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Pakistan Cotton market: Mills show little interest in fresh buyingThe local cotton market on Tuesday remained steady and the trading volume remained low.Cotton Analyst Naseem Usman told the rate of cotton in Sindh is in between Rs 15,500 to Rs 18,000 per maund.The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,200 per 40 kg. The rate of cotton in Punjab Rs 16,000 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 6,500 to Rs 8,400 per 40 kg.The rate of cotton in Balochistan is Rs 17,000 to Rs 17,500 per maund while the rate of Phutti is in between Rs 6,500 to Rs 8,000 per 40 kg.200 bales of Tando Adam were sold at Rs 16,000 to Rs 16,500 per maund, 200 bales of Lodhran were sold at Rs 17,300 per maund, 1000 bales of Sadiqabad were sold at Rs 17,800 per maund, 600 bales of Donga Bonga and 400 bales of Haroonabad were sold at Rs 17,200 per maund.The Spot Rate remained unchanged at Rs 17,500 per maund. Polyester Fiber was available at Rs 360 per kg.

This evening, the rupee closed at Rs 83.36 with a weakness of 2 paise against the dollar.Today the Sensex closed at 65930.77 points with a gain of about 275.62 points. Whereas Nifty closed at the level of 19783.40 points with a gain of 89.40 points.

Increase in labour cost in Bangladesh could help Indian garment exporters, say expertWill Indian garment export demand see an upswing due to labour issues in Bangladesh, which has an edge over India in the sector globally? Things look bright but challenges remain.Bangladesh has built a ‘solid’ garment industry in the last one decade. It has an edge over India in the global readymade garments market, which is valued around $1,110 billion in 2023. India’s exports of readymade garments (RMG) including cotton accessories stood at $16 billion in FY23. In comparison, Bangladesh’s RMG exports last fiscal was more $47 billion, according to data on the web.David Birnbaum, Strategic Planner for the Global Garment Export Industry, says garment industries in Bangladesh are in trouble as tens of thousands of workers have taken to the street seeking higher wages. With minimum wage of $75 per month, workers there are demanding now minimum wages of $208. However, the industry has offered $113 on a take-it-or-leave-it-basis, he said.“We are looking at an existential problem. Frankly, a rise to $113 is not enough. Indeed, it is still below wages in neighbouring India and Pakistan,” he said. India’s wages in the garment sector is $168, while it is $142 in Pakistan, he added.Bangladesh’s garment industry is certainly in a state of decline, but so too are Pakistan and Cambodia and the other cheap commodity garment exporters, he told businessline.“India’s advantage is that it is not Bangladesh. India’s strategy is not to become the next Bangladesh but rather the next India. You have special nets and and facilities that customers want and need. Develop those. For instance, India has great fashion and colour sense. You can produce great quality. You can maintain design integrity. However, these are of no value if you plan to be the next Bangladesh,” he said.The Indian garment export demand may see an upswing due to high labour costs in Bangladesh, which is a major competitor, said P Sundararajan, CMD, SP Apparels Ltd, based in Avinashi in Coimbatore, and a large garment exporter.Bangladesh is consuming a wage hike of 35 per cent to 40 per cent. The high inflation there could create an opportunity for India’s apparel players. The situation in Bangladesh presents a significant opportunity for the Indian garment industry to capture a larger share of the global market, he told analysts while discussing the company’s September quarter financial results.Moreover, recent developments in Bangladesh, such as increase in labour costs and worker unrest impacting the industry, have led many retailers to shift their focus away from Bangladesh, he said.Scale & Competitiveness“Indian apparel companies needs to build scale and competitiveness in every aspect of manufacturing, very importantly integration. Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” he said.N Chandran, Chairman of the Tiruppur-based Eastman Exports, said, “there will be no immediate benefits, but we hold a positive outlook for the long term. We will have to monitor events in Bangladesh, including the consideration of duty-free access to the US. The consideration of duty-free access to the US is in the wake of Bangladesh seeking this benefit from the US for its exports.”“Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” said Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation, Coimbatore.. “We need to build scale and competitiveness in every aspect of manufacturing, very importantly integration,” he added.

This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 7 paise.Today Sensex closed at 65655.15 points with a fall of 139.58 points. Whereas Nifty closed at the level of 19694.00 points with a fall of 37.80 points. Apart from this, a total of 3,980 companies were traded in BSE today, out of which about 1,882 shares closed with gains and 1,932 shares closed with decline. There was no difference in the share prices of 166 companies. Today, 413 stocks have closed at their 52-week high.

