11 - 17, 2000
Spinners lift all lots below Rs2,600
Cotton prices on Thursday slightly eased from the
current highs as a section of ginners holding long positions were
inclined to sell at lower bids and spinners lifted all the lots
offered below Rs2,600 per maund.
Some of the deals in physical trading in fine type
were reported as lower as Rs2,400 to Rs2,500 per maund. Some big-lot
deals were also reported as spinners were not inclined to take a
breather followed by confusion, created by the latest official crop
estimate of 10.2 m bales.
Exporters were also in the market and lifted a
substantial quantity to meet their shipment deadlines for the current
year ending Dec 31, 2000. As the falling prices were in line with
their parity levels, they matched the spinner tally but without
allowing increase in prices.
Official base rates were also lowered by Rs25 from
the seasonal peak level of Rs2,700 to Rs2,575 per maund, while some of
the deals in the ready section were done in line with base rates
depending on quality.
However, fine lots of lint notably from the upper
Sindh and southern Punjab cotton belt meant for higher counts blended
yarn for exports continued to fetch higher prices.
Floor brokers said spinners have increased their
daily buying followed by the recent report of the official Cotton Crop
Assessment Committee, which in its recent meeting held in Multan has
reportedly again raised its crop projections above the 10m bales mark.
Whatever the final size of the cotton crop,
spinners were in no mood to lower their guard and lifted all the lots
offered for sales by the ginners.
Iran to develop canning sector
Iran has expressed its willingness to invest in
canning industry, to develop the sector on modern lines along the
coastal areas of Balochistan.
Pakistan and Iran have also agreed to formalize
trade of various fish species between the two countries and both sides
will also undertake joint trade in fish and fishery products.
Official sources told on Saturday that the offer to
invest in canning industry was made by Dr Mohammad H. Emadi, Deputy
Minister, Ministry of Jihad-e-Szandegi, government of Iran, during his
recent meeting with the top officials of the agriculture ministry in
Both sides, discussed crop production, fisheries,
livestock, and range management, comprehensively.
The Iranian minister, who was heading a high level
delegation comprising the concerned people, during his formal talks
with the agriculture ministry officials said, Iran was ready to
consider the proposal for the establishment of canning industry in
Balochistan in the private sector.
Cotton arrival surges by 17%
The arrival of cotton bales at ginning factories
has registered an increase of 16.82 per cent to more than 6.991
million bales till December 1, 2000 over last year.
According to Pakistan Cotton Ginners Association (PCGA)
Tuesday, the total arrival was estimated at 5.985 million bales on
December 1, 1999.
This year, the arrival has witnessed an increase of
1.006 million bales over last year. Of the total, textile mills had
purchased 5.109 million bales while exporters procured 257,877 bales.
The unsold stock at ginning factories from the
current crop is estimated at 885,163 bales while the total unsold
stock stood at 1.614 million bales.
The major increase in the arrival of cotton has
been recorded in Punjab where it surged by 21 percent or 953,846 bales
to 5.492 million bales over last year. Punjab received 4.538 million
bales during same period 1999.
China to help evolve hybrid rice
China will extend technical assistance and high
profile expertise to Pakistan to evolve hybrid rice, a variety gaining
popularity, on commercial scale, to help compete and capture the
Yang, leader of the Chinese rice scientists
currently engaged in developing the new rice variety in Pakistan said
Saturday that experiments on its cultivation here conducted in
collaboration with a private group, proved most successful and showed
excellent results with maximum yield per acre.
Indian manufacturers have offered special prices to
Pakistani textile industry for sale of machinery, as the latter,
presently is undergoing for Balancing, Modernization, Replacement (BMR),
on a very large scale.
IFC concerned at lower rate gas supply
The International Finance Corporation (IFC) has
expressed its serious concern over, what it called, selling of natural
gas to cement plants in NWFP at lower rates.
"These government decisions could adversely
affect the prospects for IFC's investment in the cement industry.
Needless to say, our ability to convince IFC's senior management and
Board of Directors to approve new investment in Pakistan depends
greatly on how our existing portfolio is faring, and whether the
government is pursuing policies, which establish a level playing field
for our investments," said IFC Director for South Asian
Department Bernard Pasquier.
The Balochistan government has agreed to set up a
ginning factory in Nasirabad division to encourage cotton cultivation
in the area.
A high level meeting on Monday, chaired by
provincial governor Justice (retd) Amirul Mulk Mengal, decided that
government would provide all necessary facilities to the cotton
growers in the canal irrigated division of the province.
IBRD report hints at restrained growth
Financial difficulties are likely to restrain
growth in Pakistan, and the average growth for the region is
anticipated to slow down to 5.5 per cent in 2001-02.
According to a new World Bank report "Global
Economics Prospects and the Developing Countries 2001", in South
Asia, GDP growth rose to 5.7 per cent in 1999 and is likely to
register 6 per cent in 2000, owing to better and expected agriculture
performance in India, Pakistan and Bangladesh.