Rupee weakens by 3 paise against dollarThis evening, the rupee closed at a level of 82.06 against the dollar with a weakness of 3 paise.Sensex up 499 pointsToday the stock market closed with a boom.Today the Sensex closed at a level of 63915.42 points with a gain of about 499.39 points.On the other hand, the Nifty closed at a level of 18972.10 points with a gain of 154.70 points.
Indian cotton prices declined on weak demand, slow yarn movement.Industry experts say buying will increase as prices of fiber and its yarn reach lower levelsCotton prices have declined by about 7.5 per cent in the last month due to its reduced movement and weak demand for yarn. However, industry experts say that once the prices of natural fibers stabilise, the industry may be reassured and return to purchases.“Currently, the situation is bad. There is no movement in cotton bales and yarn due to low demand. Mills are cutting production due to low yarn prices and low demand,” said Ramanuja Das Bubb, a sourcing agent for multinational companies based in Raichur, Karnataka.“Ginning mills (which process raw cotton into lint or cotton bales) have orders for a month. After this they have not received orders yet. Demand is sluggish and yarn exports have slowed down,” said Anand Popat, a Rajkot-based trader of cotton, yarn and cotton waste."Effect of Export"“Global demand has come down and its exports have been affected. The domestic market is unable to absorb the material sent to the domestic market from the export market, said Ravi Sam, president of the Southern India Mills Association (SIMA).Indian Texpreneurs Federation (ITF) convenor Prabhu Dhamodharan said, "The reports are indicating lower inventories of cotton yarn in all major markets including China on year-on-year and historical average basis."Cotton prices are currently at ₹55,500-56,000 per candy (356 kg), down from ₹60,000 a month ago. The model price for cotton (raw cotton) at the Rajkot Agricultural Produce Marketing Committee yard (the rate at which most of the trading takes place) is ₹7,100 per quintal – down ₹200 from earlier this month.On the Multi Commodity Exchange, the August cotton contract was quoted at ₹55,720 per candy. On the Intercontinental Exchange, New York, the July contracts were bidding at 79.63 US cents (around ₹53,000 per candy)."discount for yarn"According to SIMA's Sam, textile exports are expected to decline by 14 per cent and textile shipments by 23 per cent in FY2022-23. Exports of yarn, fabric and made-ups fell 26.7 per cent.He said the declining trend continued in May and overall textile exports declined by 12 per cent.“There is no movement of yarn despite ₹30/kg discount being provided by spinning mills especially to hosiery makers. Mills suffer a loss of ₹15-20 per kg,'' said the SIMA president. The Ukraine war and the economic situation in the US and Europe have complicated the situation.“Spinning mills in North India have stock of yarn for 2 months. Yarn speed is very slow,” said Anand Popat.Bounce from July?“The current market rates will force every player to incur losses. No one is willing to sell cotton or yarn at low prices,” said Das Bub.ITF's Dhamodaran, however, seemed optimistic. “The current fall in yarn prices will encourage some steady buying from international buyers. We are hopeful that with the stabilization of cotton prices, our monthly export numbers will improve further from July onwards,'' he said.Sam said relief measures such as allowing imports without duty and concluding free trade agreements with the European Union and the United Kingdom would help the sector re-emerge.Das Bub said, "Cotton arrivals remain at 65,000-70,000 bales per day and prices are falling to the new MSP rate (₹6,620 per quintal)."Cotton arrivals have been unusually high since April this year - a low arrival season - as farmers held their produce in anticipation of higher prices."Matter of time"Dhamodharan said yarn stocks with domestic buyers are at low levels and they are finding that the current prices are attractive and are showing interest in normal buying."Cotton price stability in a particular range for two more weeks will instill more confidence and trade may return to normal soon," he added.Export bookings are fast but price is a major factor. The only issue is that the prices should be consistent. "That is the factor we need to keep an eye on," said the ITF convenor."It is only a matter of time before demand picks up, provided the Center has the right policies in place," said the SIMA president."sowing blow"Das Bub said the delayed monsoon has affected cotton cultivation as sowing has not yet started in the southern states. However, the area has increased in Saurashtra, Gujarat apart from Rajasthan, Haryana and Punjab.According to the agriculture ministry, cotton cultivation is down 14.2 per cent to 28.02 lakh hectares as of June 23.
