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Rupee strengthened by 33 paise against dollarThe rupee strengthened by 33 paise to close at Rs 82.00 against the dollar this evening.Sensex up 583 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 59689.31 points with a gain of about 582.87 points.On the other hand, the Nifty closed at the level of 17557.00 points with a gain of 159.00 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Strong-trend-continues-market-import-intrenational-pakistan-cotton-ginner-association

Strong trend continues in Pakistan's cotton market The local cotton market remained stable on Tuesday with a marginal improvement in the trading volume. Cotton analyst Naseem Usman told that the price of cotton in Sindh is 17 thousand to 20 thousand rupees per head. The rate of cotton in Punjab is Rs 18,000 to Rs 20,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.Data collected by the Pakistan Cotton Ginners' Association (PCGA) shows that Pakistan produced 4,912,069 bales of cotton as against 7,441,833 in the 2021-22 season, up 2,528,764 bales or 34 per cent year-on-year, as of March 31, 2023. Losses decline.The reduced production would eventually lead the textile industry to import around 10 million bales. Mill consumption in the year 2022-23 is also recorded at 8.8m bales, the lowest in 20 years, mainly due to severe import financing issues.There are reports that textile mills have signed import agreements for 5.5 million bales so far, while they have procured 4,605,449 bales from the local market. Last year, mills had procured 7,332,000 bales from the domestic market. According to ginners, they still have a stock of 301,720 bales as against last year's 93,833 bales.Interestingly, despite strong demand in the international markets, only 4,900 bales of white lint could be exported this year as against last year's figure of 11,000 bales, a drop of over 69 per cent. Province-wise, Punjab reported a year-on-year decline of over 32 per cent in production as it produced 3,033,050 bales this season as against 3,928,690 bales in the previous season.The spot rate remained unchanged at Rs 19,000 per head. The rate of polyester fiber was increased by Rs 10 and was available at Rs 373 per kg.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Tajikisan-bci-sustainable-cotton-production-mou

BCI signs MoU with Tajikistan to support sustainable cotton productionThe Better Cotton Initiative (BCI) has signed a memorandum of understanding with the Ministry of Agriculture of Tajikistan to further support the production of more sustainable cotton across the Central Asian country. The MoU was signed at the recently held Tajikistan Investment and Development Forum in London by Better Cotton Director, Rebecca Owen, and Tajikistan's Minister of Agriculture, HE Qurban Khakimzoda.It establishes that Better Cotton and the Ministry will develop a strategic roadmap for more sustainable cotton production in Tajikistan in accordance with the Better Cotton Standards System, taking into account the requirements of the global market. It aims to prioritize the expansion of more sustainable cotton production with a focus on both environmental and social consequences. In particular, improvement in cotton fiber quality, farmer welfare and overall agricultural sustainability are in scope.Based on the collaboration, both sides will conduct nationwide outreach and awareness activities to promote the benefits of more sustainable growing practices, while adopting practical innovations will be explored to determine how domestic farmers can improve . The organization says that fundamental to this change will be the availability and allocation of financial resources. To this end, Better Cotton states that it will work with the ministry to identify new sources of funding and investment that can unlock new opportunities in the country's cotton sector.Rebecca Owen, said: "This MoU will create opportunities to improve livelihoods, welfare and market access for cotton farming communities." Better Cotton says its program in Tajikistan has already shown results. In the 2019-2020 cotton season, synthetic fertilizer use among improved cotton farmers was 62% lower than comparison farmers, while yields were 15% higher.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Hiked-pakistan-spot-rate-cotton-head-kca-closed-committee-market

Cotton sowing started in Muktsar, fearing loss, most of the farmers turn towards paddyRain-affected farmers in Muktsar may abandon cotton for paddy as the cost of the cash crop is high, paddy is safe.The inclement weather has worried the cotton growers of the district, who are looking to dump this cash crop in favor of paddy. According to them, cotton sowing is more labor intensive and costs more and in case of its failure, they will suffer huge losses. Cotton sowing has started in the region and will continue till mid-May. Since wheat harvesting has been delayed due to recent rains, farmers who have harvested mustard are now sowing cotton.Farmer Jagjit Singh, who visited the district administrative complex to know the status of Girdawari of his damaged wheat crop, said the weather remained unpredictable this time. “We have already suffered losses due to the failure of the wheat crop. If the weather remains uncertain, we will have to turn to paddy again."Meanwhile, it rained again in some parts of the district today. Muktsar Chief Agriculture Officer Gurpreet Singh said that cotton sowing has started. Last year, against the target of 45,000 hectares, the crop was sown in 33,000 hectares in the district. This year we will try to increase the area under this crop while some farmers want to stick to paddy. But the soil is suitable for cotton and farmers will definitely opt for it.”👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Hiked-pakistan-spot-rate-cotton-head-kca-closed-committee-market

