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Today evening, the rupee depreciated by 21 paise to close at Rs 74.98 against the dollar.Stormy rise in Sensex, then closed above 60,000 markToday the stock market closed with a lot of momentum. Today, where the Sensex closed at the level of 60059.06 points with a gain of about 381.23 points. Today the Sensex was able to close above the 60,000 mark after several days. On the other hand, Nifty closed at the level of 17895.20 points with a gain of 104.90 points.  

Textile Ministry signs agreement to promote sustainable cotton cultivationThe project, in collaboration with the German Federal Ministry for Economic Cooperation and Development, aims to improve sustainable cotton yield by 10% in four States, including TamilnaduThe Ministry of Textiles and Deutsche Gesellschaft fur InternationaleZusammenarbeit (GIZ) signed an agreement on Thursday to implement a project on sustainability and value addition in the cotton economy.An official press release said the project aims to increase the volume of cotton production on 90,000 hectares, involving 1.5 lakh farmers in four States -- Maharashtra, Gujarat, Madhya Pradesh, and Tamil Nadu. The aim is to improve yield by 10%.As part of the Indo-German Development Cooperation Framework, the German Federal Ministry for Economic Cooperation and Development (BMZ) has collaborated with the Ministry of Textiles (MoT), supported by the Ministry of Agriculture and Farmers Welfare (MoAFW).Darshna Vikram Jardosh, Minister of State for Textiles, said India is the largest producer of cotton, and the second-largest consumer of cotton (nearly 303 lakh bales a year). The GIZ project will enhance employment and women empowerment and promote sustainable cotton growing practices.U.P. Singh, Secretary, Ministry of Textiles, said the project will follow a “shelf to field” approach and work to create a pull factor for improved market access for farmers for cotton grown through sustainable methods.The Textile Ministry will constitute a steering committee to review and guide the project which will be implemented through nodal officers in the four States. The Ministry will take part in international textile conferences organised by GIZ and promote the sustainable cotton grown in India among consumers.

Rupee breaks 34 paise against dollar, opens at 75.12Rupee has started with weakness today against the dollar in the foreign exchange market. The rupee today opened at 75.12 with a loss of 34 paise against the dollar. On the other hand, the rupee was strengthened against the dollar in yesterday's trade. The rupee had gained 20 paise to close at 74.78 against the dollar.Sensex opens sharply, rises 272 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 271.90 points at the level of 59949.73 points. On the other hand, the Nifty of NSE opened with a gain of 97.20 points at the level of 17887.50 points.  

Cotton exports could fall as local demand rises: ReportIndia's cotton exports could fall by 36% in 2021-22 from a year ago, as domestic demand has been rising amid limited supplies after carry-forward stocks nearly halved from a year ago, industry officials said on Thursday.Lower exports from the world's biggest cotton producer could support global prices, which jumped to their highest levels in a decade on strong demand from top consumer China."Exports could go down to 5 million bales in the new season since local demand has been rising," Sumeet Mittal, general manager for India cotton business at Louis Dreyfus Company, said in a webinar organised by the Cotton Association of India.The country exported around 7.8 million bales in 2020-21, the highest in eight years, as the state-run Cotton Corporation of India continuously sold from its warehouses keeping Indian prices competitive, he said.Higher exports and local demand have depleted carry forward stocks to 6.5 million bales in the new season that started on October 1, from 12.5 million bales a year ago.Good demand from local mills and a rally in global prices have lifted domestic prices to a record high this week, tapering the advantage India had over other suppliers."Good quality cotton is not available right now for exports. From November, supply of good quality cotton would improve, and prices may come down because of supply pressure," said a Mumbai-based dealer with a global trading firm.Leading cotton producing states including Gujarat, Maharashtra, Telangana and Andhra Pradesh received heavy rainfall in September. The production in the new season could fall as rainfall badly affected early-sown crop in all key producing states, said Chirag Patel, chief executive office at exporter Jaydeep Cotton Fibers Pvt Ltd."Crop yields and quality of crop are going to be affected by rainfall. Cotton harvested in the first picking is likely to be of poor quality."