Opt for e-NAM facility to sell cotton, agriculture department officials tell Tamil Nadu farmersRamanathapuram: As the price of cotton has come down, agriculture department officials have suggested that farmers sell their produce through the e-NAM facility for better returns. Cotton, which sold at over Rs 100 per kg in the last season, has dropped to Rs 50 per kg in the district due to low demand, forcing farmers to hoard cotton till the price rises. According to the Agriculture Department, an area of over 4,000 hectares was used for cotton cultivation in the district.The price was a little above Rs 60 to Rs 70 per kg at the beginning of the season. Since they have spent thousands of rupees on farming, the farmers are not ready to sell the crop at a low price. Due to the large availability of cotton in the market, the prices have come down. Sources said around 500 tonnes of cotton is yet to come up for sale.Raja, Secretary, Marketing Committee, Agriculture Marketing Department, said, “Though most farmers sell cotton through the e-NAM facility, some farmers sell it in the open markets at a lower price. Enrollment of the crop has been done. Naam Suvidha, cotton samples have been sent to traders in Erode. Farmers of Ramanathapuram can digitally sell their produce to traders in Erode, for which preparations are underway.
Pakistan: Strong trend in cotton marketLAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,500 to Rs 17,800 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,000 to Rs 18,500 per head and the rate of foot is between Rs 8,000 to Rs 9,200 per 40 kg.About 800 bales of Hyderabad, 800 bales of Mirpur Khas, 2600 bales of Tando Adam, 1200 bales of Sanghar, 600 bales of Shahdadpur were sold for Rs.17,500 to Rs.17,700 per head, 400 bales of Burewala were sold for Rs.18,500. Chichavatni 200 bales, Haasilpur 200 bales, Sadiqabad 200 bales, Miyan Channu 200 bales were sold at Rs 18,500 per head, Khanewal 400 bales at Rs 18,400 to Rs 18,500 per head and 200 bales were sold at Rs 18,500 per head. Murid Wala sold at the rate of Rs 18,500 per head.The spot rate remained unchanged at Rs 17,500 per head. Polyester fiber was available at Rs 355 per kg.
Rupee rises 3 paise to 82 against US dollarThe Indian rupee opened little changed against the US dollar on Wednesday amid narrowing domestic current account deficit (CAD) and rise in US yields. The local unit opened at 82 per dollar, up 3 paise from its previous close of 82.02.
Monsoon rains will come earlier than normal in India, there will be a boom in sowing of cropsIndia's monsoon season rains are due across the country by the weekend, according to meteorological officials, allowing farmers in northern states to start sowing summer-sown crops a week earlier than usual.The monsoon, the lifeblood of India's $3 trillion economy, provides about 70% of the rain needed to water its farms and recharge reservoirs and aquifers. This also gives relief from the scorching heat.In a normal year, the state of Kerala on India's southwest coast usually receives rain around June 1 and moves north to cover the entire country by July 8.This year, the formation of severe cyclone Biperjoy in the Arabian Sea delayed the onset of monsoon rains and halted their progress, covering only a third of the country till last week.But the rains resumed over the weekend and by Tuesday it had spread to other parts of the country except for some areas in the northern states of Rajasthan, Punjab and Haryana, a senior India Meteorological Department (IMD) official told Reuters. Said, "By this weekend, the monsoon will cover the rest of the areas as well."IMD data shows that the resumption of rains during the last few days has reduced the rain deficit in the June-September season to 23% from 33% a week ago.A second IMD official said several north-eastern, central and northern states are likely to receive heavy rains this week, bringing the deficit down to below 20%.Sowing of paddy, cotton, soybean, pulses and other summer-sown crops has been delayed, a senior government official said on condition of anonymity, but sowing would pick up from this week.The IMD has forecast an average amount of rainfall for the entire four-month season despite the formation of an El Nino weather pattern.A strong El Niño, marked by sea surface warming over the Pacific Ocean, can cause severe drought in Southeast Asia, India and Australia.The emergence of El Niño weather patterns resulted in only the fourth drought in more than a century in 2014 and 2015, driving many Indian farmers into poverty.
