Cotton prices hit new high, soften pink bollworm blowThe pink bollworm pest has adversely affected yield of the cotton crop in Bathinda and Mansa districts of Punjab, but there is a silver lining at the end of the tunnel — the crop is being sold for a premium in grain markets, with the selling price touching an all-time high of Rs 8,060 per quintal at one place on Saturday.Previously, the cotton crop had touched an all-time high of Rs 7,000 per quintal. Usually, the crop does not sell for more than Rs 6,000 per quintal. Though a considerable portion of cotton has been damaged by pink bollworm in Bathinda and Mansa this year, farmers are still bringing the cotton that could be salvaged from their fields to grain markets.At Bhucho Mandi in Bathinda district, the crop traded at Rs 8,060 per quintal. In Bathinda, it fetched Rs 8,015 per quintal. In Abohar mandi, it fetched a price of Rs 7,840 per quintal as highest.Less quality cotton also was traded between Rs 6,000 and Rs 6,500 per quintal, while the MSP for 27.5-28.5mm-long staple cotton was Rs 5,925 per quintal. Cotton has been sown on 3.03 lakh hectares in Punjab this year.Farmer Iqbal Singh from Bhagi Wander village near Talwandi Sabo, who had sown cotton in his family-owned 17 acres, said he got a yield of less than four quintal per acre, which was 9-10 quintals per acre earlier. "Had the yield been similar, we could have made a fortune. Now we are in a dilemma: whether to call it white gold or not," he said.Fellow villager Mohinder Singh, who had sown the crop on three acres, too complained of low yield due to pink bollworm. A number of pests were seen crawling on the ground where Mohinder and Iqbal had unloaded the cotton crop in the grain market. Mohinder said, "We had taken three acres on lease for Rs 59,000 per acre and will have to incur loss, as we may not be able to get any profit from this crop and will have to depend on the next wheat crop."A few metres away, Malkit Singh of Buladewala village, who had sown crop on 1.5 acres said the yield was low. Accompanying him, small farmer Mithu Singh from Bir Talaab village, who had sown cotton on only one acre, said he got less than four quintals, which ideally should have been over 10 quintals.However, farmer Gursahib Singh was pleased as his cotton crop fetched Rs 7,920 per quintal. He got a yield of over 10 quintals per acre. He said it was first picking and one more or even two pickings will be done. "I expect to get better price for the crop," he said.Bathinda market committee secretary Gurwinder Singh said adequate quantity of cotton was coming to mandis and fetching prices close to Rs 8,000 per quintal.4.5L quintals boughtAccording to the data compiled by the Punjab State Agricultural Marketing Board, the 4.47 lakh quintals of cotton crop has been purchased by private traders till October 16. Of this, 1.61 lakh quintals has been sold in mandis of Fazilka, 93,000 quintals in Mansa, 90,500 quintal in Muktsar and 90,850 quintal in mandis of Bathinda. Apart from these, over 11,000 quintals of cotton has been sold in mandis of Faridkot, Barnala and Sangrur.Reasons behind price surgeCotton trading agency Indian Cotton Association Limited (IACL) former president Mahesh Sharda said cited delayed arrival of crop due to inclement weather, a fall of 5% in area under cotton and a speculative swing the international market as probable reasons for spurt in prices. "Though it is expected prices may come down to some extent after Diwali when arrival will pick up, prices would firm up in the long run," he said
Rupee depreciates against dollar, loses 3 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 3 paise at Rs 75.28 against the dollar. At the same time, on Thursday, the rupee closed at Rs 75.25 with a strength of 11 paise against the dollar.Sensex's new record opened up by 447 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 447.00 points to open at the level of 61752.95 points. On the other hand, the Nifty of NSE opened with a gain of 130.20 points at the level of 18468.70 points.
