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Today evening, the rupee depreciated by 5 paise to close at Rs 73.70 against the dollar.Closed above 60,000 mark for the first timeToday the stock market closed with a record high. Today the Sensex was successful in closing above the 60,000 mark for the first time. The Sensex closed at a record level of 60048.47 points, up by about 163.11 points. 

Extra long staple cotton prices surge on fears of supply shortageRaw cotton prices are ruling between ₹11,000 and ₹13,000 per quintal this year as against ₹5,500-6,500 per quintal last year.Prices of the extra long staple Dharwad Hybrid Cotton-32 (DCH-32) have almost doubled over the past year on fears of a shortfall in production due to lower planting of the crop. Also, the global rally in varieties such as Pima and Giza has influenced domestic prices, trade sources said.DCH kapas (raw cotton) prices are ruling between ₹11,000 and ₹13,000 per quintal in markets such as Chitradurga and Ranebennur in Karnataka, said Shantilal P Ostawal of Cotseeds Corporation, a ginner in Hubballi. Ostawal said the prices were ₹5,500-6,500 per quintal last year.Advantage KarnatakaCotton with fibre length of over 33 mm are considered as ELS and DCH-32 is mainly grown in parts of Mysuru, Shimoga, Haveri, Chitradurga, Dharwad and Belgaum districts in Karnataka. It is also grown in regions around Ratlam in Madhya Pradesh, Ostwal said.ELS varieties such as Surabhi and Suvin are grown in Tamil Nadu, but the area is less. DCH grown in Mysuru region finds it way to Tamil Nadu for ginning and pressing, Ostwal said.Karnataka accounts for 50-60 per cent share of the ELS cotton produced in the country, followed by Madhya Pradesh with around 30 per cent and Tamil Nadu accounting for the rest, Ostwal said.Overall production for DCH 32 stood at 2.35 lakh bales last year, with production in Karnataka estimated at 1.10 lakh bales. “This year the crop is estimated lower in Karnataka at around 75,000 bales, Madhya Pradesh at 60,000-70,000 bales and Tamil Nadu 5,000 bales,” Ostwal said.Growers’ problemsOver the past 3-4 years, the ELS cotton has been witnessing an uptrend, said Appuswamy Lakshmanan, Director, Sri Santhalakshmi Mills in Pollachi. However, due to difficulties faced in growing ELS cotton, more farmers are shifting to the regular Bt varieties.“The period of ELS cultivation is pretty long compared to the short or medium staple cotton. The ELS crop cycle takes a minimum of six months and farmers, not wanting to take any risks, are shifting to Bt cotton and that’s the reason the area is coming down,” Lakshmanan said. Moreover, the minimum support price for ELS is not remunerative, he said, adding that concerted efforts were required to bring back farmers to cultivating the premium cotton.In India, Bt cotton accounts for over 97 per cent of the cotton acreage.Susceptible to pink bollwormM Ramaswami, Rasi Seeds Managing Director, said yields are lower by 25 per cent in ELS compared to Bt cotton. Also, DCH is susceptible to the pink bollworm.Pima and Giza cotton prices have flared up in the US on crop shortage and are ruling at around 230 cents per pound, double the 110-115 cents last year, said Ramanuj Das Boob, a sourcing agent for domestic mills and multinational companies. DCH cotton prices, which ruled at Rs 1.03-1.04 lakh per candy of 356 kg last week, have now increased to Rs 1.07 lakh. ELS cotton is used for blending in yarn to add strength and exported, Boob said. Besides, higher count cotton is also used for clothing and linen. The imported price of ELS cotton into India with a 10 per cent duty costs around Rs 1.30 lakh a candy

Cotton farmers make rich pickings, potato growers in perilWhile cotton growers in Karnataka are reaping a bounty, with the price of raw cotton soaring to a record high, the price of raw cotton, which used to be in the range of Rs 5,000-6,000 per quintal, has more than doubled to between Rs 11,500 and Rs 13,000 per quintal in different parts of the state. The minimum support price for the crop is Rs 5,500 per quintal.After a couple of lacklustre years, this season has been a blockbuster for cotton growers with agents and traders from neighbouring states making a beeline to villages in HD Kote, Saragur, Nanjangud, Hunsur and Gundlupet taluks in the Old Mysuru region where farmers are commanding the prices.Most of the buyers are from Tamil Nadu as a majority of textile industries are situated in Tirupur and Erode where raw cotton is processed and the yarn exported to Bangladesh. Cotton trader Cheluvaraju said they have orders from dealers in Tamil Nadu and other states too. Villages in HD Kote region witness early monsoon and hence, sowing and harvest start early. Usually, about 47,000 hectares comes under cotton cultivation in the region, but it had dropped to about 30,000 hectares this season.According to progressive farmer Kariyappa, the scanty rains and the truant monsoon in early April and May has had an impact on sowing activity, which has also contributed to the high demand for cotton.Many farmers opt for BT cottonKariyappa said that many farmers shifted to maize this time as the cost of cultivation is also less. Concurring with him, Ashoka, a farmer from Hanchipura, pointed out that those who stuck with cotton cultivation are getting bumper yields and good returns.Most of them have bid goodbye to traditional cotton varieties and opted for the hybrid BT cotton as it is disease-resistant and yields sooner. Traders in some parts like Chitradurga are buying raw cotton at Rs 13,000 per quintal, but middlemen are taking farmers for a ride in Saragur taluk, he rued.Referring to the shortage of farm labour, he said cotton growers are struggling to complete harvesting early as they fear that the prices may drop once cotton from Telangana and Maharashtra arrives in the market.

