The rupee appreciated 16 paise against the dollar this evening, closing at Rs 83.34.At the end of trading, BSE Sensex closed at 73,917.03, up 253.31 points or 0.34%. Whereas NSE's 50-share index Nifty closed at 22,466.10 with a gain of 62.25 points or 0.28%.Read more :- The United States has expanded its import ban list by adding 26 Chinese cotton companies.
The US has added 26 Chinese cotton enterprises to its list of prohibited imports.On Thursday, the United States took action to prohibit goods from 26 Chinese cotton traders and warehouse facilities believed to be involved in forced Uyghur labor, a move expected to increase pressure on supply chains.According to the Department of Homeland Security, companies from various provinces across China, including Henan, Jiangsu, Hubei, and Fujian, have been added to the forced-labor Entity List, bringing the total to 76 entities.Washington has been actively addressing what it alleges as the utilization of forced labor in China's Xinjiang region, home to the predominantly Muslim Turkic Uyghurs and other minority groups facing severe human rights violations. China refutes these accusations, asserting that its labor programs aim to alleviate poverty.The Uyghur Forced Labor Prevention Act generally prohibits imports sourced "wholly or in part" from Xinjiang, a significant cotton-supplying region. Enforcement measures have led to approximately $3 billion in flagged shipments at the border since the act's implementation in June 2022.Goods originating from Xinjiang are automatically assumed to involve forced labor under the UFLPA unless "clear and convincing evidence".The Entity List identifies specific companies whose products or components thereof are to be blocked from entering the United States. Particular sectors, such as cotton, tomatoes, and polysilicon (an essential raw material for solar panels), are under extra scrutiny.A significant challenge faced by the U.S. government is the lack of transparency in domestic supply chains within China, notes researcher Adrian Zenz. He underscores the importance of monitoring intra-Chinese supply chains to counter labor transfers to other provinces."Xinjiang itself doesn't export much of what it produces," he explains. "The greatest risk arises through intermediaries, and the Entity List is well-suited to address this issue."Zenz's research reveals an escalated use of cross-provincial labor transfers by Chinese authorities last year, complicating U.S. Customs' enforcement of the UFLPA.He estimates a 38% increase in the number of laborers transferred under the "pairing assistance" program from 2022 to 2023. However, he cautions that the understanding of labor transfer programs may diminish due to the Chinese government's cessation of statistical publication.While the UFLPA aims to combat forced labor, it presents challenges for companies outside China. U.S. Customs and Border Protection data indicates that over 5,500 of the roughly 8,500 flagged shipments originated from Malaysia, Vietnam, Thailand, and India.Read more :- Monsoon to hit Kerala coast on May 31, says IMD
Rupee opens on flat note at 83.50 against US dollar in early tradeSensex declines 185.42 points to 73,478.30 in early tradeThe Sensex declined 185.42 points to 73,478.30 in early trade on Friday morning, while the Nifty dipped 50.35 points to 22,353.50.Read More :> Monsoon to hit Kerala coast on May 31, says IMD
The rupee ended the day unchanged against the dollar, closing at 83.50. At the end of trading, BSE Sensex closed at 73,663.72, up 676.69 points or 0.93%. Whereas NSE's 50-share index Nifty closed at 22,403.85 with a gain of 203.30 points or 0.92%.Read more :- Telangana Government Aims to Expand Cotton Cultivation to 60.53L Acres
Government Reaction to Rebranding Vidarbha Cotton as Kasturi Is Prompted by Ginners' ConcernsOnce again, Vidarbha's ginners are expressing apprehension over the central government's move to designate Vidarbha cotton as Kasturi, citing the imposition of stringent quality compliance standards introduced since February this year.A joint effort between The Central Institute for Research on Cotton Technology (CIRCOT), The Cotton Textiles Export Promotion Council (TEXPROCIL), and the Vidarbha Cotton Association, a national workshop titled 'Branding Vidarbha Cotton as Kasturi,' convened at the regional Ginning Training Centre on Amravati Road on Thursday.While the government's goal is to enhance quality and support farmers, ginners remain uneasy about factors they feel are beyond their control.Their concerns echo those raised during the previous implementation of quality control measures for cotton bales by the Bureau of Indian Standards (BIS) last year. Following opposition, the government postponed the initiative until August this year.Given the potential legal consequences of adhering to BIS standards, ginners are particularly troubled by issues such as variations in seed varieties available to farmers, climatic conditions, pest infestations, suboptimal picking practices, improper handling and storage, and multiple picking cycles throughout the year.Government officials have assured to address these doubts. They clarified, "Indian