*All India Weather Forecast for October 18, 2021**Weather systems made across the country*A Low Pressure Area is now over Telangana and adjoining parts. The associated cyclonic circulation extends up to 5.8 km above mean sea level and is moving towards southwest with elevation.This weekend is over a low pressure area over Southeast Arabian Sea off Kerala coast. However, a Cyclonic Circulation persists over Southeast Arabian Sea.A trough is extending from North Andaman Sea to a cyclonic circulation associated with Low Pressure Area over Telangana.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred over Kerala, parts of Coastal Karnataka, Andaman & Nicobar Islands, Coastal Andhra Pradesh, Coastal Odisha, Vidarbha and Marathwada.Light to moderate rain occurred over West Bengal, Madhya Pradesh, Tamil Nadu, Rayalaseema, Telangana, parts of East Uttar Pradesh, Sikkim and Assam.Light rain occurred in Jammu and Kashmir, Gilgit Baltistan, Muzaffarabad, Ladakh, Himachal Pradesh, Uttarakhand, parts of Punjab, parts of Haryana, Rajasthan, Delhi NCR, Chhattisgarh, western parts of Uttar Pradesh, rest of Northeast India and Lakshadweep.Pollution has increased in Delhi and NCR and now it is in poor to very poor category.*Probable weather activity during next 24 hours*During the next 24 hours, light to moderate rain at isolated places over Gangetic West Bengal, parts of Coastal Odisha, parts of Maharashtra, Madhya Pradesh, Uttar Pradesh, Delhi, parts of Haryana, Himachal Pradesh, Uttarakhand and Kerala Might be possible.Light to moderate rain may occur over remaining parts of West Bengal, Sikkim, Bihar, Jharkhand, Punjab, Interior Odisha, Chhattisgarh, Tamil Nadu, South Interior Karnataka, Lakshadweep and North Madhya Maharashtra.
PAKISTAN COTTON MARKET UPDATEStable trend on cotton marketThe local cotton market on Friday remained bullish and trading volume remained satisfactory.The Spot Rate remained unchanged at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg. Cotton output in China's Xinjiang in 2021 was seen at around 5.2 million tonnes, state media reported on Thursday, on par with levels in the previous year.Planting acreage of cotton in the region reached 37.18 million mu (2.48 million mu hectares), Chinanews.com reported, citing an official at a media briefing by the Xinjiang government.The rate of cotton in Sindh is in between Rs 12000 to Rs 14600 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14800 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6100 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6400 per 40 kg. The rate of Banola in Sindh is in between Rs 1400 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 13600- 14500 per maund. The rate of Phutti in Balochistan is Rs 5500-7200 per maund.600 bales of Ghotki, 600 bales of Dherki were sold at Rs 14300 to Rs 14500 per maund, 3000 bales of Khair Pur were sold at Rs 13700 to Rs 13800 per maund, 600 bales of Mir Pur Mathelo, 600 bales of Pano Aqil were sold at Rs 14300 to Rs 14500 per maund, 400 bales of Saleh Pat were sold at Rs 14300 per maund, 600 bales of Moro were sold at Rs 13800 per maund, 600 bales of Sanghar, 400 bales of Mir Pur Khas were sold at Rs 11500 per maund, 800 bales of Mian Wali , 3000 bales of Rahim Yar Khan, 1000 bales of Sadiqabad, 1000 bales of Khan Pur were sold at Rs 14500 per maund, 200 bales of Hasil Pur were sold at Rs 14200 per maund, 1200 bales of Fort Abbas were sold at Rs 13975 to Rs 14300 per maund, 1400 bales of Yazman Mandi were sold at Rs 14100 to Rs 14200 per maund, 1200 bales of Donga Bonga were sold at Rs 14000 per maund, 1200 bales of Faqeer Wali were sold at Rs 14000 to Rs 14100 per maund, 1400 bales of Haroonabad were sold at Rs 14000 to Rs 14200 per maund, 600 bales of Layyah were sold at Rs 13850 to Rs 14000 per maund and 600 bales of Bahwalpur were sold at Rs 13950 per maund.