Pakistan cotton spot rate hiked by Rs 300 per headThe spot rate committee of the Karachi Cotton Association (KCA) on Monday increased the spot rate by Rs 3,00 per head and closed it at Rs 19,000 per head.The local cotton market remained stable and there was a slight improvement in the trading volume. Cotton analyst Naseem Usman told that the price of cotton in Sindh is 17 thousand to 20 thousand rupees per head. The rate of cotton in Punjab is Rs 18,000 to Rs 20,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg.The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg. The rate of polyester fiber was increased by Rs 5 and was available at Rs 363 per kg.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Restored-pakistan-demand-textile-industry-energy-ampta-tcp-rated-zero

Rupee weakens by 17 paise against dollarThis evening, the rupee closed at a level of 82.33 against the dollar with a weakness of 17 paise.Sensex closed up by 115 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 59106.44 points with a gain of about 114.92 points.At the same time, the Nifty closed at the level of 17398.00 points with a gain of 38.20 points.

Demand of Pakistan textile industry, zero rated energy should be restoredPakistan textile industry is on the verge of collapse and has demanded that zero rated energy should be restored and pending refunds should be released immediately. All Pakistan Textile Mills Association (AMPTA) has already written a letter to the Prime Minister of Pakistan in this regard.Industry sources say that the Trading Corporation of Pakistan (TCP) is likely to intervene if the price of footy remains below the intervention price. However, Pakistan Readymade Garments Manufacturers and Exporters say that pending refunds should be paid instead of sending audit notices. Separately, Pakistan Kisan Ittehad has appealed to the government to immediately impose agricultural emergency in the country. On the other hand, Pakistan yarn traders have rejected the huge hike in electricity and gas rates.People associated with the textile sector have been continuously complaining that the biggest foreign exchange earner and the biggest employment provider sector is on the verge of collapsing due to the lack of attention of the government. More than 50 per cent mills and other sectors have already closed. It seems that the revival of this sector is difficult in the coming days as the crisis is getting deeper. According to the Textile Value Added Sector, he was supposed to meet the Prime Minister four times, but unfortunately he could not meet the Prime Minister.Central leader of Value Added and Hosiery Association Javed Balwani said in the meeting of other representatives of the sector that it seems that the government and the Prime Minister do not care about them and they are shying away from meeting them despite being invited. It seems that they want the exporters to leave the country and invest in some other country. “Now we will contact the Prime Minister or the establishment etc. on Zoom.” He also said that if the government is unable to solve our problems then we will look to Almighty Allah to solve our problems in the holy month of Ramzan. According to some reports, some industrialists are ready to shift their business abroad.Meanwhile, Asif Inam, president of the All Pakistan Textile Mills Association, said in an interview that the country's textile sector is on the verge of bankruptcy due to the negligence of the government. In this difficult situation it has become impossible to run any industry including textile industry when interest rate is at all time high, increase in gas rate by Rs 45 per unit will only create difficulty in importing cotton.He said that the target of textile exports this year was estimated to be around $26 billion, but due to lack of interest and inappropriate steps taken by the government, textile exports would remain less than $19 billion. He also said that the entire industrial set up is in serious trouble due to the lack of interest shown by the government.It is being feared that the country's total exports will decrease by $ 10 billion. The textile sector is running at 50% capacity. Some mills are running partially. If the situation remains like this, there is a possibility of closure of other mills as well. Already unemployment has risen in the country and exports have been at an all-time low. The industry demands that the government should take note of the situation and immediately focus on industry and agriculture so that the poverty level in the country can be reduced.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Review-pakistan-cotton-weekly-punjab-volume-trading