This evening, the rupee closed at Rs 83.27 against the dollar with a weakness of 4 paise.  Today the Sensex closed at the level of 65794.73 points with a gain of about 187.75 points. Whereas Nifty closed at the level of 19731.80 points with a gain of 33.40 points.

Brazil cotton price market fluctuations in October’23Brazilian cotton price marked fluctuations in October’23, revealing a divergence between cotton qualities and pricing dynamics.According to a report by the Center for Advanced Studies on Applied Economics (CEPEA), moments of stability amid buyer insistence on lower prices and seller demands for higher values.While there was a keen interest in new transactions, purchasers remained inclined to offer reduced prices, resulting in limited trades focused on inventory replenishment or immediate consumption.Particularly for high-quality cotton, some sellers stood firm on their price demands, contributing to market stability.Overall, October experienced decreased in market liquidity, attributed to logistical challenges such as elevated freight costs and transportation difficulties.The Brazilian Association of Cotton Growers (Abrapa) disclosed that, by October 26, cotton processing in Brazil had reached 74% of national production, with Mato Grosso at 68% and Bahia at a 90%.Over the period from September 29 to October 31, the CEPEA/ESALQ Index for cotton reflected a 1.36 percent decrease, closing at BRL 4.0185 per pound on October 30.Besides that, the Cotton Outlook report projected a 4.85 percent global decrease in cotton production for 2023-24 (24.603 million tons) compared to the previous year (2022-23 - 25.857 million tons) on October 27.The estimate for Brazil's cotton production in 2023-24 is 3.05 million tons, indicating a 3.8% decline from the previous year's figure of 3.17 million tons.Earlier this year on March, Brazil cotton price rose by 5.4%, according to the Center for Advanced Studies on Applied Economics (CEPEA).

Bangladesh: Exporters are facing problems in shipment due to continuous blockadeThe blockade, called by the opposition, has disrupted the transportation of import and export goods, causing significant disruption to the country's industrial sector.Stakeholders have raised concerns about the decline in production as imported raw materials are not reaching factories on time. The disruption is affecting the production of all types of industrial goods, including ready-made garments, the major export earner for Bangladesh.Exporters are facing huge challenges in meeting buyer's deadlines due to delays in transportation. These complications are causing disruption to shipments and putting export contracts at risk.Entrepreneurs say freight fares have almost doubled on all routes, including the vital Dhaka-Chattogram corridor, putting huge pressure on businesses.Amid rising political tensions, the readymade garment industry is witnessing a decline in orders, adding to the challenges faced by exporters and manufacturers.Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told Business Standard that the ongoing blockade is hindering timely delivery of imported garments to garment factories. As a result, it has become difficult to meet buyer deadlines.He also highlighted the increase in transport costs, saying that the freight cost of transporting goods from Narayanganj to Chattogram has more than doubled from Tk12,000 to Tk25,000 since the lockdown was imposed.Chattogram C&F Agents Association Port Affairs Secretary Md Liaqat Ali Howlader expressed concern about the transportation crisis caused by the ongoing blockade. He said importers are now paying almost double the previous fare of Tk15,000 to transport goods from Chattogram port to Dhaka.Main Uddin, vice-chairman of the central committee of Bangladesh Truck Workers Federation, blamed the increased fares for the large-scale arson attacks on vehicles during the blockade. This has created fear among truck drivers to drive on the roads, making the situation worse, he said.In recent weeks, the BNP and Jamaat-e-Islami have imposed a series of nationwide blockades demanding the resignation of the current Awami League government and the formation of a non-partisan caretaker government to oversee the next national elections.RMG orders fell in CTG portReadymade garment factory owners have reported a significant decline in orders during the first ten days of November, falling by more than 20% compared to the same period in October. They fear that the decline could reach 30% by the end of November.About 450 textile factories, including 350 BGMEA member factories in Chattogram, contribute to the export of ready-made garments. These companies typically receive orders worth $200 million per month. However, orders fell to $113 million in October.BGMEA vice president Rakibul Alam Chowdhury revealed that BGMEA member factories in Chattogram received orders worth about $44 million in the first ten days of October. The figure fell to $35 million during the same period in November, representing a decline of 20.45%.Container deliveries declined by 50% in CTG portUnder normal circumstances, Chattogram Port usually delivers around 4,000 to 4,500 containers per day, with around 6,000 to 7,000 trucks, covered vans and prime movers transporting these containers.However, due to the ongoing blockade, container deliveries have dropped to just 2,000 per day. This represents a significant decline of about 50% compared to the normal delivery rate.Chattogram port data shows container deliveries have consistently been below normal volumes since October 27. Between October 27 and November 15, container deliveries remained within the 2,000 TEU to 3,000 TEU range on only 10 out of 19 days. For the remaining nine days, container deliveries ranged from 3,000 TEU to 5,000 TEU.Meanwhile, importers are facing additional financial burden due to the blockade as they have to pay penalties for not being able to take delivery of containers on time from the port.Under normal circumstances, importers have a grace period of four days to clear their containers from the port yard without any hire charges. However, after this initial grace period, importers will have to pay $6 per day for a 20-foot container during the first week.The daily fine subsequently doubles to $12 for the second week and increases to $24 starting on the 21st day. For 40-foot containers, charges follow the same doubling pattern.As of November 15, Chattogram Port had 27,665 TEU containers in its yard, which is more than half of its holding capacity of 53,518 TEU.

