Recent News

*PAKISTAN COTTON MARKET UPDATE**High rates keep away buyers on cotton market**The local cotton market remained stable on Wednesday and trading volume remained low.**The Spot Rate remained unchanged at Rs 16000 per maund. The polyester fiber was available at Rs 247 per kg.**Cotton Analyst Naseem Usman told that the rate of cotton in Sindh remained between Rs 13000 to Rs 16,800 per maund and the rate of cotton in Punjab was registered at Rs 14,300 to Rs 16,700 per maund.**The rate of the new crop of Phutti in Sindh was remained between Rs 4500 to Rs 7,200 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 8,000 per 40 kg.**Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 16,400 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 8,000 per maund, said Naseem Usman.**The rate of Banola in Sindh was in between Rs 1350 to Rs 2,000 per maund. While in Punjab rates of Banola were in between Rs 1650 to Rs 2,200 per maund.**200 bales of Chichawatni were sold at Rs 16500 per maund, 400 bales of Fort Abbas were sold at Rs 16200 per maund, 200 bales of Shujabad were sold at Rs 16000 per maund, 1800 bales of Mian Wali were sold at Rs 15800 to Rs 16500 per maund, 200 bales of Haroonabad were sold at Rs 15700 per maund and 200 bales of Hasil Pur were sold at Rs 15500 per maund.**According to reports, China will start a new round of sales from its cotton reserves on Wednesday, with a total 600,000 tonnes of imported and domestic cotton to be sold off in daily auctions, according to an official notice.**It is the second batch of cotton to be released from reserves this year and is designed to better meet demand for the fibre from spinning companies, said the China Cotton Reserves Management Company in a notice published late on Tuesday.*

*All India Weather Forecast for November 11, 2021**Weather systems made across the country*The Low Pressure Area is over Southeast and adjoining South West Bay of Bengal. The associated cyclonic circulation extends up to 5.8 km above mean sea level. It may concentrate into a depression by this evening and move towards North Tamil Nadu coast.The trough is extending from the Cyclonic Circulation to the Gulf of Mannar.A new Low Pressure Area will form over South Andaman Sea and adjoining region around November 13 and it will gradually intensify further in a West-Northwest direction.*Weather movement across the country during the last 24 hours*During the last 24 hours, the coastal areas of Tamil Nadu have received moderate to heavy rains.Light to moderate rain occurred over Interior Tamil Nadu, South Coastal Andhra Pradesh and Andaman and Nicobar Islands.Light rain occurred in parts of Kerala, South Interior Karnataka and Lakshadweep.Air pollution in the Gangetic plains of India along with Delhi-NCR remains in the very poor category.*Weather activity likely during next 24 hours*During the next 24 hours, heavy to very heavy rains are possible over Tamil Nadu Coast and adjoining South Coastal Andhra Pradesh.Light to moderate rain may occur at isolated places over Interior Tamil Nadu, South Interior Karnataka and Rayalaseema.Light to moderate rain is possible over Kerala, Coastal Karnataka and Andaman & Nicobar Islands.Light rain may occur over Telangana, North Interior Karnataka and Lakshadweep.

China start new round of cotton sales to boost supplyChina will start a new round of sales from its cotton reserves on Wednesday (Nov 10), with a total 600,000 tonnes of imported and domestic cotton to be sold off in daily auctions, according to an official notice.It is the second batch of cotton to be released from reserves this year and is designed to better meet demand for the fibre from spinning companies, said the China Cotton Reserves Management Company in a notice published late on Tuesday by industry website Cncotton.com.Cotton prices in China are at more than three-year highs, bolstered by strong demand from both the domestic textile sector and export markets over the last year, and high global prices.However, demand has recently weakened while prices sought by growers in the main producing region Xinjiang for the recently harvested crop were very high, and unacceptable to spinning firms, said analysts at Cofco Futures in a report last month."There will be strong bidding, especially for the import lots," a Beijing-based cotton dealer commented on the upcoming auctions.The imported cotton, mostly from the United States and Brazil, is better quality and newer than much of the domestic cotton on offer, he said.Cotton futures traded on the Zhengzhou Commodity Exchange moved little on Wednesday, hovering around 21,560 yuan (US$3,369.80) per tonne, their highest since May 2018.

Rupee depreciates against dollar, opens 4 paise weakerRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 4 paise at Rs 74.07 against the dollar. At the same time, on Tuesday, the rupee closed at a level of Rs 74.03 with a loss of 1 paise against the dollar.Bad start in Sensex, 138 points open lowerToday the stock market opened with a fall. Today the BSE Sensex fell by about 138.19 points and opened at the level of 60295.26 points.

