Last week, the polyester spun yarn markets remained tepid with limited new orders as buyers awaited for signal from the upstream fibre markets. In China, offers changed marginally, but transaction weakened. PSF prices briefly rolled over, with the central level
The Karnataka state government has announced its ambitious new textile policy for 2013-18 and has set a target of attracting an investment of Rs 10,000 crore. It wants to make the state a preferred textile destination and create employment opportunities for over five lakh people during the five year period
A high-level delegation from China, led by Wang Tiankai, president, China National Textile and Apparel Council (CNTAC) is on visit to India to explore the possibility of increasing trade between the two countries in textile sector. After recording a 108% increase in cotton and yarn imports from India in 2013 both India and China are hopeful that the volume of trade will increase in the coming years. The delegation is on a two-day visit to Coimbatore and had earlier visited New Delhi, Baroda and Mumbai and explored the trade opportunities in textile sector.
The US cotton future fell to a new nine-and-a-half-month low on 14 November, thus giving back the previous day's gains as demand remained poor amidst rising inventory. The concerns about oversupplies still hang in balance. The most-active March cotton contract on the ICE Futures US declined to an intraday low of US cents 77.37 per pound, its weakest since mid-January. Prices settled down 1.4% to US cents 77.46 per pound.
According to a US Department of Agriculture (USDA) report, India's cotton exports are likely to drop by 9% to 9 million bales in the 2013-14 marketing year (August-July) due to sluggish demand and high prices as against the global market. During the 2012-13 marketing year, India had shipped 9.9 million bales of 170 kg each.
Cotton futures gained on 13 November on short-covering in heavy trading as the index fund roll neared its conclusion and mill buying under the market continued to underpin prices. The most-active March cotton contract on ICE Futures US closed up 0.5%, to settle at US cents 78.59 per pound, up for a second straight session. Meanwhile, spot December contract edged up 0.1% to US cents 77.97 per pound.
After days of labour unrest that forced the closure of hundreds of factories in Bangladesh, the garment manufacturers have agreed to a US$73 minimum monthly wage for the country's four million garment workers. The agreement was reached after garment manufacturers met the Prime Minister Sheikh Hasina on 13 November when she ordered them to implement the new wages recommended by the government's Minimum Wage Board panel.
The Maharashtra state textile minister Arif Naseem Khan has written to minister for industries Narayan Rane urging that power rates must be reduced in light of wake of strike in the powerloom sector against the hike in power rates. Rane is the head of the review committee formed by chief minister Prithviraj Chavan to examine whether power rates for powerloom sector could be reduced.
Exports of textiles from Ethiopia was worth US$ 29 million during the first quarter of the fiscal year 2013-14 that began on 8 July 2013. The first quarter export earning was over 50 percent higher than the US$ 19 million made in the corresponding period of last year, but the exports are still likely to fall short of target set by the Government at US$ 500 million for the entire fiscal year, if the poor show continues.