Cotton prices rally amid speculative buyingCotton futures rose rapidly over recent weeks as speculators began buying for potentially big profits based on expectations that prices would go up, according to a Texas A&M AgriLife Extension Service expert.The rally has been good for Texas cotton growers who have negotiated prices during the rally or who still have cotton to sell, said Dr. John Robinson, AgriLife Extension cotton marketing economist, Bryan-College Station. But he suspects the spike in buying and climbing prices is nearing the end.Factors weighing on cotton pricesRobinson said the cotton price rally started three weeks ago when it became clear prices would be up and the number of futures contracts held by long speculators were targeting cotton. The speculative buying pushed prices higher, but he said it is unclear what negative cropping and production factors were pushing futures purchases.Issues pushing the price increase could be rain in the U.S. Cotton Belt or problems with cotton crops in India or production issues in China, including import bans for cotton produced by Uyghur minorities in slave labor camps in northwestern parts of the country.But those factors alone should not be enough to cause the 25 cent per pound price jump over the three weeks from the 80 cent to 90 cent per pound range to $1.14 per pound for December futures. Robinson said conditions are bullish for cotton with strong demand, but the supply side and what is creating the strong demand are less clear.Robinson said there is evidence for strong demand related to large buys of U.S. cotton based on the Phase 1 trade agreements that reduced or removed tariffs from the trade war with China.Export demand for U.S. cotton triggered a 45 cent rally that took per-pound prices from 50 cents on April 1, 2020, to 95 cents by March 2021. That sustained price rally was driven by a global textile manufacturing ramp-up as mills reopened or increased capacity following initial COVID-19-related shutdowns.But historically, price rally patterns influenced by speculation are volatile and short-lived, Robinson said. “This week is the third week of the rally and there has been some selling,” he said. “So, this may be the top of the rally, but it is hard to predict based on what might be driving it to begin with. These speculators can unpredictably sell to take their profits or out of fear that the price could drop.”Prices good for cotton growersRobinson said Texas cotton growers should not expect prices to necessarily continue climbing. Prices this time last year lingered in the 70 cent per pound range, Robinson said.About two-thirds of Texas cotton is sold through a cooperative that pools their supplies and negotiates the best prices for members throughout the year. Cash offers are available to those with unsold cotton in the field or who have bales at gins that could fetch premium prices based on lint quality and grades.Many independent growers who locked in prices around 85 cents per pound may have seller’s remorse, but Robinson said they still did well.“The pricing opportunities are there for growers who have unsold cotton,” he said. “Hopefully they have good yields and can take advantage of this rally. It is a good year for them to pay off debt, invest in their operation and save some money, especially producers who have had a tough couple of years.”Robinson said there are ways for producers to begin planning for marketing their commodities and protecting their operation from the downside of potential prices in 2022. AgriLife Extension’s Master Marketing workshops focused on cotton provide information and education on how to maximize price opportunity and hedge against potential losses.Consumers and cotton pricesDespite some reports, Robinson said higher cotton prices are not the reason consumers may see higher prices on cotton-dependent clothing and apparel. The 25 cents per pound rally may translate into millions of dollars to buyers and sellers of raw cotton but does not add that much to the cost of a t-shirt or a pair of jeans.“The raw material is only a small part of the cost to create and market these products,” he said. “Manufacturing, shipping, labor and branding are all likely adding more to product costs compared to cotton. Fuel prices are higher. There are fewer trucks moving products and any disruptions to get finished products to market also add to the end cost to consumers.”
PAKISTAN COTTON MARKET UPDATECotton prices drift lower amid slow tradingThe Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 300 per maund and closed it at Rs 14100 per maund.The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 300 per maund and closed it at Rs 14100 per maund. The Polyester Fiber was available at Rs 225 per kg.The local cotton market remained bearish and trading volume remained satisfactory.The rate of cotton in Sindh is in between Rs 11000 to Rs 14200 per maund and the rate of cotton in Punjab is in between Rs 14000 to Rs 14300 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 4000 to Rs 6000 per 40 kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6300 per 40 kg. The rate of Banola in Sindh is in between Rs 13550 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1000 to Rs 1900 per maund. The rate of cotton in Balochistan is in between Rs 13400- 14400 per maund. The rate of Phutti in Balochistan is Rs 5800- 6200 per maund. 600 bales of Ghotki, 1000 bales of Dharki were sold at Rs 14300 per maund, 2000 bales of Khair Pur, 600 bales of Mir Pur Mathelo were sold at Rs 13600 to Rs 13900 per maund, 200 bales of Sarhad were sold at Rs 14325 were sold at Rs 14325 per mand, 1200 bales of Mian Wali were sold at Rs 14150 per maund to Rs 14500 per maund, 200 bales of Chichawatni were sold at Rs 14150 per maund, 800 bales of Tunsa Shareef, 200 bales of Donga Bonga, 800 bales of Haroonabad were sold at Rs 14000 per maund, 200 bales of Ali Pur were sold at Rs 13900 per maund, 400 bales of Layyah were sold at Rs 13700 to Rs 13800 per maund, 400 bales of Fort Abbas were sold at Rs 14200 to Rs 14300 per maund, 200 bales of Faqeer Wali were sold at Rs 14200 per maund and 200 bales of Hasil Pur were sold at Rs 14000 per maund.
The next U.S. Export Sales Report will be released on Friday, October 15, 2021.The new marketing year for soybean cake & meal, soybean oil, sunflowerseed oil, cottonseed cake & meal, and cottonseed oil began October 1, 2021.Outstanding 2020/2021 sales of these commodities will be carried forward by reporting exporters for delivery in the 2021/2022 marketing year.Special tables showing summary data for the 2020/2021 marketing year are published at the end of this report.
