This evening, the rupee closed at 83.73 against the dollar, unchangedIndian benchmark indices ended marginally higher in a volatile trading session on July 30. The Sensex rose 99.56 points or 0.12 per cent to close at 81,455.40 and the Nifty rose 21.20 points or 0.09 per cent to close at 24,857.30.Read more :- Cottonseed Oil Market Outlook: Stability Amidst Shifting Sowing Patterns
Outlook for the Cottonseed Oil Market: Stability in the Face of Changing Sowing PatternsThe cottonseed oil market has seen a stable phase recently, with a successful cotton yield surpassing expectations. Historically known for its volatility, the market has maintained stability over the past few months, a trend that is likely to continue for the next 3-4 months. This steady supply has helped keep prices stable, benefiting consumers. However, a price increase of Rs 5-6 per litre in cottonseed oil is anticipated during the festive season due to increased demand.Industry experts caution that this year's changes in sowing patterns may affect next year's cotton yield. According to the latest data from the Solvent Extractors’ Association of India, cotton sowing in 2024 has been reported in 102.05 lakh hectares as of July 19, a decrease of approximately 3.61 per cent from 105.66 lakh hectares in 2023.Mr. Priyam Patel, Managing Director of NK Proteins Private Limited, commented at an Indian Vegetable Oil Producers’ Association event, “There's been a noticeable shift towards sowing groundnut, other grains, and millets. In Punjab, for example, farmers are hesitant to plant cotton due to the expected damage from pink bollworms. This shift could lead to market volatility in the supply and demand for cottonseed oil next year.”Both government and private entities are actively promoting alternative oils like rice bran oil, which has fewer supply issues compared to other crops. Supported by Minimum Support Prices (MSPs) and strategic marketing, rice bran oil's demand is increasing. Its health benefits and competitive pricing are significant factors driving consumer preference.The sector faced considerable volatility earlier this year due to global factors. However, recent stability has brought relief to many households. The government's initiatives to promote a variety of oilseeds and the growing popularity of health-oriented options like rice bran oil are influencing consumer choices and sowing decisions.Mr. Patel further explained, “The health benefits of rice bran oil and its consistent availability are making it a preferred choice among consumers. This shift in consumer preference is encouraging farmers to diversify their crops.”As the edible oil sector stabilizes, stakeholders remain attentive to market trends and consumer behavior. The ongoing efforts to diversify and promote alternative oils are expected to mitigate some of the past volatility, offering a more balanced outlook for the industry.Read more :- Cotton Farmers Concerned Over Crop Damage from Rains in Telangana
Prices for Cotton Fall Below ₹60,000/Candy Due to Weak Demand for Yarn and GarmentsUnrest in Bangladesh adds to sector's woes.Cotton prices in India have fallen below ₹60,000 per candy (356 kg) due to sluggish demand for yarn and garments, according to industry sources. However, there is hope for a slight improvement around mid-August.The situation has been further complicated by recent student unrest in Bangladesh, which has resulted in about 150 fatalities. This unrest has disrupted the small volume of Indian cotton exports to Bangladesh, as noted by a Raichur-based sourcing agent who also serves as the vice president of the All India Cotton Brokers Association.Cotton Corporation of India's Price ReductionThe Cotton Corporation of India (CCI), holding approximately 20 lakh bales (170 kg each) procured under the Minimum Support Price (MSP) scheme, has reduced its sale price by ₹1,800 per candy in response to the weakened demand, according to industry analyst Das Boob.As of Monday, Shankar-6 cotton, a benchmark for exports, was priced at ₹56,800 per candy. The spot price for kapas (unprocessed cotton) on the Multi Commodity Exchange (MCX) was ₹1,506.50 per 20 kg, while in the Rajkot Agricultural Produce Marketing Committee Yard (APMC), kapas was quoted at ₹7,505 per quintal.Globally, cotton prices have also declined, with the December delivery price on the InterContinental Exchange in New York standing at 69.01 cents per pound (approximately ₹45,800 per candy).Impact of Import Duties and Market ConditionsK. Selvaraju, Secretary-General of the Southern India Mills Association, noted that Indian spinning mills face challenges in the domestic market due to a lack of price parity. Cotton imports are subject to an 11% customs duty, making them ₹5,000-6,000 more expensive per candy, further affecting competitiveness."Cotton prices are at their lowest in a long time, with buyers and sellers both hesitant to engage," said Popat. He added that prices are currently below the MSP set for the