Rupee strengthened by 2 paise against dollarThe rupee strengthened by 2 paise to close at Rs 82.02 against the dollar this evening.Sensex rose 446 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63416.03 points with a gain of about 446.03 points.On the other hand, the Nifty closed at a level of 18817.40 points with a gain of 126.20 points.
China Prepares to Sell Cotton From Reserves on Supply ConcernsGovernment may announce cotton sale as soon as this weekExtreme weather may have reduced production in XinjiangChina is planning to release cotton from state stockpiles to boost supplies, people familiar with the matter said, underscoring concerns that the crop to be harvested later this year has been hit by poor weather. China may gather a smaller crop in the new season after a severe cold spell delayed sowing and hurt yields in Xinjiang, the top-producing region. The government could announce a plan to sell cotton from reserves as soon as this week, with volumes likely to be as much as a few hundred thousand tons, said the people, who asked not to be identified as the information is private.China is the world’s biggest textile producer and one of the largest cotton importers. While it could boost purchases of foreign cotton to meet any shortfall in production, that may be countered by a weak outlook for demand as exporters of textile products grapple with a slowing global economy.China imported just 490,000 tons of cotton in the first five months of the year, half the amount in the same period a year earlier. That has contributed to the weakness in benchmark US cotton prices, which are near a three-month low. China’s top economic planner, the National Development and Reform Commission, didn’t respond to a faxed request for comment.The crop in Xinjiang, which accounts for about 90% of China’s cotton, is currently at risk from high temperatures and hailstorms, just a few months after cold weather disrupted sowing. Mysteel, a commodity consultancy in China, forecast a 10% drop in cotton acreage as farmers have also switched to growing grains under a nationwide drive to bolster food security. “It’s a recognized fact in the market that Xinjiang’s cotton inventory is tight,” broker SHZQ Futures said. “Prices are likely to stay volatile in the short term.”China manages its cotton supply through the state reserves. It’s hard to ascertain how the sale will influence Chinese imports, as the move could either curb demand for overseas supplies or increase the need to replenish stockpiles. The government limits imports through a tariff-rate quota system.
Punjab: Rain problem for cotton growers, paddy farmers hope for reliefThe area was flooded due to a breach in the Ramsara Minor (tributary) last night. About 50 acres of cotton crop was submerged between Bhagu and Wahabwala villages.Farmers Gurpreet Singh and Kuldeep Singh said that due to heavy rains in the area late last night, the canal had overflowed, leading to a breach in the canal. Canal Department employee Rakesh said that JCB machine has been arranged to bridge the crack.He said that the farmers have given their cooperation in vacating the fields.Meanwhile, rain accompanied by strong winds in Muktsar last night brought relief to the paddy growers of the district. The paddy sowing season is underway and the temperature has been hovering around 42 degree Celsius for the past few days.However, the rain caused some damage to the Punjab State Power Corporation Limited (PSPCL) and the Irrigation Department. For example, power supply was restored in Gidderbaha town today only after about 15 hours.On the other hand, two minors of the district also developed cracks due to rain. About 50 acres of land in Warring village was submerged due to a breach in the Khara Minor. Similarly, there was a crack in Sakkanwali minor also. The farmers claimed that the administration failed to clean the water channels in time.During the day, Muktsar Additional Deputy Commissioner Bikramjeet Singh Shergill held a meeting with officials of various departments to review preparedness to deal with waterlogging.He directed the officials of the drainage wing of the Irrigation Department to clean the drains by July 10. He also directed all Block Development and Panchayat Officers (BDPOs) to clean the village ponds and keep water lifting motors ready to meet any eventuality.