Today evening, the rupee strengthened by 11 paise to close at Rs 75.25 against the dollar.Today the stock market closed sharply.Today, where the Sensex closed at the level of 61305.95 points with a gain of about 568.90 points. On the other hand, Nifty closed at 18338.50 with a gain of 176.70 points.
Punjab: Cotton crop relief talks inconclusiveWith the state government not ready to enhance compensation from Rs 12,000 per acre for cotton crop damaged in a recent pink bollworm infestation and farm organisation BKU (Ekta Ugrahan) adamant on its demand for Rs 60,000 per acre, talks between the state government and farmers remained inconclusive on Wednesday.As per sources, the state government has prepared a provisional proposal of Rs 478 crore as compensation, but the acreage has not been calculated fully yet. As per state policy, there are three categories for determining loss: 26% to 32%, 33% to 75%, and 76% to 100%. The compensation for a loss from 76% to 100 % is Rs 12,000 per acre. By protocol, the state government and state disaster response force (SDRF) share the burden of compensation. The bollworm attack in Bathinda and Mansa districts has caused considerable loss to the cotton crop, while it is much less in Sangrur. Cotton has been sown on 3.03 lakh hectares in Punjab this year, of which over 50% has been sown in Bathinda and Mansa. BKU (Ekta Ugrahan) activists have been protesting near the residence of Punjab finance minister Manpreet Singh Badal since October 5 to demand compensation.BKU (Ekta Ugrahan) state secretary Shingara Singh Mann said they had already told officials before the meeting that compensation of Rs 12,000 per acre was not acceptable. “Authorities had assured us that officials in the meeting will have the power to enhance compensation, but they did not agree. Now our protest at the residence of finance minister will continue,” he said.Chief minister’s principal secretary Hussan Lal said farmers had calculated all details incurred in preparing crop which included lease money, seeds, pesticides and labour and they prepared input cost at Rs 60,000, but the state policy was of compensating with Rs 12,000 per acre.
India to see record cotton consumption & strong exports in 2021-22India’s 2021-22 cotton consumption is forecast at a record 25.5 million bales and exports are projected at the second-highest level in 8 years at 5.8 million. This level of total use is forecast to lower ending stocks to 12.4 million bales, down nearly 4 million compared with the record level two years prior, according to US Department of Agriculture (USDA).“A robust recovery from the COVID-19 pandemic and stronger domestic consumption and exports of cotton yarn, fabric, and products are projected to support a significant downfall in stocks,” the Foreign Agricultural Service of the USDA said in its latest monthly report on ‘Cotton: World Markets and Trade’.Cotton stock levels in India nearly doubled to a record two years ago primarily due to two factors. First, production soared 3.0 million bales while consumption fell over 4.0 million. Second, India’s seed cotton prices fell below the Minimum Support Price (MSP), which drove record state purchases and storage of cotton lint in cotton year (CY) 2020 by the Cotton Corporation of India (CCI).However, due to record sales the next season, i.e. in 2020-21, CCI’s record stock levels quickly fell. Mills and exporters were eager buyers, with 2020-21 domestic consumption rising 4.0 million bales and exports at their highest in seven years at 6.2 million, the USDA report said.India’s projected record consumption in 2021-22 is driven by the expected strong gross domestic product (GDP) growth as well as rising textile exports. The International Monetary Fund’s October Update projected India’s GDP growth at 9.5 per cent in 2021 and 8.5 per cent in 2022, which is expected to support domestic consumption of cotton textiles and garments.Further, the world GDP growth projections of 5.9 per cent in 2021 and 4.9 per cent in 2022 are expected to support exports of cotton lint, yarn, fabric, garments, and home furnishings.In 2021-22 season, CCI is not expected to purchase a significant quantity of domestic cotton, due to spot prices exceeding the MSP procurement price (₹5,762 per 100 kg of seed cotton). “Fewer government purchases and less storage coupled with the second-highest level of total offtake (consumption plus exports) are expected to prevent stocks from ballooning back to historically high levels,” the report concluded.Meanwhile, USDA as raised the 2021-22 outlook for global cotton production with larger crops in Pakistan and Turkey more than offsetting lower crops in the United States and India. Use is lowered with consumption falling in China and Vietnam, more than offsetting higher consumption in Pakistan and Turkey. Restrictions on China’s electricity use and COVID-19 restrictions in Vietnam (August through September) result in lower projections for consumption. Global trade is down on lower imports for Pakistan and Vietnam more than offsetting greater China demand. Exports are lowered for India and Brazil, with the former having significantly lower supplies compared with last month.For the US, 2021-22 production is lowered 0.5 million bales to 18.0 million. Exports and use are unchanged, with ending stocks down to 3.2 million bales. The US season-average farm price is raised 6 cents to 90 cents per pound.
