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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.

Rupee weakened by 2 paise against dollar todayThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 2 paise at Rs 82.86 against the dollar. At the same time, on Thursday, the rupee strengthened by 13 paise and closed at Rs 82.84 against the dollar.Today the stock market opened with a riseToday the stock market opened with a rise, while Nifty made a new all-time high of 22,297 points. Know complete details. After some time, BSE Sensex started trading at the level of 73268.49 points with a rise of about 110.25 points. Later, NSE's Nifty started trading at 22256.80 points with a gain of 39.30 points. Trading started today in a total of 2,935 companies on BSE.Read more...👇🏻👇🏻👇🏻👇🏻This evening, the rupee strengthened by 12 paise and closed at Rs 82.85 against the dollar.

This evening, the rupee strengthened by 12 paise and closed at Rs 82.85 against the dollar.Finally, the Sensex closed at 73,158.24, up 535.15 points or 0.74 percent. At the same time, Nifty closed at 22,217.50 with a gain of 162.50 points or 0.74 percent.

Indian textile industry welcomes removal of import duty on ELS cottonThe Indian textile industry has not only welcomed the move to remove import duty on extra-long staple (ELS) cotton but also hopes that the government will soon realize the need to eliminate duty on other cotton varieties. After this decision, cotton prices in Gujarat market fell by Rs 600 per candy of 356 kg due to immediate pressure on market sentiment. However, prices improved to some extent on Wednesday.The Central Government has removed import duty on ELS cotton. The country is heavily dependent on imports of ELS cotton. At present, around 11 per cent import duty is applicable on raw material used for fine counting of cotton yarn. “This is a worthy step,” said managing director of TT Industries and former president of the Confederation of Indian Textile Industry (CITI). We hope that the import duty on other varieties of cotton will be reviewed sooner or later.The government has to maintain a balance between the competitiveness of the industry and the protection of the farmer through MSP. He said India is a net importer of ELS cotton as the country does not grow enough cotton to meet the requirements. Import duty had made Indian value-added products made from yarn of 60/1 and above expensive. The farmers did not get any benefit. The government has rectified a mistake.“The removal of import duty may provide some relief to the textile value chain of high-end fabrics,” said Bharat Shah, a powerloom owner from Ichalkaranji in Maharashtra. For good quality clothes and garments, the production cost may be slightly reduced. He said that the psychological impact on the market sentiment of cotton may be seen only for a few days. The overall market dynamics will not change due to the government's decision.A leading cotton yarn trader from Delhi said that the consumption of ELS cotton is very less out of the total cotton requirement. Therefore this decision will have very limited impact. It cannot replace Shankar-6 cotton of Gujarat as ELS cotton is very expensive. Trade sources said cotton prices fell by Rs 600 per candy in the Gujarat market on Tuesday after the news broke. Sentiment weakened due to the wait and see policy of cotton buyers. However, prices increased by ₹200 per candy on Wednesday.

*Telangana: CCI procures 12.31 lakh tonnes of cotton*The third picking of cotton is in progress in almost all the cotton growing districts in the State and huge stocks from the first and second picking are still lying with the growersHyderabad: The third picking of cotton is in progress in almost all the cotton growing districts in the State and huge stocks from the first and second picking are still lying with the growers. Overcome by panic due to sudden decision of the CCI to suspend procurement operations at Sadasivapet town last week, farmers started looking forward to the government support for ensuring continued procurement at all centres till the end of the season.The official machinery of the State government reached out to the centres dispelling fears of the growers. The government had written to the CCI seeking steps to continue all its procurement centre as the farmers were still holding more than half of their produce with them.Given the high prices prevailing in the international market, growers were hopeful of further hike in the prices. They are yet to move their stock to the procurement centres. The third picking is expected to add more than 7 lakh tonne to the stocks with the farmers. The CCI had already assured to continue the purchase centres open in collaboration with the State government.The State’s contribution of cotton for the 2023-24 season has been projected to be over 48 lakh bales, which in deed would be the third highest in the country after Gujarat and Maharashtra. Cotton crop was raised in 44.92 lakh acres this season. The CCI had already procured 12.31 lakh tonnes worth Rs 8,569 crore from 5.36 lakh farmers offering the MSP while the private traders purchased over 5 lakh tonnes.The government was offering a minimum support price of Rs 7,020 per quintal for long staple cotton and Rs 6,620 for medium staple cotton. The cases of rejections reported at places, owed mainly to quality issues. Farmers were being asked to ensure that the humidity would not exceed eight per cent in stocks being moved to the market yards.

The rupee closed at Rs 82.97 this evening with a weakness of 1 paise against the dollar.Today, the Sensex closed at the level of 72623.09 points with a decline of about 434.31 points. At the same time Nifty closed at the level of 22055.00 points with a decline of 142.00 points.