Pakistan: The trend of declining spot rate continues amid light business.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 2,00 per head and closed it at Rs 17,500 per head.The local cotton market remained stable and the trading volume was satisfactory. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,700 to Rs 17,800 per head.The rate of footi in Sindh is between Rs 7,000 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,000 to Rs 18,200 per head and the rate of cotton is between Rs 7,500 to Rs 8,500 per 40 kg.200 bales of Sanghar were sold at Rs.17,300 per head, 1000 bales of Khadro, 1000 bales of Shahpur Chakkar at Rs.17,400 to Rs.17,500 per head, 1200 bales of Tando Edam were sold at the rate of Rs.16,800 to Rs.17,400 per head. Kotri sold for Rs.16,800 to Rs.16,900 per head in 400 bales, Shahdadpur in 600 bales for Rs.17,300 to Rs.17,500 per head, Hyderabad in 600 bales for Rs.17,200 to Rs.17,400 per head, Khanewal in 600 bales. 18,000 to 18,500 per head, 200 bales of Haasil Pur were sold at 18,000 per head, 600 bales of Vehari and 200 bales of Chichavatni were sold at 18,500 per head and 400 bales of Winder Bales were sold at the rate of Rs.17,300. to Rs.17,400 per head.The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 2,00 per head and closed it at Rs 17,500 per head. Polyester fiber was available at Rs 355 per kg.
Rupee rises 7 paise to 81.97 against US dollarThe Indian rupee opened higher against the US dollar on Tuesday tracking gains in Asian currencies along with recovery in the Chinese yuan. The local unit opened at 81.97 per dollar as compared to its previous close of 82.04.
rupee 1 paise weak against dollarThis evening, the rupee closed at Rs 82.04 against the dollar with a weakness of 1 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62970.00 points with a fall of 9.37 points.On the other hand, the Nifty closed at a level of 18691.20 points with a gain of 25.70 points.
"Cotton bollworm menace worries Punjab, more than 4,000 hectares affected"A detailed field survey by the Punjab Agriculture Department has said that early sowing of cotton in 2% of the total area under cotton in various districts is putting a provisional area of 1.75 lakh hectares at risk of infection with the deadly pink bollworm this year.Experts said untimely rains with the onset of summer this year provided suitable breeding and feeding grounds for the pest.The next three weeks are critical for farmers to use the recommended steps to detect pest populations and check for any widespread infestations. PBW has surfaced in limited locations, but it can spread rapidly and potentially threaten crops in other areas if pest control management is not executed effectively, he says.This year, a section of farmers from vulnerable areas of Punjab started sowing 'white gold' as early as March 28, much before the recommended sowing time of April 15 to May 15, agriculture officials said. The pest attacks cotton plants at flowering stage in mid-July and PBW is already visible, posing a risk of infection to other fields.State agriculture director Gurvinder Singh, who made an extensive tour of cotton-growing districts this week, said the current situation was not alarming and farmers were advised to use recommended sprays to control the pest population.The director said that unlike last season, whitefly has not been detected this year and cotton growers have been advised to be vigilant.Field surveys revealed impressive plant health. “In 2022, most of the plant growth had stopped, but this time farmers are following an advisory to provide enough nutrients to the crop. This trend may help in reducing the adverse effects of pests,” he said.Punjab saw the first appearance of PBW in 2020 on about 100 acres of land at Jodhpur Romana in Bathinda. The following year, the pest severely affected other districts and in 2022, whitefly and PBW ravaged cotton production in Punjab.In the current kharif season, the traditional crop area in Punjab has come down to 1.75 lakh hectares and farmers have suffered heavy losses due to pest attack, which is responsible for the lowest acreage ever.Vijay Kumar, principal entomologist at Ludhiana-based Punjab Agricultural University (PAU), said early sowing of cash crops in such areas has been observed for the first time and is a cause of concern for pest attack. accompanied by prolonged wet and humid conditions and when the cotton plants reached the flowering stage.The expert said the bollworm is affecting only those fields from where last year's residues were not cleared as advised and making other areas vulnerable to pest infestation.“Bollworm is a deadly pest which appears in cotton plant at flowering stage, 65-70 days after sowing. It is monophagous or feeds only on cotton plants and affects the plant at flowering stage. Now farmers will have to work harder to control the pest population till mid-July when timely sown plants will enter flowering stage,” said the expert.SK Verma, head of Sirsa-based Central Institute of Cotton Research (CICR), said uniformity in sowing helps in effective pest management and farmers should strictly follow the recommended sowing time. "Bollworm infestation can be easily detected in the field by pheromone traps that catch male insects and an advisory has been issued to the farmers of Punjab in this regard," he added.