Rupee depreciates against dollar, loses 11 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 11 paise at Rs 73.76 against the dollar. At the same time, the rupee on Thursday closed at Rs 73.64 with a gain of 26 paise against the dollar.Sensex's new record, crosses 60000 mark for the first timeToday the stock market made a new record of bullishness. Today, the BSE Sensex rose by about 331.64 points to open above the record level of 60217.00 points for the first time. On the other hand, the Nifty of NSE opened with a gain of 90.50 points at the level of 17913.50 points. This rise of Nifty is also a record.  

*All India Weather Forecast for September 24, 2021**Weather systems made across the country*A cyclonic circulation lies over North Chhattisgarh and adjoining Madhya Pradesh. It will move in North East direction towards North MP.Another Cyclonic Circulation is persisting over Gujarat.The North South Trough is extending from the cyclonic circulation over Chhattisgarh to Telangana.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred at isolated places over parts of Haryana, Punjab, East Rajasthan, Konkan and Goa, Andaman and Nicobar Islands and parts of Tamil Nadu. Lightly isolated over Western Himalayas, parts of Uttar Pradesh, Bihar, remaining parts of West Bengal, parts of Assam, Chhattisgarh, parts of Madhya Pradesh, Marathwada, Madhya Maharashtra, Gujarat, Karnataka, Lakshadweep, Kerala and Telangana It rained moderately.*Possible weather activity during next 24 hours*During the next 24 hours, parts of Andaman and Nicobar Islands, Coastal Andhra Pradesh, isolated parts of Chhattisgarh, parts of Madhya Pradesh, Vidarbha, Marathwada, Southeast Rajasthan, North Konkan and Goa, parts of Gujarat, Light to moderate rain with isolated heavy rain is likely over parts of East Madhya Pradesh. Light to moderate rain is possible over Bihar, Chhattisgarh, Uttarakhand, Himachal Pradesh, Punjab, Haryana, Delhi, Uttar Pradesh, remaining parts of Rajasthan, parts of Saurashtra and Kutch, Konkan and Goa, Madhya Maharashtra, Karnataka and Telangana. Light rain is possible over Odisha, Coastal Karnataka, Kerala, Tamil Nadu, South India Karnataka and Lakshadweep.

*Cotton rises on weaker dollar**ICE cotton futures gained on Thursday, supported by a weaker dollar and a strong weekly US export sales report, with risk-on sentiment in the equity markets adding to the upbeat mood.**“The obstacles of the Federal Reserve’s tapering and China Evergrande real estate event are sort of put on hold right now allowing the stock market rise. And the dollar is down today,” said Keith Brown, principal at cotton brokers Keith Brown and Co in Georgia. “And, of course, cotton sales were up, with China being the lead buyer.**All these factors are helping cotton prices today.” The dollar fell 0.5% against its rivals, making cotton less expensive for buyers holding other currencies.**The sentiment in wider financial markets remained upbeat as investors largely brushed off concerns over the Federal Reserve’s plans for tapering.**Meanwhile, the US Department of Agriculture’s weekly export sales report showed net sales of 345,400 running bales for 2021/2022, were up 21% from the previous week, with increases primarily for China.**Total futures market volume fell by 6,446 to 11,197 lots. Data showed total open interest gained 202 to 262,785 contracts in the previous session.**Certificated cotton stocks deliverable as of Sept. 21 totalled 60,976 480-lb bales, unchanged from the previous session.*

*PAKISTAN COTTON MARKET UPDATE*Modest trading activity on cotton marketThe local cotton market on Thursday remained stable and trading volume remained a little bit low.The Spot Rate remained unchanged at Rs 12700 per maund. The Polyester Fiber was available at Rs 222 per kg.Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton areas of Sindh and Punjab may effect the quality of Phutti.Federal Finance Minister Shaukat Tarin in his speech on 19th September at KCCI meeting said that the current season of cotton production in Pakistan will produce about 12 million bales.The rate of cotton in Sindh is in between Rs 11500 to Rs 113100 per maund and the rate of cotton in Punjab is in between Rs 13200 to Rs 13300 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 4800 to Rs 5600 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5400 to Rs 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1450 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1450 to Rs 1700 per maund. The rate of cotton in Balochistan is in between Rs 12300- 12400 per maund. The rate of Phutti in Balochistan is Rs 5900- 6400 per maund.

