Global Traders in India Dispose of Cotton Stocks Due to weak Demand and Global Price DeclineMultinational traders in India are selling off their cotton stocks amidst a global decline in prices due to weak demand and expectations of improved crops in countries like Australia. The May cotton futures contract on ICE, which peaked at 103.80 cents on February 28, has since dropped to 85.89 cents by April 10. This represents a decrease of around 17-18 percent, with domestic prices also down by 8-9 percent from recent highs.Ramanuj Das Boob, a sourcing agent and vice president of the All India Cotton Brokers Association, notes that multinational companies such as Viterra, COFCO International, and Louis Dreyfus Company are among those selling cotton, with prices ranging from ₹60,000 to ₹62,000 per candy, about 3 percent lower than a month earlier.Despite ample stocks held by entities like the Cotton Corporation of India, ginners, and traders, market arrivals of raw cotton have slowed in states like Maharashtra and Gujarat. Daily arrivals across various states stand at around 50,000-60,000 bales, with Maharashtra seeing 25,000 bales, Gujarat around 20,000 bales, and Karnataka around 3,000 bales.Pradeep Jain, President of the Khandesh Gin Press Factory Owners Association, notes negligible arrivals and poor demand, suggesting that farmers may be holding back stocks anticipating better prices. Meanwhile, Boob mentions that North Indian cotton mills have secured their needs for the next six months, purchasing cautiously due to sluggish demand for yarn.Sushil Phutela, Director of the Indian Cotton Association Ltd in Punjab, highlights a supply shortfall in the North Indian market despite the domestic price decline. The Committee on Cotton Production and Consumption (COCPC) has revised its crop production estimates upward for the 2023-24 season to 323.11 lakh bales, indicating potential market shifts in the cotton industry.Read More :> Key Projections and Trends for India's Cotton Industry in 2024-25
The rupee closed at Rs 83.19 versus the US dollar, up 12 paise.At the end of trading, BSE Sensex closed at 75,038.15, up 354.45 points or 0.47%. NSE's 50-share index Nifty closed at 22,735.05, up 92.30 points or 0.41%.Read more :- TN Textiles Department and SITRA Launch Training Program for Textile Workers
Rupee rises 11 paise to 83.20 against US dollar in early tradeThe Sensex was up 186.18 points, or 0.25 percent, at 74,869.88, and the Nifty was up 57.70 points, or 0.25 percent, at 22,700.5. The market breadth was in favour of gainers as around - 1,484 shares advanced, 705 declined and 102 were unchanged.Read More :> Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
This evening, the rupee closed at 83.32 against the dollar without any change.At the end of trading, BSE Sensex closed at 74,683.70, down 58.80 points or 0.079%. Sensex close to 450 points from day's highThere was a decline of. NSE's 50-share index Nifty slipped 23.55 points or 0.10% and closed at 22,642.75.Read more :- Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
Today rupee opened at Rs 83.32 against the dollar without any movement.Sensex crosses 75,000 for the first time, Nifty above 22,700The Indian stock market achieved another milestone today as the benchmark BSE Sensex hit the 75,000 mark for the first time. The frontline indices traded at record-high levels with the Nifty 50 surging above the 22,700 level. The 30-share index Sensex opened 381.78 points, or 0.51%, higher at 75,124.28, while the NSE’s Nifty 50 surged 98.8 points, or 0.44%, to open at 22,765.10. The Bank Nifty index also opened at a record high level of 48,810.80, up 229.10 points, or 0.47%.Read More :> Key Projections and Trends for India's Cotton Industry in 2024-25
The rupee weakened by 2 paise to close at Rs 83.32 against the US dollar.At the end of trading, BSE Sensex closed at 74,742.50, up 494.28 points or 0.67%. During trading it reached a new all-time high of 74,869.30. Whereas NSE's 50-share index Nifty closed at 22,666.30 with a gain of 152.60 points or 0.68%. Nifty also touched a new peak of 22,697.30 points during trading.Read more :- Key Projections and Trends for India's Cotton Industry in 2024-25
Key Projections and Trends for India's Cotton Industry in 2024-25The USDA's latest forecast on India's cotton industry for the 2024-25 season highlights several significant trends and projections:Projected Decline in Cotton Production a decline of 2% is anticipated in India's cotton production for the upcoming season, attributed to farmers favoring higher-yielding crops like pulses and maize.Shift in Crop Preferences Farmers are expected to shift away from cotton towards crops such as pulses, maize, and paddy due to their potentially higher returns, impacting cotton production.Cotton Sowing Area The estimated cotton sowing area for the upcoming season is projected to be 12.4 million hectares in India.Improvement in Yield Normal monsoon rains are anticipated to improve the yield by 2% to 446 kilograms per hectare in the upcoming season.Cotton Consumption Despite the projected decline in production, cotton consumption in India is expected to increase by 2% to 24.5 million bales.Export Recovery Exports of value-added cotton products have shown significant recovery in the first six months of 2023-24, indicating a rebound in mill consumption.Price Trends Farmgate prices for seed cotton have improved from the previous month but remain nearly 6% lower than the previous year, potentially influencing farmer decisions.Export Outlook Cotton exports for the upcoming season are expected to reach 2.4 million bales, supported by higher carryover stocks and a depreciating rupee.Import Prediction Following the revocation of import duty on extra-long staple (ELS) cotton, imports are predicted to increase by 20% to 2.4 million bales.In conclusion, while India's cotton industry faces challenges such as a projected decline in production and fluctuating prices, there are positive indicators such as rising consumption, export recovery, and anticipated improvements in yield. These factors suggest resilience in the sector and provide opportunities for navigating uncertainties and maintaining competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