Pakistan : Weekly Cotton Review: Rates fall amid sluggish trade; "Textile Sector Focused Towards National Importance"KARACHI: The cotton market turned bearish last week, witnessing a fall. Significant reduction in rate from Rs.2,500 to Rs.3,000 per head. The spot rate was also reduced by Rs 2,500 per head.Former President Asif Ali Zardari met members of the All Pakistan Textile Mills Association (APTMA) to discuss issues related to the economy, revival of the cotton and textile sector.The intervention price of footy has come down from Rs 8500 per 40 kg. Growers say that as promised, the government should buy cotton through the Trading Corporation of Pakistan (TCP) to stabilize the price.Javed Bilwani, chairman of the Pakistan Apparel Forum, has said that the government should refrain from implementing RCET under Section 99D on the textile sector.In the local cotton market last week, cotton prices fell by Rs 2,500 to Rs 3,000 per head due to panic selling by ginners and low rates buying by spinning mills, creating chaos in the market.In Sindh province, cotton prices declined from Rs 17,000 to Rs 18,500 per head, while the price of foot per 40 kg fell by Rs 1,000 to Rs 7,000 to Rs 8,000. Similarly, the spot price of cotton decreased by Rs 2,200 per head to reach Rs 17,700.Cotton prices are expected to fall further after Eid al-Adha due to distress in the textile sector.The government has fixed the intervention price of cotton at Rs 8,500 per 40 kg and has promised that if the price of cotton falls below Rs 8,500, the government will provide about one million rupees through the Trading Corporation of Pakistan to stabilize the price of cotton. Gant will buy cotton. At present, the price of footi has come down to a low of Rs 7,000 to Rs 7,500 per 40 kg in many areas. Cotton farmers demand that the government should start purchasing cotton through TCP as promised.The rate of cotton in Sindh is between Rs 17,000 to Rs 18,000 per head. The rate of footi is between Rs 7,000 to Rs 7,700 per 40 kg. Cotton rates in Punjab range from Rs 18,500 to Rs 19,000 per head, while footy rates range from Rs 8,500 to Rs 8,800 per 40 kg. Cotton rates in Balochistan range between Rs 17,700 to Rs 18,000 per head. The rate of footi is between Rs 7500 to Rs 8200 per 40 kg.The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 2,200 per head and closed it at Rs 17,700 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, has said that the overall bearish trend in the international cotton markets remains. The futures trading rate for the month of July closed at 78 cents.One lakh 87 thousand six hundred bales were sold in the year 2023-24. China remained on top by buying one lakh thirty seven thousand three hundred bales. Turkey bought 24,400 bales and stood second. Honduras was third with 10,900 bales.However, local textile mills have warned the government that a large number of export units may shut down as they have lost their competitive edge after the Regional Competitive Energy Tariff (RCET) is abolished.The APTMA has reiterated its demand for resumption of gas and electricity supply at subsidized rates and warned that failure to do so would lead to unemployment, loss of export revenue and further deterioration in the trade balance.Meanwhile, former President Asif Ali Zardari met APTMA leaders over revival of the economy, cotton and textile sector.In addition, Javed Balwani, head of the Pakistan Apparel Forum, which includes representatives of Pakistan's textile sector, has said that value-added garment exporters are concerned with the proposed implementation of an additional tax on "income, profits, gains and gains" under Art. 99D. He dismissed it as a "draconian and anti-business" move by the government.Garment exporters are already burdened with rising operational costs of manufacturing for exports. The super tax has been extended from one year to the second year. The present Government has earlier abolished the Regional and Competitive Energy Tariff (RCET), thereby depriving the exporters of a level playing field and a fair competitive environment.