This evening, the rupee closed at Rs 83.23 against the dollar with a weakness of 9 paise.Today the Sensex closed at 65982.48 points with a gain of about 306.55 points. Whereas Nifty closed at the level of 19765.20 points with a gain of 89.70 points.

Cotton production likely to decline by 25% in north MahaNashik: Cotton production in north Maharashtra is likely to decline by 25% this year due to inadequate rainfall. Normal annual cotton production in north Maharashtra is about 20 lakh tonnes, and about 10 lakh hectares of land is used to cultivate this crop. According to the state agriculture department, cotton production this year may fall to 15 lakh tonnes.“Cotton crops have been badly affected this year.Cotton production is likely to be reduced by 25-30% this year,” said agricultural officials.Cotton is sown in all four districts of north Maharashtra — Jalgaon, Dhule, Nandurbar and Nashik. In Nashik, cotton is sown in Malegaon and Yeola talukas.Of the total cotton acreage, 60% is non-irrigated and 40% is irrigated. Exact quantum of losses will be known only after the harvest is over by January-end.There has been inadequate rainfall this year. There were no showers during more than 40 consecutive days in July and August, which is the primary period of growth for cotton crops. These districts had received showers in September. Some of the crops survived, but the yield was affected.In 2022-23, area under cotton cultivation in north Maharashtra was 10 lakh hectares and production was 19 lakh tonnes. This year (2023-24), the area under cotton crops has reduced to 9.6 lakh hectares and production is expected at around 15.4 lakh tonne, according to the state agriculture department. Deva Patil, a cotton farmer in Dhule district, said the inadequate rainfall had badly affected the cotton crops. The production is likely to reduce by 40%, he said.Jalgaon district is the major cotton hub in the region. The agriculture department had projected cotton crop sowing on 5 lakh hectares in Jalgaon for the current kharif season, but actual sowing has been done on 5.5 lakh hectares.Cotton crops have been sown on 2.3 lakh hectares in Dhule district, 1.3 lakh hectares in Nandurbar and 39,900 hectares in Nashik district.source : times of India

This evening, the rupee closed at Rs 83.34 with a weakness of 6 paise against the dollar.Today Sensex is around 72.48 It closed at the levelof 64904.68 points. Whereas Nifty closed at the level of 19425.30 points with a fall of 30.00 points. Apart from this, a total of 3,820 companies were traded in BSE today, out of which about 1,926 shares closed with gains and 1,764 shares closed with decline. There was no difference in the share prices of 130 companies. Today, 227 stocks have closed at their 52-week high.

The rupee closed at Rs 83.26 this evening with a weakness of 4 paise against the dollar.Today, the Sensex closed at the level of 64942.40 points with a decline of about 16.29 points. At the same time Nifty closed at the level of 19406.70 points with a fall of 5.10 points. Apart from this, a total of 3,813 companies traded on BSE today, out of which around 1,995 shares closed with gains and 1,683 shares closed with declines. There was no difference in the share price of 135 companies. Today, 238 stocks closed at 52-week highs.