*ICE COTTON SUMMARY**Rally in cotton futures tires; dip in weekly exports weighs**ICE cotton futures took a breather on Thursday from a blistering rally that has seen prices reach their highest level since mid-2011 to lock in profits, following a federal report that showed lower export sales of the fiber.**"Wednesday's settlement pulled back from the limit up seen early in the morning, which looked like profit-taking from investors, and today is a continuation of that," with some skipped over orders also being fulfilled, said Bailey Thomen, cotton risk management associate at StoneX Group.**The upper limit of 113.93 cents per lb hit on Wednesday set an all-time peak for the December contract, and a high since September 2011 for the second month cotton futures contract , for the second session in a row. The higher prices scared some traders out, but today could be viewed as another entry point into the market, Thomen said.**"Unfortunately, this week the export sales report was not very outstanding, but that was expected as China has been out celebrating its National Day holiday."**The US Department of Agriculture's weekly export sales report showed net sales of 246,700 running bales (RB) for 2021/2022, down 57% from the previous week and 40% from the prior 4-week average.**The report, however, showed increases primarily to China of 174,500 RB, following strong sales data to the top consumer in the prior week as well.**Analysts have noted that at these price levels mills are forced to ration the use of natural fiber cotton, which cannot compete with far lower polyester prices.**Total futures market volume fell by 38,117 to 33,674 lots. Data showed total open interest fell 1,658 to 289,200 contracts in the previous session.*

 *Cotton prices at all-time high in Punjab, kharif crop fetching ₹7,500 per quintal**As the second picking of raw cotton crop is set to gain momentum in Punjab, rates of the cash crop have reached an all-time high of ₹7,715 per quintal, 23% higher than the minimum support price (MSP) of ₹5,925.**Punjab Mandi Board authorities say till Wednesday, 2.75 lakh quintal of cotton was purchased and private players are paying an average rate ₹7,500 for a quintal of raw cotton.**This has come as a relief to farmers of the south Malwa belt, who are battling the threat of damage caused by the pink bollworm attack. In the semi-arid region of the state, cotton bolls are harvested thrice. Second picking is crucial as it comprises 60% of the total production. Due to the quality, the second harvest determines the profitability of a cotton grower.**Industry watchers attribute higher prices for the kharif produce to an increase in demand by the international textile market.**Director of Indian Cotton Association Limited, a body dealing in export, spinning, ginning of cotton, Rakesh Rathi said the trend may continue for another month. Bulk supply in the coming weeks may stabilise rates, but it is highly unlikely that cotton would see a sharp decline this season, he added.**“Bangladesh and China, the international hub of the textile sector, are the major buyers of Indian thread and raw cotton. Since there has been a sharp increase in the global market since September 15 and the slow arrival of cotton crop in different states, farmers are getting handsome rates,” said Rathi.**With 3.03 lakh hectares under area cotton this year, southern Punjab recorded an increase of 17% than 2020 when cotton was sown on 2.51 lakh hectares. But pink bollworm attack in Bathinda, Mansa and few pockets in Sangrur has left farmers worried about their major cash crop.**Punjab Mandi Board cotton state coordinator Rajnish Goel said by October 6, a total of 2.74 lakh quintal cotton was purchased in centres of all seven districts of the region. By October 6 last year, Punjab mandis saw 1.29 lakh quintals of purchase.**“For the first time, cotton rates have touched ₹7,700 per quintal. In 2011 the maximum rate of cotton was ₹7,000 and ₹6,725 in 2014. Mandis are recording daily average arrival of 25,000 quintals,” said Goel.**Cotton Corporation of India assistant general manager and Punjab in-charge Neeraj Kumar said despite pink bollworm infestation, Punjab is likely to achieve last season’s production of 50 lakh quintals.**“After an increase of 17% area under cotton this year, the CCI pegged Punjab’s production at 60-65 lakh quintals. Pest attack has hit several villages, but farmers are getting up to ₹1,800 more than MSP for their produce. The CCI is following its protocol of maintaining a watch on the market and the agency will entre if cotton rates are crashed and farmers get less than MSP,” said Kumar.*