The rupee rose 14 paise to close at 83.30 against the US dollar.At the end of trading, BSE Sensex closed at 74,248.22, up 20.59 points or 0.03%. Whereas NSE's 50-share index Nifty closed at 22,525.50 with a gain of 10.85 points or 0.048%.Read more....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis
Rupee declines 6 paise to 83.45 against US dollar in early trade todayThe rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision.Nifty below 22,450, Sensex slips over 200 pointsThe benchmark equity indices opened Friday’s trading session on a negative note. The NSE Nifty 50 opened 75 points or 0.33% lower at 22,439.65, while the BSE Sensex opened 224.79 points or 0.30% lower at 74,002.84. Bank Nifty index opened 151 points or 0.31% lower at 47,909.85.Read More....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
Rupee remained stable against US dollar.The rupee closed steady at 83.44 against the US dollar on Thursday amid a strong trend in domestic markets and better macroeconomic data.Sensex, Nifty closed on gainsIndian benchmark indices closed higher, Nifty crossed 22,500 mark amid volatile trading. At the close, the Sensex rose 350.81 points or 0.47 per cent to 74,227.63, while the Nifty closed at 22,514.70, up 80.00 points or 0.36 per cent.👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
This evening, the rupee weakened by 5 paise and closed at Rs 83.44 against the dollar.At the end of trading, BSE Sensex closed at 73,876.82, down 27.09 points or 0.037%. Whereas NSE's 50-share index Nifty It slipped 18.65 points or 0.083% to 22,434.65.Read more....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year
Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal YearMyanmar is setting ambitious targets for its cotton industry, with plans to cultivate over 600,000 acres of cotton across six states and regions in the 2024-25 fiscal year. The official Global New Light of Myanmar reported that the country aims to cultivate a total of 612,712 acres of cotton across 19 cotton cultivation zones.The report, citing Union Minister for Agriculture, Livestock, and Irrigation U Min Naung, highlights Myanmar's intention to further expand its cotton plantations to 747,000 acres by the 2027-28 fiscal year.During a meeting with officials from the Magway region, the Union Minister emphasized the importance of collaboration among relevant departments, businesspersons, and farmers to overcome challenges in cotton plantations and production.The Minister also underscored the significance of promoting cotton cultivation, emphasizing its role in the development of cotton-based micro, small, and medium-sized enterprises (MSMEs) and the potential for increased exports beyond domestic demand.According to the report, an acre of cotton plantation in Myanmar yields approximately 700 visses (over 1,143 kg) of cotton, indicating the substantial output potential of the country's cotton industry.Read More....👇🏻👇🏻👇🏻👇🏻Positive Outlook for Global Cotton Industry in 2024-25: ICAC Projections
Positive Outlook for Global Cotton Industry in 2024-25: ICAC ProjectionsThe International Cotton Advisory Committee (ICAC) has released projections indicating a positive outlook for the global cotton industry in the 2024-25 season. Here are the key points highlighted in the report:Increase in Cotton Production, Consumption, and Trade: The ICAC anticipates growth in cotton-producing area, production, consumption, and trade for the 2024-25 season. This is attributed to factors such as favorable weather conditions, which are crucial for driving cotton production upwards.Weather Impact on Production Weather conditions have been identified as the primary factor influencing cotton production in recent years. Adverse weather led to a reduction in cotton area in the current season. However, the ICAC suggests that weather is expected to be more favorable in the upcoming season, contributing to increased production.Yield Expectations Despite the projected increase in production, yields are expected to decrease slightly by 0.12% to 768 kg per hectare. This decline is attributed to various factors including extreme weather events caused by global climate change and pest pressures.Projected Figures The ICAC projects a 3% increase in the cotton-producing area compared to the previous season, reaching 32.85 million hectares. Production is expected to rise by over 2.5% to 25.22 million tonnes, while consumption is forecasted to increase by 2.9% to 25.37 million tonnes. Global cotton trade, including imports and exports, is expected to grow by nearly 4% to 9.94 million tonnes.Price Forecast The ICAC's price forecast for the season-average A-index for 2023-24 ranges from 85.67 cents to 100.62 cents, with a midpoint of 92.20 cents per pound. This provides an insight into the expected price range for cotton during the upcoming season.Overall, the ICAC's projections indicate positive growth prospects for the global cotton industry in the 2024-25 season, driven by factors such as favorable weather conditions and anticipated increases in production, consumption, and trade. However, the report also acknowledges ongoing challenges such as climate change and pest pressures that continue to impact cotton production worldwide.Read More....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.