upcoming 2024-25 crop year, which has been increased to ₹7,121 per quintal for the medium staple variety predominantly grown in India.Market Outlook and Sector ChallengesSelvaraju expressed that while 2023 was particularly challenging for the textile sector, 2024 has shown some improvement. However, the industry is still recovering from the robust period of 2018-19. With the season ending in two months, stakeholders are cautious, awaiting clearer demand signals.Popat suggested that demand might pick up between August 15 and the end of September, potentially reviving cotton movement. He noted that globally, demand for cotton has been impacted due to slow yarn and garment offtake, exacerbated by high interest rates discouraging inventory holding.The sector needs to regain confidence for prices to trend upwards again, although they may have hit the bottom, Popat said.Sowing Trends and Future ProspectsDas Boob noted that although cotton sowing has decreased by 5-7%, favorable rainfall and a good harvest could offset the reduced acreage. Popat added that while cotton acreage is down in Gujarat and North India, it is better in Maharashtra, Madhya Pradesh, Andhra Pradesh, and Telangana, with an overall potential change in area ranging from a 2-3% increase or decrease.*Given the current trends, the government may need to direct the CCI to procure cotton in the next season under the MSP program, Boob suggested.Read More :>Cotton Farmers Concerned Over Crop Damage from Rains in Telangana
Telangana Cotton Farmers Worried About Rain-Related Crop DamageCotton farmers in the erstwhile Khammam district are expressing distress over significant crop damage caused by recent heavy rains, affecting three lakh acres of cultivated land.K. Narasimha Rao, a farmer from Enkoor mandal, reported that the excessive rainfall has led to plants wilting as they absorbed too much water, making them susceptible to insect infestations. "Initially, we were worried about insufficient rain, and now we are suffering from too much rain," lamented Krishnaiah, another farmer from Julurpad.D. Puranaiah, another farmer in the region, mentioned the added financial burden of purchasing pesticides to combat the pest problem exacerbated by the rains. "We are being forced to buy pesticides to protect the crops, which imposes a heavy financial burden on us," he explained.The farmers are now appealing to the state government for financial assistance or the free supply of pesticides to help mitigate the damage in the affected areas.Read More :> Textile Associations Forge Strategic Partnership with Madhya Pradesh Government
On Tuesday, the rupee opens flat vs the US dollar at 83.73.Nifty50 and Sensex opened on a flat note, tracking mixed global signals.Benchmarks Nifty50 and Sensex opened on a flat note, tracking mixed global signals.BSE Sensex remained flat at 81,349.28 while Nifty50 opened at 24,839.40.Read More :> Flooding Causes Rs 100 Crore Daily Loss to Surat Textile Trade
This evening, the rupee closed at 83.73 against the dollar, unchangedAt the close of trading, the BSE Sensex closed at 81,355.84, up 23.12 points or 0.028%. During the day's trading, the Sensex hit a high of 81,908.43. The NSE's 50-share index Nifty closed at 24,836.10, up marginally by 1.25 points or 0.005%. The Nifty also made its new all-time high of 24,999.75 during intraday trading.Read more :- 35 thousand hectare reduction in cotton sowing area
Rupee fell 3 paise to close at 83.73 this evening versus the US dollarIndian benchmark indices snapped their five-day losing streak. Nifty closed higher today, July 26, with the index hitting a fresh lifetime high of 24,861.15. At market close, Sensex closed at 81,332.72, up 1,292.92 points or 1.62 per cent. Nifty closed at 24,834.80, up 428.70 points or 1.76 per cent.Read more :- Flooding Causes Rs 100 Crore Daily Loss to Surat Textile Trade
Flooding Costs the Surat Textile Trade Rs. 100 Crore Every DaySurat's textile industry is facing severe financial setbacks due to ongoing flooding in areas around Kadodara Road since Monday, leading to a daily loss of over Rs 100 crore. The floods have disrupted operations in at least 20 textile markets and halted the activities of 200 transport firms. Businesses anticipate that it will take several days for the floodwaters to recede, allowing market operations to resume normally.Thousands of daily wage workers have been affected, losing their income due to the shutdowns. In Saroli, water has inundated textile markets, and while some markets have avoided direct water damage, submerged connecting roads have impeded access. The full extent of the damage to goods and property stored in shops and warehouses will only be known once the water recedes. Kapil Arora, president of DMD Market, expressed concern over the recurring flooding issue, noting, "Every year we face flooding, but there is no solution to the problem."The situation has left many traders stranded, with Vishal Bansal from RKLP Market noting that operations