*All India Weather Forecast for October 08, 2021** Weather systems made across the country *Monsoon has withdrawn from parts of Rajasthan and Gujarat. During the next 24 to 48 hours, Monsoon is likely to depart from Jammu and Kashmir, Himachal Pradesh, Uttarakhand, Punjab, Haryana, Delhi, entire Rajasthan, some parts of Uttar Pradesh, some parts of Madhya Pradesh and some more parts of Gujarat.The Cyclonic Circulation is persisting over Southeast and adjoining East Central Arabian Sea off North Kerala and South Karnataka Coast.A trough is extending from South West Bay of Bengal to East Central Arabian Sea across Tamil Nadu and Karnataka.A Cyclonic Circulation is persisting over Sub-Himalayan West Bengal and adjoining region.*Another cyclonic circulation lies over the central part of Pakistan.*A low pressure area is likely to develop over North Andaman Sea around October 10. This low pressure area is likely to intensify further during the next 2 to 3 days.*Weather movement across the country during the last 24 hours*During the last 24 hours, Goa and Coastal Karnataka received moderate to heavy rains.Light to moderate rain occurred at isolated places over Interior Karnataka, Konkan and Goa and Vidarbha and Coastal Andhra Pradesh.Coastal Tamil Nadu, Andaman and Nicobar Islands and Sikkim received light to moderate rain with isolated heavy rains at one or two places.Light to moderate rain occurred over Lakshadweep, Interior Tamil Nadu, Marathwada, parts of Madhya Maharashtra, Gangetic West Bengal, parts of Chhattisgarh and South Madhya Pradesh.Light rain was recorded at one or two places over Gujarat, one or two parts of East Rajasthan, Uttarakhand, parts of Uttar Pradesh and Assam.*Probable weather activity during next 24 hours*During the next 24 hours, Andaman and Nicobar Islands may experience light to moderate rain with heavy to very heavy falls at a few places.Light to moderate rain at isolated places over Andhra Pradesh, parts of Telangana, Karnataka, Konkan & Goa, parts of Madhya Maharashtra, Marathwada & Vidarbha, Lakshadweep, Coastal Odisha, West Bengal and Northeast India.*Sporadic light rain may occur in Gujarat.*

U.S. EXPORT SALES FOR WEEK ENDING 30/09/2021Cotton:  Net sales of 246,700 RB for 2021/2022 were down 57 percent from the previous week and 40 percent from the prior 4-week average.  Increases primarily for China (174,500 RB, including decreases of 11,000 RB), Guatemala (33,000 RB), Turkey (18,200 RB), Vietnam (14,200 RB, including 100 RB switched from Japan), and Indonesia (11,400 RB, including 1,200 switched from Vietnam), were offset by reductions for India (20,700 RB) and Pakistan (2,200 RB).  Net sales for 2022/2023 of 55,000 RB were primarily for China (40,000 RB).  Exports of 125,100 RB--a marketing-year low--were down 24 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to China (30,800 RB), Mexico (16,700 RB), Bangladesh (12,600 RB), Vietnam (11,200 RB), and Turkey (11,100 RB).   Net sales of Pima totaling 13,700 RB were down 19 percent from the previous week and 12 percent from the prior 4-week average.  Increases were primarily for India (8,300 RB) and Peru (4,700 RB).  Exports of 3,700 RB were down 68 percent from the previous week and 51 percent from the prior 4-week average.  The destinations were primarily to China (2,200 RB), India (900 RB), Thailand (400 RB), and Guatemala (200 RB).   Optional Origin Sales:  For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan.   Exports for Own Account:  For 2021/2022, the current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).