This evening, the rupee strengthened by 1 paise and closed at Rs 83.39 against the dollar.At the end of trading, BSE Sensex closed at 73,903.91, down 110.64 points or 0.15%. Whereas NSE's 50 share index Nifty is 8.70.It slipped points or 0.039% to 22,453.30.Read more....👇🏻👇🏻👇🏻👇🏻Challenges Mount for Indian Textile Exports
Rupee trades in narrow range against US dollar in early tradeThe rupee witnessed a range-bound trading in initial deals against the US dollar on Tuesday, weighed down by a strong American currency and elevated crude oil prices. At the interbank foreign exchange, the rupee opened at 83.37 against the greenback, then touched 83.35, registering a rise of 4 paise over its previous close.Sensex, Nifty open near flatlineSensex opened 145.74, or 0.20 per cent at 73,868.80 while Nifty opened 23.20, or 0.10 percent higher at 22,438.80.Read More....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.
This evening, the rupee closed at Rs 83.40 against the dollar without any movement.At the end of trading, BSE Sensex closed at 74,014.55, up 363.20 points or 0.49%. Whereas NSE's 50-share index Nifty closed at 22,462.00 with a gain of 135.10 points or 0.61%.Read more....👇🏻👇🏻👇🏻👇🏻IMD Issues Heavy Rainfall and Heatwave Alerts Across India.
| title | Created At | Action |
|---|---|---|
| Multinational Traders in India Offload Cotton Stocks Amid Global Price Decline and Weakening Demand | 11-04-2024 18:13:01 | view |
| Rupee increased by 12 paise and closed at Rs 83.19 against US dollar. | 10-04-2024 23:47:24 | view |
| Rupee rises 11 paise to 83.20 against US dollar in early trade | 10-04-2024 17:17:46 | view |
| This evening, the rupee closed at 83.32 against the dollar without any change. | 09-04-2024 23:40:45 | view |
| Today rupee opened at Rs 83.32 against the dollar without any movement. | 09-04-2024 17:58:03 | view |
| The rupee weakened by 2 paise to close at Rs 83.32 against the US dollar. | 09-04-2024 00:29:52 | view |
| Key Projections and Trends for India's Cotton Industry in 2024-25 | 08-04-2024 17:24:05 | view |
| The rupee rose 14 paise to close at 83.30 against the US dollar. | 05-04-2024 23:43:41 | view |
| Rupee declines 6 paise to 83.45 against US dollar in early trade today | 05-04-2024 18:03:53 | view |
| Rupee remained stable against US dollar. | 04-04-2024 23:58:48 | view |
| This evening, the rupee weakened by 5 paise and closed at Rs 83.44 against the dollar. | 03-04-2024 23:45:21 | view |
| Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year | 03-04-2024 20:47:44 | view |
| Positive Outlook for Global Cotton Industry in 2024-25: ICAC Projections | 03-04-2024 19:22:48 | view |
| This evening, the rupee strengthened by 1 paise and closed at Rs 83.39 against the dollar. | 02-04-2024 23:25:21 | view |
| Rupee trades in narrow range against US dollar in early trade | 02-04-2024 17:47:46 | view |
| This evening, the rupee closed at Rs 83.40 against the dollar without any movement. | 01-04-2024 23:37:39 | view |