cannot return to normal until the roads are passable again. Kailash Hakim, president of the Federation of Surat Trade and Textile Associations (FOSTTA), highlighted the need for a permanent solution to the recurrent flooding, emphasizing the significant loss of business. Sunil Jain, chairman of the South Gujarat Textile Traders Association, pointed out the compounded issues due to power outages, leaving the markets largely inactive.The flooding has also severely impacted the 250 textile goods transporters, with around 200 based in the affected Saroli and Kadodara Road areas. These transporters are facing a daily business loss of over Rs 15 lakh due to the inability to access markets and warehouses. Yuvraj Desle, president of the Surat Textile Goods Transport Association, confirmed that the majority of transport operations have been halted, severely impacting the supply chain.Read More :> Textile Associations Forge Strategic Partnership with Madhya Pradesh Government
Textile Associations and the Government of Madhya Pradesh Form a Strategic PartnershipIn a significant move aimed at bolstering the textile industry, the Tiruppur Exporters’ Association (TEA), Southern India Mills’ Association (SIMA), and Indian Cotton Federation (ICF) formalized an agreement with the Madhya Pradesh government on Thursday. This strategic partnership is focused on promoting the cultivation of Extra Long Staple (ELS) cotton in the state, recognized for its superior quality.J. Thulasidharan, Chairman of the ICF, highlighted that Madhya Pradesh is already known for producing the finest ELS cotton in India, a variety highly sought after by textile mills in Tamil Nadu. The initiative will not only aim to expand the cultivation area but also enhance the yield of ELS cotton. Additionally, a new Cotton Development Board will be established as part of the effort to support and sustain the growth of this premium cotton variety.This collaboration is expected to address the increasing demand for ELS cotton, essential for high-quality textile manufacturing, and position Madhya Pradesh as a key player in the national cotton market. By leveraging this partnership, the stakeholders aim to strengthen the supply chain and ensure consistent availability of top-grade cotton to meet both domestic and international market needs.Read More :>35 thousand hectare reduction in cotton sowing area
Reduction of 35,000 hectares in cotton sowing areaThe area of cotton, the main crop in the dry land belt, has decreased by 35 thousand hectares this year, compared to last year. Farmers have given priority to sowing soybean due to not getting the expected price and profit in the open market.This year, soybean has been sown in the highest 38 percent area in the Kharif season in the district. The district's share in cotton production is only 33 percent. Sowing of this year's Kharif season has ended. According to the Agriculture Department, out of the average 6 lakh 81 thousand 779 hectares, sowing has been done in 6 lakh 31 thousand 276 hectares.Although soybean has been sown the most, it is one and a half thousand hectares less than last year. Cotton area has decreased by 35 thousand 800 hectares. There was a possibility that the high price received for tur in the last season would have an impact on the sowing area, but it has not been found in reality, and the area of tur has increased by only four thousand hectares. There are also signs of reduction in the area of sowing of moong and urad.This year the total sowing area in Kharif season is 20 thousand 600 hectares less than last year. Out of the average sowing area of 6 lakh 81 thousand 779 hectares this year, sowing has been completed in 6 lakh 31 thousand 276 hectares, which is 92 percent of the total. Soybean has been sown in 2 lakh 50 thousand 907 hectares, which is 38 percent of the average area. While cotton has been sown in 2 lakh 25 thousand 651 (33 percent) and tur in 1 lakh 11 thousand 7 hectares. This year the area of cotton has decreased by 45 thousand hectares.Read More :> Whitefly Threat Looms Over Cotton Belt
In early trade, the rupee climbs 9 paise to 83.69 against the US dollar.Sensex soars 300 pts, Nifty crosses 24,500; Bharti Airtel, Infosys up 2% eachIndian bourses opened on a positive note on Friday, with BSE Sensex adding 119 points to 80,158, while the Nifty50 index rose marginally by 17 points to 24,423 levels.Read More :> India's Textile Sector Set to Grow with 28% Budget Increase: NITMA
This evening, the rupee appreciated by 2 paise to close at 83.70 against the US dollarAt the close of trading, the BSE Sensex fell 109.09 points or 0.14% to close at 80,039.80. The NSE's 50-share index Nifty slipped 7.40 points or 0.030% to close at 24,406.10.Read more :- India's Textile Sector Set to Grow with 28% Budget Increase: NITMA