cotton has not been marketed under a specific brand name thus far. Hence, the government has introduced the designation of Kasturi Cotton Bharat to confer a distinct identity. While certain quality benchmarks must be met, ginners remain hesitant."A representative of the ginning community emphasized, "Ginners are processors, not producers. Many among us are still unfamiliar with the concept of Kasturi, which bears similarities to BIS norms."Dilip Thakre, a farmer from Akola and a prominent cotton expert representing Vidarbha on various committees, provided insights into the Kasturi initiative. "Kasturi entails the premium purchase of cotton by the Cotton Corporation of India (CCI) from ginners. Approximately 300 ginners from the cotton belt will be selected to supply high-quality cotton to the CCI. These bales will be marketed under the Kasturi brand. Presently, Indian cotton is primarily sold as bales."Thakre explained that Indian bales often fail to command favorable prices due to the absence of a recognized brand name and concerns regarding the potential mixing of inferior cotton. "Under the Kasturi scheme, ginners will be required to supply cotton from the first picking, as trash content tends to increase in subsequent pickings. Furthermore, yarn and designer fabric will also be manufactured under the Kasturi brand."Each bale will undergo geo-tagging, encompassing parameters such as moisture content, staple length, and trash content, ensuring traceability and quality assurance throughout the supply chain.Read More :> Monsoon to hit Kerala coast on May 31, says IMD
According to IMD, monsoon will arrive in Kerala on May 31.Southwest monsoon is very likely to advance into South Andaman Sea, some parts of Southeast Bay of Bengal and Nicobar Islands around May 19The India Meteorological Department (IMD) on Wednesday said that monsoon will hit Kerala coast on May 31, which is a day earlier than its normal schedule day of June 1 in the mainland. IMD also said the southwest monsoon is very likely to advance into South Andaman Sea, some parts of Southeast Bay of Bengal and Nicobar Islands around May 19.“This year, the southwest monsoon is likely to set over Kerala on May 31, with a model error of ± 4 days,” IMD said in a statement late evening.The weather bureau also said its “operational forecasts” (inclusive of error margin) of the date of monsoon onset over Kerala during the past 19 years (2005-2023) were proved to be correct, except in 2015.“This is not early. It’s near normal date as the normal date for onset of monsoon over Kerala is June 1,” IMD’s Director General Mrutyunjay Mohapatra said. The weather bureau has predicted this year’s rainfall to be above-normal, quantitatively 106 per cent of its long period average of 87 cm with a model error of (+/-) 5 per cent during the June-September monsoon season. According to IMD, rainfall between 105 and 110 per cent of LPA is considered “above normal” and between 96-104 is categorised as “normal”. Monsoon was above normal in 2019, 2020 and 2022.Six predictors used“Advance of the monsoon over Indian mainland is marked by monsoon onset over Kerala and is an important indicator characterising the transition from hot and dry season to a rainy season,” IMD said. As the monsoon progresses northward, relief from scorching summer temperatures is experienced over the areas. IMD has been issuing operational forecasts for the date of monsoon onset over Kerala from 2005 onwards, based on a statistical model.The six predictors used in the models are -- 1) Minimum Temperatures over north-west India, 2) Pre-monsoon rainfall peak over south Peninsula, 3) Outgoing long wave radiation (OLR) over south China Sea, 4) Lower tropospheric zonal wind over equatorial south-east Indian Ocean, 5) Outgoing OLR over south-west Pacific Ocean and 6) Upper tropospheric zonal wind over equatorial north-east Indian Ocean, IMD said.Read More :> Call for Stable Cotton Prices by Tiruppur Garment Manufacturers
Demanding Stable Prices for Cotton from Tiruppur Garment ManufacturersThe Tiruppur garment manufacturers, represented by the South India Hosiery Manufacturers Association, are calling for measures to stabilize cotton prices. They have urged the Cotton Corporation of India (CCI) to maintain consistent pricing and avoid fluctuations driven by global trends. This stability is crucial to support downstream textile units like spinners and weavers, ensuring they can operate efficiently with predictable costs.The Association's president emphasized the importance of a stable supply chain, where competitive cotton prices benefit garment manufacturers. The CCI's strategy of selling directly to end consumers and not traders is part of this effort to regulate the market and prevent speculative buying that could further drive up prices. Additionally, they've proposed that cotton stocks with traders should prioritize meeting domestic demand before considering exports.These requests highlight the challenges faced by domestic textile producers and the importance of government intervention to maintain a balanced market environment.READ MORE:> Telangana Government Aims to Expand Cotton Cultivation to 60.53L Acres