Pakistan Weekly Cotton ReviewThe cotton market witnessed a mixed trend last week amid low trading volumes. In the domestic cotton market, textile mills showed little interest in buying cotton during the last one week, while trading remained sluggish despite efforts by ginners to offload their cotton stocks.However, cotton sowing has already started in the low-lying areas of Sindh province and if the weather remains favourable, partial arrival of cotton will start by the end of May. The price of cotton in Sindh is Rs 16,700 to Rs 18,500 per head. The rate of footi is 6 thousand to 8 thousand rupees per 40 kg. The price of cotton in Punjab is between Rs.👇🏻👇🏻👇🏻👇🏻https://www.smartinfoindia.com/hi/news-details-hindi/India-malaysia-announce-trade-indian-rupee-ministry-external-affairs

India and Malaysia announce trade in Indian RupeeThe Ministry of External Affairs announced on April 1, 2023 that India and Malaysia have agreed to settle trade in the Indian Rupee. The announcement comes against the backdrop of ongoing official efforts to protect Indian business from the impact of the Ukraine crisis. The move away from the US dollar, which has so far been the major reserve currency for international trade, assumes significance as it indicates that India is ready to take concrete steps towards dollarization of its international trade."Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the existing modes of settlement in other currencies. This is in line with the decision of the Reserve Bank of India to allow settlement of international trade in Indian Rupee (INR) in July 2022. This initiative of RBI is aimed at facilitating the growth of global trade and supporting the interests of the global business community in the Indian Rupee,” announced the Ministry of External Affairs.Trading in the US dollar has been difficult since the Russian economy was sanctioned by Western powers after President Putin launched a so-called "special military operation" against Ukraine on February 24, 2022. As a result of the sanctions—and the war—it became increasingly difficult to make payments to Russia in US dollars which in turn triggered a worldwide search for solutions for national currencies and de-dollarization."The Kuala Lumpur-based India International Bank of Malaysia (IIBM) has operationalized this mechanism by opening a special Rupee Vostro Account through its correspondent bank in India, ie, Union Bank of India," said the official announcement.

USDA Potential Planting: 11.3 million cotton acres in 2023The USDA's potential plantings report for the 2023 crop year shows a total cotton planted area of 11.3 million acres for the year -- 18% less than 2022 planting projections.The report was released on March 31 by the USDA's National Agricultural Statistics Service (NASS).Upland cotton area is projected at 11.1 million acres for 2023, down 18% from 2022. The US Pima area is estimated to be 154,000 acres – a 16% decrease from the previous year.The estimated cotton acreage is estimated to decrease in all the states except the three cotton producing states. Arizona shows an estimated 13% increase in total cotton acreage for the year, with increases in both upland (up 14%) and Pima (up 7%) acres. Cotton acres in Missouri and Tennessee are unchanged from 2022.Regionally, the USDA estimates total Southeast cotton acreage at 2.37 million acres in the Mid-South states and 1.71 million acres. The Southwest region is estimated at 6.88 million acres, with 299,000 total cotton acres attributed to the western states.Among other crops, the USDA reports a 4% increase in planted area for corn for 2023, a 9% increase for wheat, a 6% decline for sorghum, a 7% increase for peanuts and a 7% increase for rice. Showed an increase of 16%. Total projected soybean acres are expected to remain relatively unchanged through 2022.The Prospective Planting Report provides the first official, survey-based estimate of US farmers' 2023 planting intentions. The NASS acreage estimate is based on surveys conducted on a sample of about 73,000 farm operators across the country during the first two weeks of March. Data was collected from operators by mail, internet or telephone to obtain information on crop area intentions for the 2023 crop year.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Reduced-cotton-sowing-cai-president-atulganatrajis-stock

Minister in favor of setting up Cotton Corporation of Tamil Nadu under PPP modelThe Tamil Nadu government has favored setting up of the Cotton Corporation of Tamil Nadu with a public-private partnership (PPP) model and a separate commission to buy cotton and sell it directly to spinning mills will be considered at an "appropriate time".Handlooms and Textiles Minister R Gandhi said in the assembly on Friday, we will consult with the Chief Minister. During the Question Hour in the House, DMK MLA K. Selvaraj (Tiruppur South) was replying to a question.“It would be good if the Cotton Corporation of Tamil Nadu is set up in PPP model jointly with representatives of private spinning mills, organizations like Southern India Mills Association (SIMA) and representatives of cooperative mills.Speaking on the issue, DMK's I.P. Senthil Kumar (Palani) argued that such a separate commission would help cotton farmers get a fair price. Pointing out that cotton is being procured from other states and spinning mills are badly hit by the cost, Mr Kumar said such a commission would greatly benefit the cotton farmers as well as the spinning mills .👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Reduced-cotton-sowing-cai-president-atulganatrajis-stock