltd (ATL), textile manufacturing company in Ghana who is now holding a workforce of 1,250 is on a verge of collapse due to cheap imports from Asia
The flux performance in US exchange rate last week against the Australian dollar impacted the market and resulted in significant price dips across all selling centres. Also movements in the currency puts a bit of ambiguity out in the wool market, in particular for the traders because if they buy it this week and next week the currency is up or down it means they have cheap or expensive wool. The sudden fluctuations in the market had a big impact on trade.