U.S. EXPORT SALES FOR WEEK ENDING 16/09/2021 Cotton:  Net sales of 345,400 RB for 2021/2022 were up 21 percent from the previous week and 27 percent from the prior 4-week average.  Increases were primarily for China (219,800 RB), Turkey (52,700 RB), Pakistan (36,200 RB), Vietnam (9,700 RB, including 3,700 RB switched from China, 500 RB switched from Japan, and decreases of 500 RB), and Peru (5,500 RB, including decreases of 100 RB).  Exports of 176,800 RBwere down 26 percent from the previous week and 7 percent from the prior 4-week average.  The destinations were primarily to Turkey (36,000 RB), China (32,700 RB), Vietnam (25,700 RB), Mexico (22,700 RB), and Pakistan (19,700 RB).  Net sales of Pima totaling 23,500 RB were up noticeably from the previous week and up 86 percent from the prior 4-week average.  Increases were primarily for India (16,000 RB), Peru (2,400 RB), Turkey (1,500 RB), China (1,300 RB), and Greece (900 RB).  Exports of 3,800 RB were up 23 percent from the previous week, but down 45 percent from the prior 4-week average.  The destinations were to India (2,800 RB), China (500 RB), Peru (300 RB), and Pakistan (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 gains 23 paise to close at 73.64The rupee has strengthened by 23 paise to close at 73.64 against the dollar. Rupee also started with strength today. Rupee opened stronger today by 9 paise against dollar. The rupee opened at 73.78 against the dollar.On the other hand, there was a weakness in the rupee against the dollar in Wednesday's trade. The rupee today closed 26 paise weaker at 73.87 against the dollar.Record closing of Sensex, closed higher by 958 pointsToday the stock market closed with a record high. Today, where the Sensex closed at a record level of 59885.36 points with a gain of about 958.03 points. On the other hand, Nifty closed at a record level of 17823.00 points with a gain of 276.30 points.  

Rupee opens 9 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 9 paise at Rs 73.78 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 73.87 with a weakness of 26 paise against the dollar.Sensex rises further, opens up 340 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 340.21 points to open at the level of 59267.54 points. On the other hand, the Nifty of NSE opened with a gain of 107.10 points at the level of 17653.80 points. 

Pink bollworm attack on cotton at alarming levels, farmers panicThe pink bollworm attack on cotton crop in Punjab has been found to be much beyond earlier anticipated. Over one fourth area in biggest cotton growing districts of Bathinda and Mansa are disturbed on the count though earlier the attack was felt in around 10-15% area in these districts. The pest attack has also caused damage to the crop in border district of Fazilka and Muktsar but with less intensity.In some of the districts in Bathinda, Maur, Sangat blocks, the damage is found to be above 50% and at some places touching up to 60-70%, the fact even the state agriculture department officials too have conceded. The economic threshold level (ETL) has been found to be above 10 adults per leaf while the permissible limit is up to five adults.With the pink bollworm attack turning to alarming levels, the farmers have panicked and resorting to even un recommended spray to control it but are not getting relief. Cotton has been sown in 3.04 lakh hectares in Punjab and 1.70 lakh hectares (56% of total) was sown in these two districts. The attack though was noticed in last week of August in Bathinda and Mansa, but it could not be contained in nearly a month and instead has been increasing by the day.Farmer Gurcharan Singh of Bhamme Khurd village in Mansa ploughed his cotton crop in two acres on Wednesday. Gurcharan said despite spending on extra sprays the pest remained intact and had damaged the crop. With no other option he ploughed the crop. “The attack of pink bollworm is wide spread and if not contained at the earliest, more farmers may follow suit and as there is no time left to go in for another crop than sowing wheat in a month’ time, the farmers will have to suffer immense losses. We want government to fully compensate farmers for the damage being caused by pest attack,” said farm group BKU (Ekta Ugrahan) Mansa district president Ram Singh Bhainibagha.The state agriculture department officials too are on their toes. The department director has visited a number of villages on Bathinda on Wednesday. “We had got a survey conducted last week and today I visited the villages where damage to crop was found to be more. The damage is varying from village to village and field to field. In all, it could be over 15% in Bathinda and Mansa and there are no reports of damage from Fazilka and Muktsar. Sprays are being recommended to farmers,” department director Sukhdev Singh. He added that after getting ground report, the department will prepare a report on Thursday or by Friday and will provide the report to the state government to take any decision on the damage to cotton crop.“Over 10 pests are found in many of the plants and in the entire field which are causing extensive damage to the crop. We have made sprays but despite that the pest is intact and eating up the plants,” said farmers Mohinder Singh and Gurdev Singh of village Jai Singh Wala in Bathinda.The farmers from Sangat area in Bathinda fear a reset of 2015. They recalled the damage done to cotton crop six years ago. Then, the white fly attack had caused immense damage to the cotton crop and over 60% crop was damaged due to severe pest attack and many farmers facing losses had ended lives.