Recent News

Share market investors are happy, Sensex rises 702 points to reach 57,521.06 level. Rupee strengthens by 5 paise against the dollar, the dollar lost its value to Rs 76.48. The period of volatility continues in the cotton physical market, prices increased by Rs 500 to 1000 in almost all the mandis, no sale took place.Malaysia imposed ban on oil export, new policy came into force from Thursday. According to the exchange market, Malaysia Palm Oil fell 260 Ringint in May and closed at 7497.

U.S. EXPORT SALES FOR WEEK ENDING 21/04/2022    Cotton:  Net sales of 121,100 RB for 2021/2022 were up noticeably from the previous week and up 19 percent from the prior 4-week average.  Increases primarily for China (61,400 RB, including decreases of 7,600 RB), Vietnam (25,300 RB, including 1,700 RB switched from China, 700 RB switched from South Korea, and 500 RB switched from Japan), India (12,700 RB, including decreases of 5,500 RB), Pakistan (11,600 RB), and Turkey (4,700 RB), were offset by reductions for Ecuador (600 RB), South Korea (400 RB), Japan (300 RB), and Colombia (100 RB).  Net sales of 49,500 RB for 2022/2023 primarily for El Salvador (28,800 RB), Honduras (11,400 RB), Peru (5,100 RB), Guatemala (4,500 RB), and Vietnam (4,400 RB), were offset by reductions for China (11,200 RB).  Exports of 386,000 RB were up 5 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to China (117,900 RB), Vietnam (67,400 RB), Pakistan (57,600 RB), Turkey (43,300 RB), and Mexico (17,500 RB).  Net sales of Pima totaling 13,000 RB were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (10,300 RB), Vietnam (1,700 RB), India (700 RB), Colombia (200 RB), and Malaysia (100 RB).  Net sales of 500 RB for 2022/2023 were reported for Japan (300 RB) and Peru (200 RB).  Exports of 4,400 RB were down 70 percent from the previous week and 69 percent from the prior 4-week average.  The destinations were primarily to Peru (2,000 RB), China (1,600 RB), Vietnam (400 RB), Turkey (200 RB), and Bangladesh (100 RB). Optional Origin Sales:  For 2021/2022, the current outstanding balance of 57,200 RB is for Vietnam (52,800 RB) and Pakistan (4,400 RB). Exports for Own Account: For 2021/2022, the current exports for own account outstanding balance is 100 RB, all Vietnam.  

Cotton yarn export of Pakistan has increased tremendously, exports increased by 26 percent in 9 monthsThe demand for cotton yarn is increasing rapidly in almost all the countries involved in the textile industry. As a result, its exports have also increased. According to a reputed news group of Pakistan, the export of cotton yarn has increased by 25.97 percent in the 9 months of the financial year 2021-22 as compared to the previous year. Pakistan exported 293,161 metric tons of cotton yarn between July and March 2020-21, valued at $721.216 million. While this year between July to March 2021-22, cotton yarn worth $908.487 million has been exported from here. 100 percent increase in export of comberAlong with this, 2,752 metric tons of raw cotton worth $6.577 million were also exported in these 9 months, while only 499 metric tons worth $0.0593 million were exported during the same period last year. The export of cotton fabric has also increased in the first quarters of the current financial year. Last year it was 314,562 metric tonnes while this year it has been 342,700 metric tonnes. During the same period, there has been a 100 percent increase in exports of combed yarn. Pakistan has exported 1,211 metric tons this year compared to last year's export of 49 metric tons. A total of 1.30 lakh hectares will be used for cotton cultivationIt is significant that this time in Kharif season 2022-23, about 11.30 lakh hectares are to be cultivated here. The target of cotton production on 1.822 million hectares of land in Punjab province has been set at 6.600 million bales; Sindh province has a target of 4 million bales on 0.4600 million hectares. Apart from this, production targets for Khyber Pakhtunkhwa and Balochistan have been set at 0.004 and 0.0022 million respectively.Various programs were being run by the government to promote cotton cultivation in Pakistan. This is the reason why during the first 9 months of the current financial year a growth of 25.97 percent has been observed in the exports of the textile group from Pakistan.

Today evening, the rupee strengthened by 5 paise to close at Rs 76.48 against the dollar.Sensex closed up by 702 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 57521.06 points with a gain of about 701.67 points. On the other hand, the Nifty closed at the level of 17245.00 with a gain of 206.60 points.

Rupee ruffled against the dollar, opened 12 paise weakIn the foreign exchange market, the rupee opened with a fall today against the dollar. Today the rupee opened with a fall of 12 paise at Rs 76.65 against the dollar. At the same time, on Wednesday, the rupee strengthened by 5 paise to close at Rs 76.53 against the dollar.