NITMA: India's Textile Industry to Expand with 28% Budget IncreaseLudhiana - India’s textile sector is poised for significant growth, with a 28 per cent increase in the budget allocated for the sector for 2024-25, announced Northern India Textile Mills Association (NITMA) President Sanjay Garg on Wednesday.This substantial boost in funding is expected to drive innovation, enhance productivity, and create new opportunities within the industry. The increased investment reflects the government’s commitment to fostering the growth and development of the textile sector, which is vital to the country's economy.With the enhanced budget allocation, the textile sector is well-positioned to capitalize on emerging trends and seize new opportunities in the global market. Garg highlighted that employment, skilling, and support for MSMEs are key focus areas of the Union Budget. He praised the new Credit Guarantee Scheme for MSMEs, which offers provisions for term loans to purchase machinery and equipment without requiring collateral or a third-party guarantee, with coverage up to Rs 100 crore, potentially for even larger loan amountsThe increase in the credit guarantee scheme limit is anticipated to stimulate investment in the textile sector. Garg also noted that budget allocations for cotton procurement, the Amended Technology Upgradation Fund Scheme for the National Technical Textiles Mission, and increased funding for PM MITRA will provide crucial support to the industry.Read More :>Whitefly Threat Looms Over Cotton Belt
Rupee-US Dollar Drops to Record Low of 83.72Sensex plunges 450 pts, Nifty tests 24,300; Axis Bank falls 6%, TaMo rises 3% Indian benchmark indices opened on a negative note Thursday, with BSE Sensex slipping 600 points to 79,542 points, while the Nifty50 index fell by 183 odd points to 24,230.Read More :Jalgaon Kharif Season: 92 percent of 'Kharif' sowing completed in the district, cotton sowing 101 percent
This evening, the rupee fell 3 paise to settle at 83.72 against the US dollarAt the close of trading, the BSE Sensex fell 280.16 points or 0.35% to close at 80,148.88. The NSE's 50-share Nifty closed at 24,438.95, down 40.10 points or 0.16%.Read more :- Whitefly Threat Looms Over Cotton Belt
Jalgaon Kharif Season: 92% of the district's "Kharif" sowing has been finished, with 100% of the cotton sowing completed.The district has received an average rainfall of 258 mm (49 percent) so far, while the district's average is 632 mm. Farmers have completed 92.54 percent of 'Kharif' sowing, out of which the highest sowing of cotton has been done in 5 lakh 9 thousand 58 hectares of area. After heavy rains in the month of June, the district is receiving good rainfall in July as well.However, there has been less rainfall in areas like Chalisgaon, Raver, Jamner etc. Still, there has been 49 percent more rainfall than the average, due to which the farmers are satisfied. However, the dams are not completely filled yet, because experts believe that the dams will not be filled until the rivers and streams overflow.The total Kharif area in the district is 7 lakh 79 thousand 601 hectares, out of which sowing has been done in 7 lakh 12 thousand 153 hectares. The area of cotton is 5 lakh 1 thousand 568 hectares, out of which cotton has been planted in 5 lakh 9 thousand 58 hectares (101 percent)."So far 92 percent sowing has been done in the district. Farmers are now working on spraying pesticides.Read More :> Whitefly Threat Looms Over Cotton Belt
| title | Created At | Action |
|---|---|---|
| The rupee closed unchanged at 83.73 against the dollar this evening. | 30-07-2024 23:53:05 | view |
| Cottonseed Oil Market Outlook: Stability Amidst Shifting Sowing Patterns | 30-07-2024 23:14:54 | view |
| Cotton Prices Dip Below ₹60,000/Candy Amid Weak Yarn and Garment Demand | 30-07-2024 18:15:00 | view |
| Cotton Farmers Concerned Over Crop Damage from Rains in Telangana | 30-07-2024 17:52:44 | view |
| Rupee opens flat at 83.73 against US dollar on Tuesday | 30-07-2024 17:24:27 | view |
| The rupee closed unchanged at 83.73 against the dollar this evening | 29-07-2024 23:31:07 | view |
| Rupee closed 3 paise lower at 83.73 against the US dollar this evening | 26-07-2024 23:39:48 | view |
| Flooding Causes Rs 100 Crore Daily Loss to Surat Textile Trade | 26-07-2024 19:30:24 | view |
| Textile Associations Forge Strategic Partnership with Madhya Pradesh Government | 26-07-2024 18:38:37 | view |
| 35 thousand hectare reduction in cotton sowing area | 26-07-2024 17:52:24 | view |
| Rupee rises 9 paise to 83.69 against US dollar in early trade | 26-07-2024 17:26:54 | view |
| The rupee strengthened by 2 paise to close at 83.70 against the US dollar this evening | 25-07-2024 23:38:10 | view |
| India's Textile Sector Set to Grow with 28% Budget Increase: NITMA | 25-07-2024 18:18:37 | view |
| Rupee Hits Record Low of 83.72 Against US Dollar | 25-07-2024 17:24:24 | view |
| The rupee declined by 3 paise to close at 83.72 against the US dollar this evening | 24-07-2024 23:29:27 | view |
| Jalgaon Kharif Season: 92 percent of 'Kharif' sowing completed in the district, cotton sowing 101 percent | 24-07-2024 20:03:13 | view |