Rupee opens 9 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 9 paise at Rs 75.27 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 75.36 with a strength of 15 paise against the dollar.Sensex starts sharply, rises 328 points to open at record levelToday the stock market opened with great momentum. Today the BSE Sensex rose by about 328.34 points to open at the level of 61065.39 points. On the other hand, the Nifty of NSE opened with a gain of 103.90 points at the level of 18265.70 points.
*Cotton market remains bearish**The local cotton market on Wednesday remained bearish and trading volume remained satisfactory.**The rate of cotton in Sindh is in between Rs 11,500 to Rs 14,500 per maund and the rate of cotton in Punjab is in between Rs 14,300 to Rs 14,700 per maund.**The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 6200 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 6300 per 40 Kg. The rate of Banola in Sindh is in between Rs 13,550 to Rs 13,900 per maund. The rate of Banola in Punjab is in between Rs 1500 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 13,600- 14,500 per maund. The rate of Phutti in Balochistan is Rs 5900- 7100 per maund.**800 bales of Sanghar were sold at Rs 12,000 per maund, 800 bales of Ghotki were sold at Rs 14,500 per maund, 2400 bales of Khair Pur were sold at Rs 14,000 to Rs 14,100 per maund, 1200 bales of Lodhran were sold at Rs 14,400 to Rs 14,825 per maund, 400 bales of Rahim Yar Khan were sold at Rs 14,800 per maund, 1400 bales of Mianwali, 400 bales of Ahmed Pur East were sold at Rs 14,700 per maund, 1200 bales of Faqeer Wali were sold at Rs 14,400 to Rs 14,500 per maund, 600 bales of Fort Abbas were sold at Rs 14,500 per maund, 1000 bales of Haroonabad were sold at Rs 14,300 to Rs 14,400 per maund, 1200 bales of Yazman Mandi were sold at Rs 14,400 per maund and 800 bales of Ali Pur were sold at Rs 14,300 per maund.**The Spot Rate remained unchanged at Rs 14,400 per maund. The Polyester Fiber was available at Rs 225 per Kg.*
All India Weather Forecast for October 14, 2021**Weather systems made across the country*Conditions are becoming favorable for withdrawal of Southwest Monsoon from some more parts of Maharashtra, Telangana and Karnataka by October 14.The Cyclonic Circulation lies over East-central Bay of Bengal and adjoining areas. Under its influence, a low pressure area is likely to develop over the same area soon and move north-westwards towards south Odisha and Andhra Pradesh coast.A Cyclonic Circulation is persisting over East Central Arabian Sea. It extends up to 4.5 km above sea level and is inclined towards south-west with elevation.The East West Trough is now moving from a cyclonic circulation over Middle East Bay of Bengal to a cyclonic circulation over East Central Arabian Sea across South Coastal Andhra Pradesh, South Interior Karnataka and Coastal Karnataka.A Cyclonic Circulation lies over Central Pakistan and adjoining areas.*Weather movement across the country during the last 24 hours*During the last 24 hours, the Southwest Monsoon is expected to completely dissipate by October 14.Light to moderate rain is very likely at isolated places over Andaman and Nicobar Islands, parts of Coastal Karnataka, Kerala and Tamil Nadu, Lakshadweep and South Interior Karnataka.Light to moderate rain is possible over Gangetic West Bengal, parts of Northeast India, Coastal Odisha, Coastal Andhra Pradesh and parts of Konkan and Goa.*Possible weather activity during next 24 hours*During the next 24 hours, moderate to heavy rains are very likely over Kerala and Andaman and Nicobar Islands.Light to moderate rain with isolated heavy rain is likely over Tamil Nadu, Coastal Karnataka and South Interior Karnataka.Moderate rain with one or two places may occur over Manipur, Mizoram, Tripura, Gangetic West Bengal, Coastal Odisha, Lakshadweep, Konkan and Goa and Coastal Andhra Pradesh.Light rain is possible in isolated parts of Madhya Maharashtra, South Gujarat and rest of Northeast India and Madhya Pradesh.