Rupee strengthens by 18 paise against dollar, opens at 74.80Rupee has started with a strong opening against the dollar in the foreign exchange market. Rupee strengthened by 18 paise to open at 74.80 level against dollar today. On the other hand, on Wednesday, the rupee weakened by 53 paise to close at 74.98 against the dollar.Sensex opens up by 452 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 452.42 points to open at the level of 59642.15 points. On the other hand, the Nifty of NSE opened with a gain of 132.00 points at the level of 17778.00 points.  

*PAKISTAN COTTON MARKET UPDATE**Spot rate gains Rs 400 per maund at Rs 14,300**The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund.**The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per maund and closed it at Rs 14300 per maund. The Spot Rate remained unchanged at Rs 13900 per maund.* *The Polyester Fibre was available at Rs 225 per kg. The local cotton market on Wednesday remained bullish and trading volume remained good.**Chairman Karachi Brokers Forum Naseem Usman told Business Recorder that rate of cotton in local cotton market reached at Rs 15500 per maund which is at highest level in ten years. Textile mills were in shock due to the sky rocketing rates of cotton.**Naseem Usman also told that Rate of Promise (Waday Ka Bhao) of New York Cotton once again traded at more than one dollar. The rate of cotton in the morning opened at 113.92 American cent.**Usman says increasing disparity among dollar and rupee, recent spell of rains in Punjab’s cotton belt, reports of white-fly, mealybug and pink bollworm attacks as well as unavailability of latest reliable data about the crop size are adding to the worries of the local buyers. The rate of cotton in Sindh is in between Rs 12500 to Rs 15000 per maund and the rate of cotton in Punjab is in between Rs 14300 to Rs 15000 per maund.**The rate of the new crop of Phutti in Sindh was in between Rs 5000 to Rs 6200 per 40 kg. The rate of Phutti in Punjab is in between Rs 5800 to Rs 6500 per 40 kg. The rate of Banola in Sindh is in between Rs 1600 to Rs 1900 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 2000 per maund. The rate of cotton in Balochistan is in between Rs 14200- 14800 per maund. The rate of Phutti in Balochistan is Rs 5800-7200 per maund.*

*Punjab deputy CM orders immediate completion of special girdawari to assess cotton crop loss**Punjab Deputy Chief Minister Sukhjinder Singh Randhawa on Wednesday directed to complete the work of special girdawari immediately to assess the actual damage to cotton crop by pink bollworm infestation.**Randhawa directed the financial commissioner (development) to ensure that the affected farmers be compensated before Diwali after completion of the special girdawari, so that the losses incurred by the farmers of the cotton belt could be compensated. In a statement here, the state's deputy chief minister said that after the attack of pink bollworm on the cotton crop in the Malwa belt, the affected areas were earlier visited under the leadership of the chief minister.**Agriculture Minister Randeep Singh Nabha said that from the next season of the cotton crop, mating disruption technology will be introduced to check infestation of pink bollworm.**High incidence of pink bollworm was reported on BG11 cotton yield in the Malwa region, which had adversely affected the crop yield, said the statement.**The current situation of the cotton farmers in Punjab is grave due to pink bollworm as most of the farmers have uprooted the crop and are demanding compensation from the government.**The minister directed all the department officials to introduce mating disruption technology which is considered the gold standard in crop protection and is well known in western countries and has been used in crops like grapes and apples over the years.**Several trials of this technology with the state agriculture universities and with farmers over the past four years have been done that show significant results across multiple states in India.**Punjab Agricultural University has also been conducting the trials of the product and has seen significant benefits to the farmers.**The technology is no-pump no-spray and the product is in the form of a paste which has to be applied by the farmer in three applications at a 30 days interval,**