The Telangana government wants to cultivate 60.53L acres of cotton.Anticipating a potential expansion of cotton cultivation across approximately 60.53 lakh acres in the upcoming Kharif 2024 season, the state's agriculture department is strategizing to make 120 lakh packets of the BGII (Bollguard II) cotton seed variety accessible in the market.During a comprehensive review meeting held at the Secretariat with agriculture officials on Wednesday, May 15, Agriculture Minister Tummala Nageswara Rao directed officials to ensure the timely availability of seeds in the market by the end of this month.Expressing concern over the decline in cotton cultivation from 60.53 lakh acres in 2021 to 45.17 lakh acres by 2023, the minister highlighted the burgeoning demand for cotton in the international market. He emphasized the need for expanding the cultivation area, hence the initiative to supply BGII variety seeds.State government officials have convened meetings twice with seed companies, issuing clear directives in this regard.Emphasizing that the Centre has set Rs 864 as the minimum support price (MSP) per packet for cotton, the minister cautioned against any attempts by dealers or companies to sell cotton seeds above this price. Stringent action will be taken against such entities or any disruptions in the seeds’ supply chain.Read more :- Government Initiatives to Assist Exporters in Countervailing Duty Cases
The rupee appreciated by 1 paise against the dollar this evening closing at Rs 83.50.On the third trading day of the week, BSE Sensex closed at 72,987.03, falling 117.58 (0.16%) points. On the other hand, NSE Nifty slipped 17.30 (0.08%) points to 22,200.55.Read more :- Cotton Seed Sales: Cotton seed sales in Khandesh to begin from May 15
Cotton Seed Sales: Starting on May 15, cotton seed sales will take place in Khandesh.In response to the demand from early-season cotton growers and concerns about the black market for cotton seeds, the administration has authorized the sale of cotton seeds starting May 15, as requested by the Fertilizers and Seed Distributors Association.Previously, the administration's policy was to commence cotton seed sales from June 1, expecting farmers to plant early-season or irrigated cotton in June. However, many farmers opted to sow cotton between mid-May and the end of May due to favorable conditions. This led to the purchase of seeds from the black market when local markets lacked supply.To combat these issues, cotton seeds will officially be available from May 15 this year at various agricultural centers and input shops. The key question remains whether farmers will adhere to the agriculture department's recommendation to plant after June 1.Many farmers have already prepared their fields and set up micro-irrigation systems for cotton cultivation. They believe planting between May 20 and 30 will yield substantial benefits, allowing subsequent crops to be grown afterward.Despite these efforts, there are concerns that attempts by scientists and the Department of Agriculture to curb the pink bollworm cycle may not succeed. Cotton cultivation in Khandesh is anticipated to cover eight and a half lakh hectares this year, with an estimated five lakh 54 thousand hectares in Jalgaon district alone.Read More :> China forecasts lower corn, soybean and cotton imports in 2024/25
Rupee advances 2 paise versus the US dollar to 83.49. This comes after the rupee settled on a flat note at 83.51 (provisional) against the US dollar on Tuesday, as the support from positive domestic markets and favourable inflation data was negated by strong US Dollar and foreign fund outflows.Read More :> Government Initiatives to Assist Exporters in Countervailing Duty Cases
The rupee appreciated 2 paise against the dollar this evening, closing at Rs 83.51.At the end of trading, BSE Sensex closed at 73,104.61, up 328.48 points or 0.45%. Whereas NSE's 50-share index Nifty closed at 22,217.85 with a gain of 113.80 points or 0.51%.Read more :- Government Initiatives to Assist Exporters in Countervailing Duty Cases
Government Proposals to Help Exporters in Cases of Countervailing DutiesThe government is actively addressing countervailing duty challenges faced by exporters through the RODTEP scheme, according to an official statement.This effort gains significance as certain domestic units have faced countervailing or anti-subsidy duties from the US and the European Union.These duties were imposed on products where levies such as electricity duty, VAT on fuel, or APMC taxes were reimbursed under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP), which complies with WTO regulations.The official clarified that duties were imposed due to insufficient documentation provided by some units during investigations.To assist exporters, the Ministry of Commerce is facilitating proper documentation through guidance notes from the Directorate General of Trade Remedies (DGTR).Furthermore, a joint verification mechanism involving DGFT, DGTR, and DoR officials is being established to randomly verify units and ensure compliance with duty incidence.This system aims to validate claims made under the RoDTEP scheme, ensuring