Today evening, the rupee strengthened by 15 paise to close at Rs 75.36 against the dollar.Today the stock market closed sharply. Today, where the Sensex closed at the level of 60737.05 points with a gain of about 452.74 points. On the other hand, Nifty closed at 18161.80 with a gain of 169.80 points. All time high closing level of Sensex and Nifty.
Punjab reels under power cutsThe persisting coal crisis forced Punjab to continue with power cuts, 3-9 hours in a day, for the fourth day in a row, on Tuesday, while Haryana, in contrast, claimed to have enough stocks to run its power plants. In Andhra Pradesh, directions to implement power cuts from Saturday led to a rush among people to buy inverters as traders jacked up its prices by nearly 30%.In Rajasthan, chief minister Ashok Gehlot said it is the Centre’s responsibility to help states in the matter.In Punjab, as industry continued to suffer due to unscheduled power cuts, the coal stocks in the state remained critically low.The Nabha Power Limited, Rajpura, plant has 2.3 days coal stock, Talwandi Sabo Power Limited in Mansa district’s Banawala village has stock of 1.7 days and GVK 1.3 days.while the state-run power plant in Ropar has 3.2 days stock and the one at Lehra Mohabbat has stock for 2.6 days.
The Southern India Mills Association (SIMA) seeks steps to stabilise cotton pricesThe Southern India Mills Association (SIMA) on Tuesday appealed to Prime Minister Narendra Modi to introduce an innovative Cotton Procurement and Trading Scheme for Cotton Corporation of India for price stability. It can be done by providing government funding to procure 10 to 15 per cent of the cotton that arrive in the market during the season and by creating a strategic stock for price stability, selling cotton only to actual users in a staggered manner till the end of the season and maintaining some buffer stock for the next season, SIMA Chairman Ravi Sam said in a statement here.Cotton being the engine of growth for the Indian textiles and clothing industry owing to the advantage of home grown cotton for several decades at a competitive price, which enabled the industry to become the second-largest employment provider in the nation providing jobs to over 105 million people including 6.5 million farmers, rural masses and women folks across the country, he said.However, the industry has been facing challenges very often during the last ten years due to high volatility in cotton prices that account 60 per cent of cotton production for the yarn, Sam said.Consequent to removal of cotton from the Essential Commodities Act, multinational cotton traders started dominating the Indian cotton economy, procuring cotton on a large scale during peak season taking advantage of hedging facility and cheaper funds, export cotton at a lower price, create scarcity and speculate the prices during the off season, the SIMA chairman said.Further, he said the CCI also offloads bulk volume with attractive discount including free period up to 120 days to liquidate the stock and facilitate price speculation by constantly increasing the prices, which greatly affects the MSME cotton textile units across the value chain and the exporters find it difficult to meet the export commitments.SIMA sought the Prime Minister's immediate intervention to stabilise cotton prices as they have surged to the peak level in the last 11 cotton seasons especially in the international market.
| title | Created At | Action |
|---|---|---|
| Cotton prices hit new high, soften pink bollworm blow | 18-10-2021 17:34:36 | view |
| Rupee depreciates against dollar, loses 3 paise | 18-10-2021 17:27:42 | view |
| *All India Weather Forecast for October 18, 2021* | 18-10-2021 14:56:40 | view |
| PAKISTAN COTTON MARKET UPDATE | 16-10-2021 17:43:14 | view |
| Cotton prices rally amid speculative buying | 15-10-2021 18:11:42 | view |
| PAKISTAN COTTON MARKET UPDATE | 15-10-2021 18:10:27 | view |
| The next U.S. Export Sales Report will be released on Friday, October 15, 2021 | 15-10-2021 00:58:29 | view |
| Today evening, the rupee strengthened by 11 paise to close at Rs 75.25 against the dollar | 14-10-2021 23:49:14 | view |
| Punjab: Cotton crop relief talks inconclusive | 14-10-2021 19:29:31 | view |
| India to see record cotton consumption & strong exports in 2021-22 | 14-10-2021 17:55:45 | view |
| Rupee opens 9 paise stronger against dollar | 14-10-2021 17:41:40 | view |
| pakistan cotton market update | 14-10-2021 14:48:09 | view |
| *All India Weather Forecast for October 14, 2021* | 14-10-2021 14:33:28 | view |
| Today evening, the rupee strengthened by 15 paise to close at Rs 75.36 against the dollar | 13-10-2021 23:55:39 | view |
| Punjab reels under power cuts | 13-10-2021 23:54:26 | view |
| The Southern India Mills Association (SIMA) seeks steps to stabilise cotton prices | 13-10-2021 18:53:48 | view |