*PAKISTAN COTTON MARKET UPDATE**Official spot rate hits all-time high**The rate of Prime Mark Cotton of Sindh reached at Rs 17000 per maund highest in the history of the country.* *The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 100 per maund and closed it at Rs 16000 per maund.**The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 100 per maund and closed it at Rs 16000 per maund. The polyester fiber was available at Rs 247 per kg.**Cotton Analyst Naseem Usman told that the local cotton market remained bullish and trading volume remained satisfactory.**The rate of cotton in Sindh remained between Rs 12500 to Rs 16,500 per maund and the rate of cotton in Punjab was registered at Rs 14,200 to Rs 16,500 per maund.* *The rate of the new crop of Phutti in Sindh was remained between Rs 5000 to Rs 7,000 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,300 per 40 kg.**Similarly, prices of cotton in Balochistan were remained at Rs 13,800 to 16,200 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,200 to 79,00 per maund, said Naseem Usman.**The rate of Banola in Sindh was in between Rs 1350 to Rs 2,000 per maund. While in Punjab rates of Banola were in between Rs 1650 to Rs 2,100 per maund. 1800 bales of Khair Pur were sold at Rs 15200 to Rs 15500 per maund, 2000 bales of Khan Pur were sold at Rs 16100 to Rs 16500 per maund, 400 bales of Kot Sabzal, 400 bales of Lodhran, 1600 bales of Sadiqabad, 200 bales of Chichawatni were sold at Rs 16500 per maund, 400 bales of Gilawala were sold at Rs 16200 per maund, 800 bales of Faqeer Wali were sold at Rs 15500 to Rs 16000 per maund, 200 bales of Mian Wali were sold at Rs 15850 per maund, 1600 bales of Fort Abbas were sold at Rs 15600 to Rs 15700 per maund, 800 bales of Hasil Pur were sold at Rs 14700 to Rs 15500 per maund, 800 bales of Hasil Pur were sold at Rs 14700 to Rs 15500 per maund, 1400 bales of Haroonabad were sold at Rs 15000 to Rs 15200 per maund, 2200 bales of Rahim Yar Khan were sold at Rs 16000 to Rs 16500 per maund,*

*China to implement second batch of state cotton reserves sales in 2021/22**The China National Cotton Reserve Company announced on Nov 9 that the first batch of state cotton reserves sales has ended, and to meet the cotton enterprises’ demand, it will organize the second batch of state reserves sales in 2021/22 season from Nov 10, 2021. The volumes offered for sales total 600kt this time, and the daily volumes will adjust according to market situation.**The base selling price of reserved upcountry cotton this week=the average price of prior week's international cotton price.**Other reserved cotton price calculation method remained unchanged.* *Formula:* *Base selling price (cotton type* *3128B)=average price of prior week's domestic cotton prices*50%+average price of prior week's international cotton price*50%*. 1. *Domestic cotton price=(China Cotton Index+CNcotton)/2;*2. *International cotton price=Cotlook A Index (converted to USD per ton)*exchange rate*(1+1%import duty)*(1+9%VAT)*3. *The exchange rate is the benchmark exchange rate of the foreign currency against the RMB announced by the People's Bank of China, based on the customs taxation method and the third Wednesday of the previous month (if it is on public holiday, the fourth Wednesday is postponed).*

*World Agricultural Supply and Demand Estimates**COTTON: This month’s 2021/22 U.S. cotton estimates are largely unchanged from October. The U.S. production forecast is slightly higher, at 18.2 million bales, while domestic mill use and exports are unchanged. U.S. ending stocks are 200,000 bales higher at 3.4 million—19 percent of use—and 250,000 above the previous year. The projected marketing-year average price received by upland producers is unchanged this month at 90 cents per pound, a 36 percent year-to-year increase.**The global cotton balance sheet for 2021/22 includes higher production and consumption, and slightly lower ending stocks. Beginning stocks this month are also lower, by 1 million bales, due to higher estimated consumption in earlier years for India, Pakistan, and Mexico. Their projected use in the current year is also higher this month, and total global consumption is up 700,000 bales. The world production forecast is 1.5 million bales higher as gains for Brazil, Australia, Pakistan, and the United States more than offset a 200,000- bale decline in Greece following unusually heavy October rainfall. World ending stocks are projected at 86.9 million bales, 200,000 bales lower than in October, and 2.4 million bales lower than in 2020/21*

*All India Weather Forecast for November 10, 2021**Weather systems made across the country*A cyclonic circulation is persisting over South Andaman Sea, under which a Low Pressure Area is likely to form over South Andaman Sea and adjoining areas. It may intensify into a depression and move west-northwestwards towards Tamil Nadu coast.A trough is extending from the cyclonic circulation over southeast Bengal to southwest Bay of Bengal off Tamil Nadu coast.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred over parts of Tamil Nadu and Kerala and heavy to very heavy at isolated places.Scattered light to moderate rain occurred over South Interior Karnataka Andaman and Nicobar Islands.*Light rain fell in Lakshadweep.**Weather activity likely during next 24 hours*During the next 24 hours, isolated light to moderate rains are likely over Tamil Nadu, parts of Kerala, Coastal Andhra Pradesh and Andaman and Nicobar Islands.Heavy to very heavy rain very likely over Coastal Tamil Nadu and South Andhra Pradesh coast from November 10 to November 11.Light to moderate rain is possible over South Interior Karnataka.Light rain may occur at isolated places over Lakshadweep, parts of Telangana and South Odisha.

Today evening, the rupee depreciated by 2 paise to close at Rs 74.03 against the dollar.Today the stock market closed with a fall.Today, where the Sensex closed at the level of 60433.45 points, down 112.16 points. On the other hand, Nifty closed at the level of 18044.30 points down by 24.20 points.  

Rupee opens 8 paise stronger against dollarRupee opened with strength today against the dollar in the foreign exchange market. Today the rupee opened with a strength of 8 paise at Rs 73.93 against the dollar. At the same time, on Monday, the rupee closed at Rs 74.02 with a gain of 44 paise against the dollar.

Poor start in the Sensex, falling 51 points to openToday the stock market opened with a fall. Today the BSE Sensex fell by about 51.02 points and opened at the level of 60494.59 points.