The prices of lint and raw cotton plunged due to demand for cotton dropping on Friday as arrivals improved. The price of Gujarat Sankar-6 cotton decreased by Rs 200 to Rs 42,800-43,000 for a candy of 356 kg. Though sellers demanded Rs 43,500 a candy, buyers were not ready to purchase at this price. Kapas, or raw cotton, declined Rs 10 to Rs 1,080-1,125 for a maund of 20 kg in Rajkot.
Cotton prices remained steady on Friday in consideration with global trend where Indian and New York cotton markets moved higher amid strong demand and tight supply position.
There were rumors in the market that phutti (seed cotton) arrival figures due today (Saturday) are expected to show tight supply situation which may further push cotton prices higher.
Floor brokers said that only phutti stocks lying with growers are finding their way to ginners.
The Karachi Cotton Association (KCA) spot rates were steady at overnight level and trading on ready counter was moderate to active.
The Bangladesh government has reduced tax at source for the apparel and textile sector to 0.30 per cent from the existing 0.80 per cent. The directive came following the apparel makers demand to reduce the tax at source to 0.25 per cent from the existing one to help the sector recoup losses caused by the prevailing political unrest. The exporters will enjoy the benefit from January 01 last till June 2015.
India having good monsoon this year, marginal improvement in acreage as well as the yield, coupled with an announced hike in the Minimum Support Purchase Price (MSP), research firm CARE Research expects to see improvement in the India's cotton production.
A good monsoon accelerates sowing which is conducive for the overall increase in cotton production as majority of India's cotton area is rain-fed, the report said.
The country's cotton production is expected to be around 378.75 lakh bales, while consumption is likely to be around 300 lakh bales this year.
The UNESCO brings recognition to Bangladeshi Jamdani sari making by declaring it as an "Intangible Cultural Heritage of Humanity (ICHH). The UNESCO authority said that weaving is a flourishing craft these days because Jamdani saris are habitually used as the principal attire for Bengali women on special occasions in their home country or overseas. Bangladesh holds the Jamdani sari as a symbol of self-recognition, status, identity and dignity.
Colombia is all set to welcome around 1,750 international buyers from 28 countries to the 26th annual Colombiatex trade show in Medellin from 12-13 January 2014. In addition, there will be 500 exhibitors from around the world and 8400 from within Colombia. Working with Inexmoda, the institute for exports and fashion, Proexport Colombia will assist international exporters and buyers in finding the right partners for their business needs.
Egyptian rising cotton prices at the local market this year, ensuing a decline in local production brought about by reduced acreage and the lifting of an import ban have hit the Egypt’s cotton exports due to which foreign importers have resorted for a 'hand-to-mouth' buying pattern.
Exports diminished to 17,028 tonnes since the beginning of the marketing season of the cash crop in September 2013, a drop of 45.3 percent compared with the 31,137 tonnes exported in the same period of the previous season.
The production capacity of the Turkish Pektim Petrochemical Holding where SOCAR, Azerbaijan’s state energy company has equity participation will increase from 3.2 million tons to 3.6 million tons in 2014.
An increase in production capacity will be possible thanks to the improved capacity of ethylene and purified terephthalic acid production enterprises.
The North East Region Textile Promotion Scheme (NERTPS) was launched by Union Textiles Minister Dr K S Rao at New Delhi yesterday during a meeting of senior representatives from all the North Eastern states, official sources said here today.
The broad objective of the NERTPS is to develop and modernize the textile sector in the region by providing government support in terms of raw material, seed banks, machinery, common facility centres, skill development, design and marketing support etc.
To achieve the benefits of Generalised System of Preferences (GSP) Plus scheme, Textile Industry Division Federal Secretary Rukhsana Shah has advised value-added textiles sector to prepare itself for the Eastern European markets because of their strong growth potential.
Pakistan has received such tax incentives after a period of 10 years, providing the country enough time to prepare short and long-term strategies, she said, adding that this would help to increase the country’s textile exports to the European Union.
