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The rupee strengthened by 6 paise to close at Rs 83.06 against the dollar this evening.Today, the Sensex closed at 71683.23 points with a gain of around 496.37 points. At the same time Nifty closed at the level of 21622.40 points with an increase of 160.10 points.

Why is the price of Chinese cotton rising from December?Since the beginning of December 2023, ZCE cotton futures have continued to rise, with the key contract rising from a low of 14,740yuan/mt to a high of 15,860yuan/mt on the morning of January 18, up more than 1,000yuan/mt. There is an increase. From a Mt fundamentals perspective, the sustained price increase during this period is primarily driven by good demand from downstream sectors. After cotton prices bottomed out in late November, the downstream textile industry experienced a sharp reduction in cotton yarn inventories due to pre-holiday replenishment demand, pressured demand and delayed demand from October and November. This event alleviates the cotton yarn trader's concerns about inventory, and the entire industry chain returns to smooth operations. Strong downstream demand supports the upward trend in cotton prices.Due to the performance of downstream textile mills, cotton yarn inventories have declined sharply since the beginning of December and have reached a relatively low level. However, cotton yarn sales have slowed recently due to the approaching spring festival. However, the basic situation of low inventory pressure in spinning mills and no significant inventory pressure has been established for cotton yarn traders. Therefore, textile mills are still in demand to buy cotton at favorable prices after a rapid decline in cotton thread inventory. The order position for textile factories remains better than expected, with some large-scale textile enterprises receiving orders by February or March, while smaller enterprises have a relatively poor order position. Overall, home textile orders remain strong. Considering the recent boom in tourism in Harbin, residents' willingness to travel remains stronger than during the epidemic period.From the latest market retail data, Chinese domestic sales demand in 2023 is also satisfactory, especially in November and December when the year-on-year growth rate of clothing retail sales continued to expand, reaching 11% for the full year. wentOverall, unless downstream demand declines significantly, the upward driving force in cotton prices will remain. However, the performance of downstream end-market demand after the Spring Festival needs to be verified. If end-market demand is weak, inventory pressures may reappear for cotton yarn traders, which may put pressure on cotton prices. Conversely, if end-market demand remains strong and hedging pressure gradually eases, cotton will be a strong driving force for price growth.Source: CCF

The rupee opened with weakness against the dollar today.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 83.15 against the dollar. At the same time, on Thursday, the rupee strengthened by 2 paise and closed at Rs 83.12 against the dollar.Today BSE Sensex opened with a rise.Today, BSE Sensex opened at 71794.81 points with a gain of about 607.95 points. Whereas NSE's Nifty opened at 21643.50 points with a gain of 181.20 points. Today, trading started in a total of 1,979 companies on BSE.

This evening, the rupee strengthened by 2 paise and closed at Rs 83.12 against the dollar.Today Sensex closed at 71186.86 points with a fall of 313.90 points. Whereas Nifty closed at the level of 21462.30 points with a fall of 109.70 points.

38 lakh cotton bales came to Gujarat’s market yards till Jan 15The textile industry in Gujarat is optimistic as the arrival of cotton at market yards has been strong this season. According to data from the GujCot Association, the state has seen around 38 lakh bales (170kg each) from Oct 1 to Jan 15.The state is seeing about 45,000 bales arrive every day despite cotton prices being significantly lower than last year. Across India, cotton arrivals reached 1.35 crore bales till Jan 15. GujCot Association secretary Ajay Shah said, “By our estimates, Gujarat will have around 85 lakh bales for pressing in the cotton season of 2023-24 (Oct 2023 to Sept 2024). This year, arrivals have been stronger with a daily average of 45,000 bales in Gujarat. Last year, farmers were not selling the crop in volume, so arrivals were low. This year prices have decreased but farmers are selling cotton.”According to GujCot data, good quality raw cotton is priced at around Rs 1,450 per 20kg while low quality cotton is priced at around Rs 1,250 per 20kg. Processed cotton prices have remained at around Rs 55,000 a candy (356kg) for about a month, which has brought stability to the textile industry.Cotton prices had reached Rs 1.10 lakh per candy due to low supply in May 2022 and this affected the textile industry badly. Since Dec, cotton yarn export orders have also increased, according to the Spinners Association Gujarat. (SAG).source: Times of India

Rupee opened with 3 paise weakness against dollar today The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 83.17 against the dollar. At the same time, on Wednesday the rupee closed at Rs 83.14 against the dollar with a weakness of 7 paise.Today BSE Sensex opened with a decline.Today, BSE Sensex opened at the level of 71100.13 points with a fall of about 400.63 points. Whereas NSE's Nifty opened with a fall of 121.80 points at the level of 21450.20 points. A total of 2,019 companies started trading on BSE today.

This evening, the rupee closed at Rs 83.14 against the dollar with a weakness of 7 paise.Nifty below 21,600, Sensex falls 1,628 pointsToday Sensex fell by about 1628 points and closed at the level of 71500.76 points. Whereas Nifty closed at the level of 21572.00 points with a fall of 460.30 points.

Today, the rupee opened at Rs 83.14, down 8 paise against the dollar.  BSE's Sensex opened at 71815.22, down around 1313.55 points. At the same time, Nifty of NSE opened at the level of 21647.30 points with a fall of 385.00 points.

Spinners see a boost as China buys 6,000 tonnes of yarnThe textile industry has been struggling with low demand for almost a year but is now optimistic. This is mainly due to reduction in inventory across the value chain, China buying 6,000 tonnes of cotton yarn last month and fresh orders by many big players.Spinning mills in Gujarat are running at about 80% capacity and demand is expected to remain stable over the next few months.The last month has also seen an improvement in demand in the domestic market as cotton prices have stabilised. There are more than 125 spinning mills in Gujarat and their installed capacity is more than 45 lakh spindles.Jayesh Patel, senior vice-president, Spinners Association Gujarat (SAG), said, “Cotton prices are stable at around Rs 55,000-55,500 per candy and cotton arrivals in the market have been good. Yarn prices are at Rs 235-237 per kg (30 count) and though still a bit high, we have seen export orders coming in. China bought about 300 containers (about 6,000 tonnes) of yarn last month. Most of its supply is coming from Gujarat. Many global brands have also started placing orders.Patel said the entire textile value chain has witnessed lower demand mainly due to accumulation of inventory. As inventory levels fall, demand has increased again.“There is a liquidity problem in the market, but we hope the situation will return to normal soon.” Bharat Chhajed, former chairman of PDEXCIL, said, 'Last month also, there is an improvement in demand in the domestic market. Traders in Ahmedabad are buying gray fabric with confidence due to improving demand scenario. Cotton prices have also seen some stability and this has increased demand.

This evening, the rupee closed at Rs 83.07 against the dollar with a weakness of 19 paise.Whereas today the Sensex fell by about 199.17 points and closed at the level of 73128.77 points. Whereas Nifty closed at the level of 22032.30 points with a fall of 65.20 points.

Today the rupee opened with a weakness of 9 paise against the dollar.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 9 paise at Rs 82.97 against the dollar. At the same time, on Monday, the rupee strengthened by 4 paise and closed at Rs 82.88 against the dollar.Today Nifty and Sensex opened with heavy losses. Today BSE Sensex opened with a fall of 113.99 points at the level of 73213.95 points. Whereas NSE's Nifty opened with a fall of 35.30 points at the level of 22062.20 points. Today trading started in a total of 2,165 companies on BSE.