Sindh Cotton Market Overnight Commentary – 11:40 AM – October 13, 2015
The Sindh cotton market was also decreased yesterday -12/10/2015. Cotton (New Crop 2015-16) was traded at an idea price of between Rs 4600- 5300 per maund, and Seed cotton (phutty) new crop 2015-16 at Rs.2500 – 2775 per maund
Punjab Cotton Market Overnight Commentary – 11:30 AM – October 13, 2015
Yesterday 12/10/2015: The Punjab market was a bit down. Cotton (Crop 2015-16) was traded at an idea price, between the ranges of Rs. 5200 – 5425 per maund and Seed cotton (phutty) new Crop 2015-16 @Rs.2400 – 3100 per maund.
Textile mills announce to shut production against high cost of doing business – 10:30 AM – October 13, 2015
At least 400 textile mills across the country will shut their production on October 14 to protest against the escalating cost of doing business in Pakistan, trade leaders said on Monday. “High power tariff and gas infrastructure development cess (GIDC) add around Rs170 billion to the cost of doing business every year,” said Tariq Saud, chairman of All Pakistan Textile Mills Association (APTMA) addressing a press conference. Industry leaders said the protest is also against the delayed announcement of the textile relief package by the government..
NYBOT Cotton Future Contracts Closing – 09:30 AM – October 13, 2015
As on 12th October 2015 (1 USD = 104.10 PKR)
Month c/lbs PKR / maund
Dec 15 61.69 5284.26
Mar 16 61.67 5282.54
May 16 62.04 5314.24
Jul 16 62.39 5344.22
Dec 16 62.32 5338.22
Pakistan Sugar Market Overnight Commentary – 11:50 AM – October 13, 2015
Pakistan Sugar market: The Punjab & Sindh prices were decreased yesterday – 12/10/2015, apparently due to slow buying activities & because of the upcoming crushing season 2015-16, said by market sources.
Different cane prices: sugar millers of KP, Punjab furious at federal government – 11:00 AM – October 13, 2015
Sugar millers of Punjab and KPK are reportedly furious at the federal government for extending billions of rupees of financial benefits to Sindh-based sugar mills by fixing a different price for sugarcane and have urged National Accountability Bureau (NAB) to take notice of what they term undue benefits to Sindh-based mills.
“We are at a complete disadvantage as compared to Sindh. Our sugarcane price was fixed at 180 per 40 kg whereas Sindh-based mills were paid Rs 160 per 40 kg. Sindh-based mills earned billions of rupees as their production cost was Rs 50 per kg whereas production cost for Punjab and KPP was Rs 60 per kg. Nine mills of Punjab have been sealed and three are bankrupt,” said one sugar mill owner.
LIFFE White Sugar# 5 Future Contracts Closing – 09:35 AM – October 13, 2015
As on 12th October 2015 (1 USD = 104.30 PKR)
Month MYR/Ton PKR / KG
Dec-15 393.00 40.99
Mar-16 393.60 41.05
May-16 393.70 41.06
Aug-16 392.90 40.98
Oct-16 391.60 40.84
Karachi suffers another bout of searing weather – 06:05 PM – September 30, 2015
Extremely hot weather has returned to Karachi as the temperature reached to 39 degrees Celsius on Wednesday at 1:00 PM in the city as meteorologists have forecast the mercury will remain between 38 to 40 degrees Celsius till Oct 02
Pakistan Meteorological Department (PMD) officials said that the wind pattern indicated that no cool sea breeze would blow all the day today whereas the decrease in humidity in air will hike the temperature.
The weather officials have issued warnings for high temperatures for the next three days.
The city officials have advised the residents to take precautionary measure while going out.
Govt-traders talks on WHT again remain inconclusive – 01:05 PM – October 10, 2015
Talks between government and traders on Friday once again remained inconclusive on the issue of withholding tax on banking transaction but both sides agreed to continue negotiations.
Talks between government and traders continued on the second day (Friday). Some of the traders boycotted the meeting and announced not to hold further talks with government on the withholding tax on banking transactions. Later, Finance Minister Ishaq Dar joined the talks to resolve the issue with those traders, who preferred to hold negotiations instead of boycott.
Finance Minister told the media that both the sides have made progress on withholding tax, as next meeting would be held on Wednesday. He made it clear that withholding tax on banking transaction would remain effective. He further said that government is serious in resolving this issue.
Price of 20kg flour bag hiked by Rs10 again – 01:30 PM – September 09, 2015
The price of 20 kg flour bag was unilaterally increased by mill owners by Rs10 on Tuesday. It is the second such increase in flour price in a week. A 20 kg bag of flour has seen a Rs10 hike for the second time this week, reaching Rs745 in the retail market. Earlier, mills’ owners jacked up the prices by Rs10 Friday last. The mill owners blamed short supply of wheat in open market, which according to them has led to an increase in prices of wheat in the open market.