All India Weather Forecast for April 28, 2022Weather systems made across the countryThe Western Disturbance is over North Pakistan and adjoining parts of Afghanistan.A Cyclonic Circulation is persisting over Sub-Himalayan West Bengal and adjoining West Assam.A trough is extending from this cyclonic circulation to southern parts of Bangladesh.A Trough/Wind Discontinuity is extending from East Madhya Pradesh to North Interior Karnataka through Vidarbha, Marathwada and parts of North Madhya Maharashtra.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred over Sikkim, and most parts of Northeast India as well as parts of Sub-Himalayan West Bengal.Light rain fell in Kerala.Light rain occurred at one or two places over Rayalaseema, North Interior Karnataka and Andaman and Nicobar Islands.Heat wave conditions are prevailing in some parts of Bihar and Gangetic West Bengal.Probable weather activity during next 24 hoursDuring next 24 hours, return of heat wave is possible over Vidarbha, Interior Odisha, Bihar, Sub-Himalayan West Bengal, Jharkhand, Gujarat, Rajasthan, Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Delhi, Madhya Maharashtra and isolated parts . During the next 24 to 48 hours, one or two parts of Telangana may also experience heat wave conditions.Light to moderate rain is very likely over some parts of Sikkim, Northeast India and Sub-Himalayan West Bengal.Light rain with one or two moderate rains may occur over Kerala and southern parts of Karnataka.Light rain is possible at one or two places over Jammu and Kashmir, Himachal Pradesh, North Interior Karnataka, Andhra Pradesh and Andaman and Nicobar Islands. Good good

Duty exemption still not able to increase imports as higher rates curbsThe duty which was being imposed on the import of cotton, has been removed by the government a few days ago. But as expected, this does not seem to give any relief to spinners and textile mills. The reason behind this is the skyrocketing prices of cotton which is Rs. 90,000/- per candy.There was a strong belief in the market that duty exemption would lead to higher imports of cotton, but this ultimately did not happen as international prices were still too high.According to CAI, if the decision had come a few months earlier, global prices would have been under control. There are more loss making spinning units which cannot afford such high price as the weavers will not pay them high price for the yarn. Another reason for the hike in rates is the crop stock with MNCs which is around 6 million bales and futures trading on platforms like MCX and NCDEX, says Saurin Parikh, President, Spinners Association of Gujarat (SAG). He urged the government to limit both the factors.However, farmers have around 50 lakh bales and 7 to 8 lakh bales from Tamil Nadu and Karnataka will hit the market in early June, resulting in regulated supply chain, CAI President Atul Ganatra said.

‘Temporary ban on cotton exports likely’Cotton prices have touched ₹90,000 per candy. Prices of some  varieties of have  touched ₹100,000 per candyThe Union government may impose a temporary ban on cotton exports if cotton prices continue to surge, textiles secretary Upendra Prasad Singh told Mint. The statement comes at a time when the Indian textile Industry is reeling under a spike in cotton and yarn prices, impacting production and exports.Cotton prices have doubled in barely a year to over ₹90,000 per candy. Prices of some varieties of cotton have even touched ₹100,000 per candy. A ban could free up cotton for the domestic market and thus help soften prices.High cotton prices affect the Indian textile industry disproportionately, as it is heavily dependent on cotton, unlike other markets where man-made fibre occupies a larger share.Singh said cotton prices are unlikely to decline before October when the new cotton crops arrive. Cotton prices have been a “dampener" and the problem could persist for some time as there is a global shortage of cotton, Singh said.The statement comes a week after the government waived customs duties on imported cotton until September. Earlier, cotton imports were effectively taxed at 11%. “Cotton prices haven’t softened as we expected them to. It is not rising too, it’s stagnant at a point. We are evaluating the further course of action and temporarily banning export or imposing quantitative restrictions to check prices is an option," Singh said.“However, policy decisions should not be uncertain or a knee-jerk reaction and these are extreme steps -- but if there is a need we will do it," he added.The price surge can be traced back to the US ban on the import of cotton products from China’s Xinjiang region, experts said. Textile manufacturers said many of them have had to cut production because of rising input costs. While customers have borne rising prices “to a certain point", garment manufacturers apprehend resistance going forward.Manufacturers said the import duty exemption would have been more beneficial if cotton were immediately available after placing an import order. But it takes nearly three months to get the cotton from the date of placing the order and exemption has been given only until September.

Market opened with decline, Nifty below 17100Today the stock market opened with a fall. The stock market started with a fall on the third trading day of the week amid weak global cues.

All India Weather Forecast for April 27, 2022Weather systems made across the countryA cyclonic circulation lies over Southeast Madhya Pradesh and adjoining parts of Chhattisgarh at low levels.A trough is extending from the cyclonic circulation over Southeast Madhya Pradesh up to Interior Karnataka passing through Vidarbha and Marathwada.A North South Trough is extending from Sikkim to West Bengal.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred over parts of Interior Karnataka and Andhra Pradesh.Thunderstorm accompanied with dust storm, thundershower occurred in many parts of western and northern parts of Rajasthan, Haryana, Delhi NCR and western Uttar Pradesh.Light rain occurred over Coastal Karnataka, Jammu and Kashmir, Sikkim, Arunachal Pradesh, parts of Assam and one or two parts of South Chhattisgarh and Kerala.Heat wave conditions were observed over one or two parts of Gujarat, Bihar and West Bengal.Probable weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain is possible over parts of Assam, Arunachal Pradesh, Kerala and Karnataka.Light rain is possible over Northeast India, Sikkim, Andaman and Nicobar Islands and one or two parts of South Chhattisgarh, Andhra Pradesh and Western Himalayas.Heat wave conditions are possible over one or two parts of Gujarat, Vidarbha, Odisha, Coastal Andhra Pradesh, West Bengal, Rajasthan, Madhya Maharashtra, Bihar, Jharkhand, South Haryana, Delhi and South Uttar Pradesh

Sensex jumped 776 points on Tuesday to reach the level of 57,356.Rupee strengthens against dollar, gains 11 paise to close at 76.58.Gold shines brightly, till the writing of the news, the price reached Rs 51,680, up by Rs 287.Confusion in the cotton physical market, there was a drop in prices in the morning, then a slight increaseThe market remained stable withMalaysia palm oil rose, 108 ringgit increased to 7080 ringgit.