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Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"The latest news on cotton prices in India indicates a significant surge to a 9-month high, breaking the Rs 61,000-mark per candy. This increase is attributed to a combination of factors including low crop arrival and high demand. Globally, cotton prices have also experienced a notable uptick, reaching an 18-month high, with a rise of 27% globally and 16% in India during February 2024.The ICE futures, a global exchange index, has observed 65-70 percent Open Interest with Funds and Speculators, reflecting increased interest and activity in cotton futures.Cotton exports from India are estimated to reach a two-year high in February, totaling 400,000 bales, with Gujarat contributing 42,000 bales daily. The Gujcot association report indicates that Indian cotton has maintained competitiveness in global markets, resulting in an estimated 2.5 million bales exported in the 2023-24 period. Key importing countries include China, Bangladesh, and Vietnam.In the 2023-24 season, approximately 215 lakh bales arrived in the country, with 75-80 lakh bales held by farmers, 32 lakh bales with the Cotton Corporation of India (CCI), and trade accounting for 18-20 lakh bales. This data suggests a robust performance in the cotton market, driven by both domestic demand and global export opportunities.

The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 4 paise stronger at Rs 82.88 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 82.92 against the dollar with a weakness of 2 paise. Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 53.96 points at the level of 72250.92 points. Whereas NSE's Nifty opened with a fall of 25.90 points at the level of 21925.30 points. A total of 1,935 companies started trading on BSE today.

This evening, the rupee closed at Rs 82.92 against the dollar with a weakness of 3 paise.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points. Whereas Nifty fell by 247.10 points and closed at the level of 21951.20 points. Apart from this, a total of 3,921 companies were traded in BSE today, out of which about 889 shares closed with gains and 2,955 shares closed with decline.

Today the rupee opened with a weakness of 1 paise at Rs 82.91 against the dollar.The rupee opened with weakness against the dollar today. At the same time, on Tuesday, the rupee closed at Rs 82.90 against the dollar with a weakness of 1 paise.  Today BSE Sensex is currently at 73133.99 and Nifty 50 is at 22215.25. These are almost flat. A trading day ago, Sensex had closed at 73095.22 and Nifty at 22198.35.read more...👇🏻👇🏻👇🏻👇🏻Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units

This evening, the rupee closed at Rs 82.90 with a weakness of 1 paise against the dollar.Stock market recovered from declineToday Sensex closed at 73095.22 points with a gain of 305.09 points. Whereas Nifty closed at the level of 22198.30 points with a gain of 76.30 points.Read more...👇🏻👇🏻👇🏻👇🏻Telangana: CCI procures 12.31 lakh tonnes of cotton

Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning UnitsReaching Rs 58,000 per candy (356kg) from Rs 55,000 earlier in the month. The rise is attributed to lower crop arrival and increased demand, impacting the competitiveness of cotton exports. The slower arrival of Indian physical cotton, particularly from Gujarat, has contributed to the price surge.Experts suggest that the fluctuations are influenced by factors such as market demand, supply dynamics, and external conditions. Despite improved demand in the textile market over the past two months, the higher cotton prices are causing challenges for spinning units in maintaining profitability.The senior vice president of the Spinners’ Association Gujarat (SAG), Jayesh Patel, noted that while there was a good demand for exports when cotton prices were stable around Rs 55,000 per candy for almost two months, the recent increase has affected export competitiveness. Cotton yarn prices have also risen from Rs 235 to Rs 255 per kilo in February, making Indian cotton more expensive in the international market.The increase in yarn prices has led to a slowdown in both domestic and international demand. Although new export orders are available at around Rs 253 per kg, inclusive of all costs, the recent spike in prices, coupled with the Rs 20 per kg increase in yarn prices, makes exports less viable even with government incentives.The report indicates that while there is optimism for continued improvement in global cotton prices, the current trend poses challenges for the Indian cotton industry, impacting both domestic and international trade.read more....👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI

Today, the rupee opened with a strengthening of 1 paise at Rs 82.88 against the dollar.The rupee opened strongly against the dollar today. At the same time, on Monday, the rupee strengthened by 5 paise and closed at Rs 82.89 against the dollar.Sensex (BSE Sensex) is currently at 72757.07 and Nifty 50 at 22112.60. These are almost flat. A trading day ago, Sensex had closed at 72790.13 and Nifty at 22,122.05.Today i.e. on 27 February 2024, as soon as the market opened, it jumped to Rs 3,92,16,898.04 crore. This means that investors' capital has increased by Rs 14378.2 crore.read more....👇🏻👇🏻👇🏻👇🏻Indian textile industry welcomes removal of import duty on ELS cotton

This evening, the rupee strengthened by 5 paise and closed at Rs 82.89 against the dollar.Huge decline in stock marketToday Sensex closed at the level of 72790.13 points with a fall of 352.67 points. Whereas Nifty closed at the level of 22122.00 points with a fall of 90.70 points.Read more...👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI

Cotton Payments: Dues of cotton growers are pending with CCIJalgaon News : Many farmers who sell cotton at various procurement centers of Cotton Corporation of India (CCI) have not yet received their payment. Farmers are facing problems due to non-linking of bank accounts with Aadhaar, limitation of Jan Dhan accounts and non-payment due to other reasons.Since the price of cotton in the market was not equal to the guaranteed price, many people sold cotton in the centers of 'CCI'. At that time the bank account and Aadhaar key details of the farmers were also taken. Even after selling the cotton, Aadhaar and Satbara were taken.The person concerned with the purchase center claimed that the payment would reach the bank account in two days. But even after seven-eight days, the payment has not reached the bank account and the farmers are in confusion. Farmers are going to banks and CCI centers to know that there is no mistake.Some farmers have limited bank accounts and can only get small amounts of money from government schemes such as wages. 50 thousand rupees or one or two lakh rupees cannot come in it. Some bank account names do not match with Aadhaar. So they are not linked to Aadhaar. Many bank accounts are not linked to Aadhaar.Many farmers have to go to the bank and open a new bank account. Banks are saying that they will open a new bank account in seven to eight days. This is further delaying the arrears. Dues of more than 250 farmers in Khandesh are stuck with CCI due to various reasons.The demand is that 'CCI' should issue a check in the name of the farmer in whose name the cotton has been sold. Because many farmers are old, they do not open new bank accounts or visit banks and CCI offices daily. Due to this farmers should check the details of Satbara, Aadhaar etc. Farmers demand that those checks be accepted in nationalized and co-operative banks and farmers get immediate payment.

Today the rupee opened with a gain of 5 paise at Rs 82.89 against the dollar. On Friday, the rupee closed at Rs 82.94 against the dollar with a weakness of 10 paise.Sensex is trading at 72,995.59 with a weakness of 132.75 points or 0.18% and Nifty is trading at 22,178.80 with a decline of 33.90 points or 0.15%.

This evening, the rupee closed at Rs 82.94 with a weakness of 10 paise against the dollar.Today Sensex closed at 73142.80 points with a fall of 15.44 points. Nifty fell by 4.80 points and closed at the level of 22212.70 points.