that reimbursement matches the actual duty incidence.Before imposing countervailing duties, thorough investigations are conducted to identify subsidized products, a practice deemed unfair by the WTO.Imposition of countervailing duties aims to level the playing field for domestic industries without restricting imports.Indian government and exporters have vehemently defended against subsidy allegations, both at central and state levels, during investigations.The RoDTEP scheme, operational since January 2021, refunds unrefunded taxes/duties/levies incurred during manufacturing and distribution of exported products.Implemented by the Central Board of Indirect Taxes and Customs (CBIC), the scheme operates in an end-to-end IT environment, ensuring efficient processing.READ MORE:> Exports of Pakistani Cotton Yarn to China Surge by 65.85%
In early trade, the rupee starts on a flat note versus the US dollar.The rupee opened on a flat note against the US dollar in early trade on Tuesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.Read More :> China forecasts lower corn, soybean and cotton imports in 2024/25
China anticipates importing less cotton, soybeans, and corn in 2024–2025.China's agriculture ministry forecast an annual decline in imports of corn, soybeans and cotton in its first outlook for the upcoming 2024/25 crop year released on Friday.It forecast lower corn imports in the upcoming crop year at 13 million metric tons from 19.5 million tons forecast for the 2023/24 crop year, amid expectations for a larger growth in production, the Chinese Agricultural Supply and Demand Estimates (CASDE) report showed.The 2024/25 import forecast for soybeans was at 94.6 million tons, versus a forecast of 96.1 million tons for 2023/24."It is expected that the demand for soybean meal will weaken in the later part of this year, and the soybean crushing consumption will be lower than previously expected," the report said.Cotton imports for 2024/25 are expected to drop to 2 million tons.It expects 2024/25 corn production to rise 2.8% to 297 million tons, while soybeans output is expected to drop 1.4% to 20.54 million tons.Read more :- Exports of Pakistani Cotton Yarn to China Surge by 65.85%
Pakistani Cotton Yarn Exports to China Increase by 65.85%In the initial quarter of 2024, Pakistan's cotton yarn exports to China surged by 65.85%, surpassing the $166.37 million milestone.Data from the General Administration of Customs of the People’s Republic of China (GACC) revealed that Pakistan's exports of uncombed single cotton yarn, containing 85% or more, totaled over $99.12 million during this period, a significant increase from $72.70 million recorded in the same timeframe last year. Additionally, imports of cotton yarn rose to $65.78 million, up from $26.28 million in the corresponding period last year.Sajjad Mazahir, General Manager of China Operations at Keywin Trading Ltd, informed the China Economic Net (CEN) that China's growing appetite for Pakistan's cotton textiles stems from the industry's ability to cater to both export and domestic demands. He highlighted Pakistan's transition from being solely export-driven to securing a substantial market share within China's domestic market.Mazahir noted that Pakistan's offerings, including cotton, cotton yarns, and Griege fabric, are favored by many customers due to their competitive pricing and quality.Read more :- Olam Trumps Dreyfus Bid as Traders Contend for Namoi Cotton
| title | Created At | Action |
|---|---|---|
| This evening, the rupee strengthened by 16 paise and closed at Rs 83.34 against the dollar. | 17-05-2024 23:42:59 | view |
| The United States has expanded its import ban list by adding 26 Chinese cotton companies. | 17-05-2024 18:39:09 | view |
| Rupee opens on flat note at 83.50 against US dollar in early trade | 17-05-2024 17:42:06 | view |
| This evening, the rupee closed at 83.50 against the dollar without any change | 16-05-2024 23:33:38 | view |
| Ginners' Concerns Prompt Government Response to Rebranding Vidarbha Cotton as Kasturi | 16-05-2024 18:51:04 | view |
| Monsoon to hit Kerala coast on May 31, says IMD | 16-05-2024 17:54:27 | view |
| Call for Stable Cotton Prices by Tiruppur Garment Manufacturers | 16-05-2024 17:38:21 | view |
| Telangana Government Aims to Expand Cotton Cultivation to 60.53L Acres | 16-05-2024 01:12:06 | view |
| This evening the rupee strengthened by 1 paise and closed at Rs 83.50 against the dollar. | 15-05-2024 23:27:10 | view |
| Cotton Seed Sales: Cotton seed sales in Khandesh to begin from May 15 | 15-05-2024 18:06:22 | view |
| Rupee rises 2 paise to 83.49 against US dollar | 15-05-2024 17:23:06 | view |
| This evening, the rupee strengthened by 2 paise and closed at Rs 83.51 against the dollar. | 14-05-2024 23:26:24 | view |
| Government Initiatives to Assist Exporters in Countervailing Duty Cases | 14-05-2024 19:47:25 | view |
| Rupee opens on flat note against US dollar in early trade | 14-05-2024 18:13:55 | view |
| China forecasts lower corn, soybean and cotton imports in 2024/25 | 14-05-2024 01:49:58 | view |
| Exports of Pakistani Cotton Yarn to China Surge by 65.85% | 14-05-2024 00:36:14 | view |