Rupee rises 3 paise to 82 against US dollarThe Indian rupee opened marginally higher against the US dollar on Monday following mixed Asian currencies as weekend turmoil in Russia weighed on investors' risk appetite and had little impact on the dollar index. The local unit opened higher by 3 paise at 82.00 against the US dollar as compared to Friday's 82.03.
Panipat: Yarn industry is in troubleThe yarn industry here is facing a crisis. The cotton industrialists were forced to run their industry in a single shift. Recycled yarn production has declined by over 50 per cent in the last two months, while yarn rates have declined by 20 per cent due to lack of demand for handloom products in the domestic and global markets.Globally known as the 'Handloom City', Panipat is the center of the recycling industry, which results in the production of yarn from waste cloth. This yarn is being used for making blankets, shawls, curtains, bath mats, foot mats, bedsheets, bed covers, carpets, kitchen wares, cushion covers and other handloom products. Then the final products are sold in the domestic market and exported to the global market, especially in the United States and European countries.Handum town has a turnover of around Rs 50,000 crore, of which Rs 15,000 crore comes from exports. But, due to high inflation in the United States, recession in Germany and unrest in European countries due to the year-long Russia-Ukraine war, Panipat's export industry was badly hit and a 50 percent slump was registered. Apart from this, a decline has also been registered in the domestic market.Now the production of yarn is only 50 per cent, but the consumption is less than 50 per cent, due to which the stock has increased, said Pritam Singh Sachdeva, president of Panipat Industries Association and Northern India Roller Spinners Association. Even the rate of recycling yarn has come down by about 20 percent. Sachdeva said, earlier the rate of yarn was Rs 100-110 per kg, but now the rate is only Rs 80-82 per kg.Most of the industries here depend on recycled yarn to manufacture their products, he added. He said that due to low demand for yarn, industries here are running in only one shift, but industries in southern India have been closed for 15 days. Sachdeva said that now, the industrialists of Panipat are also planning to shut down their industries.He said the industry used 80 per cent cotton to manufacture handloom products, but demand from foreign buyers was low in the first quarter. Vinod Dhamija, chairman of the Haryana Chamber of Commerce and Industries, Panipat chapter, said exporters were expecting good business but got a poor response.
| title | Created At | Action |
|---|---|---|
| Rupee weakens by 3 paise against dollar. | 28-06-2023 23:28:39 | view |
| Indian cotton prices declined on weak demand, slow yarn movement. | 28-06-2023 20:09:15 | view |
| Opt for e-NAM facility to sell cotton, agriculture department officials tell Tamil Nadu farmers | 28-06-2023 18:44:28 | view |
| Pakistan: Strong trend in cotton market | 28-06-2023 18:13:33 | view |
| Rupee rises 3 paise to 82 against US dollar. | 28-06-2023 17:54:39 | view |
| Monsoon rains will come earlier than normal in India, there will be a boom in sowing of crops | 28-06-2023 00:06:42 | view |
| Rupee strengthened by 2 paise against dollars | 27-06-2023 23:28:05 | view |
| China Prepares to Sell Cotton From Reserves on Supply Concerns | 27-06-2023 22:40:52 | view |
| Punjab: Rain problem for cotton growers, paddy farmers hope for relief | 27-06-2023 18:24:46 | view |
| Pakistan: The trend of declining spot rate continues amid light business. | 27-06-2023 17:50:41 | view |
| Rupee rises 7 paise to 81.97 against US dollar | 27-06-2023 17:21:39 | view |
| rupee 1 paise weak against dollar | 26-06-2023 23:18:26 | view |
| "Cotton bollworm menace worries Punjab, more than 4,000 hectares affected" | 26-06-2023 19:09:12 | view |
| Pakistan : Weekly Cotton Review: Rates fall amid sluggish trade; "Textile Sector Focused Towards National Importance" | 26-06-2023 18:05:00 | view |
| Rupee rises 3 paise to 82 against US dollar | 26-06-2023 17:07:07 | view |
| Panipat: Yarn industry is in trouble | 24-06-2023 00:57:37 | view |
