Cotton demand from US textile mills drops to lowest since 1885American mills are on track to process the least cotton this year since 1885. According to an updated US Department of Agriculture forecast released Monday, US textile mills will feed just 1.74 million bales of cotton into their machines in the 2023-2024 marketing year that ends in July, the slowest rate in 139 years. That’s nearly 15 per cent less than last year and even lower than the agency’s prior forecast.These factories, which turn cotton fibres into yarn and fabric, are among the last bastions of the country’s textile industry after decades of rising competition from cheaper overseas production and synthetic materials. Mill use made a brief recovery in the 1990s, when trade deals encouraged the US to export yarn and fabric to be turned into clothes in other countries before being sent back and sold.US mill use has “just disappeared,” said Peter Egli, the director of risk management at Plexus Cotton Ltd. Factories in other countries “just operated at much better margins than producing in the US.”
Today, the rupee opened at Rs 83.10 with a weakness of 10 paise against the dollarThe rupee opened today with weakness against the dollar. At the same time, on Tuesday, the rupee closed at the level of 83.00 rupees against the dollarSensex (BSE Sensex) and Nifty 50 ((Nifty 50) are down sharply. Sensex is currently at 70989.57 and Nifty at 21579.10.
The rupee settled flat at 83 against the US dollar on TuesdayAs the support from a rally in domestic equities was negated by a strong greenback overseas and rising crude oil prices.Sensex closed 482 higherSensex closed at 71,555.19, up 482.70 points or 0.68 per cent and Nifty closed at 21,743.30, up 127.30 points or 0.59 per cent. About 1284 shares advanced, 1994 shares declined and 62 shares remained unchanged.
Today the rupee opened 2 paise stronger at Rs 82.98 against the dollar.Today BSE Sensex opened at 71153.43 points with a gain of about 80.94 points. Whereas NSE's Nifty opened with a gain of 11.70 points at the level of 21627.70 points. A total of 2,784 companies started trading on BSE today.
This evening, the rupee strengthened by 4 paise and closed at Rs 83.00 against the dollar.Today Sensex fell by about 523.00 points and closed at the level of 71072.49 points. Whereas Nifty closed at the level of 21616.00 points with a fall of 166.50 points.
Cotton Gains As 2023/24 Cotton Ending Stocks Are Lower This MonthCotton prices showed resilience in yesterday's trading session, settling up by 0.62% at 58680. The positive momentum can be attributed to the latest U.S. cotton balance sheet for the 2023/24 season, which reported lower ending stocks, higher exports, and stable production. The export forecast was raised to 12.3 million bales, reflecting a robust pace of shipments and sales, contributing to reduced ending stocks estimated at 2.8 million bales, representing 20% of total disappearance. Internationally, the cotton market witnessed adjustments in ending stocks and production estimates. World ending stocks decreased by nearly 700,000 bales due to lower beginning stocks and production, while consumption remained steady, albeit with variations across countries.Notably, China's imports saw a significant increase, offsetting reductions in other major importing nations like India, Pakistan, Thailand, and Turkey. The USDA's weekly sales report indicated a surge in net sales and exports for the 2023/2024 season, driven by strong demand from China and Vietnam, with exports consistently exceeding 200,000 bales in recent reports. Additionally, the Cotton Association of India (CAI) maintained estimates for domestic consumption and production for the 2023-24 season, reflecting stability in the Indian cotton market. Reports of declining infestation of pink bollworm in cotton crops across the country also provided a positive outlook for production. In the spot market, prices in Rajkot ended slightly lower at 26826.35 Rupees, reflecting minor fluctuations in local trading.From a technical perspective, the market is experiencing fresh buying, with an increase in open interest by 6.12% and prices up by 360 rupees. Support levels for Cotton candy are identified at 57980 and 57290, with resistance expected at 59080 and potential further upside testing 59490.
Rupee opened stronger against dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 3 paise stronger at Rs 83.01 against the dollar. At the same time, on Friday, the rupee closed at Rs 83.04 against the dollar with a weakness of 8 paise.
This evening, the rupee closed at Rs 83.04 against the dollar with a weakness of 8 paise.Today, Sensex closed at 71595.4 with a rise of about 167.06 points or 0.23%. And Nifty closed at 21782.50 with a fall of 64.55 points or 0.30%.
*Cotton Market Dynamics: Surging Exports, Shifting Trade, and Price Resilience in 2023/24*In the 2023/24 U.S. cotton balance sheet, higher exports and reduced mill use lead to lower ending stocks despite unchanged production. Globally, decreased beginning stocks and production levels result in a significant drop in ending stocks, while consumption remains steady. China's increased imports contrast with reductions in other key exporting nations, shaping the trade landscape. The market's resilience is underscored by price upticks and shifting dynamics amidst varied regional production and consumption trends.HighlightsIn the 2023/24 U.S. cotton balance sheet, there have been some notable changes compared to the previous month. Despite unchanged production, ending stocks are lower due to higher exports and reduced mill use. Export forecast has been raised by 200,000 bales to 12.3 million, driven by strong shipments and sales so far. Conversely, projected mill use is down by 150,000 bales as domestic spinning activity in the U.S. remains subdued.As a result of these adjustments, ending stocks are now estimated at 2.8 million bales, representing 20 percent of total disappearance. The upland cotton marketing year average price received by producers is projected at 77 cents per pound, which is 1 cent higher than the previous estimate in January.On a global scale, 2023/24 cotton ending stocks are nearly 700,000 bales lower this month. This is primarily due to reduced beginning stocks and production, which have led to a decrease in supplies. World consumption remains virtually unchanged, with increases in China and Vietnam offset by decreases in Turkey, the United States, and Thailand.Beginning stocks have decreased by 250,000 bales compared to January, mainly due to a downward revision in Argentina’s 2022/23 cotton crop. Additionally, projected 2023/24 world cotton production is 355,000 bales lower this month. This reduction is attributed to decreases in Australia and Benin, partly offset by smaller increases elsewhere.World trade is nearly 200,000 bales lower, primarily because a 500,000-bale increase in China’s imports is outweighed by reductions in India, Pakistan, Thailand, and Turkey. Notably, exports are higher for the United States, Burkina Faso, and Turkey, while lower for Brazil, Argentina, and Australia.ConclusionThe 2023/24 cotton market showcases dynamic shifts driven by factors like export surges, altered trade patterns, and price resilience amidst global supply and demand adjustments. While the U.S. witnesses lower ending stocks due to heightened exports and subdued domestic spinning, the global scenario reflects a complex interplay of production revisions, consumption patterns, and trade dynamics. China's robust import demand contrasts with decreases in other major exporters, underlining the market's nuanced response to diverse regional influences. Despite uncertainties, price stability hints at market adaptability amidst evolving conditions, signaling opportunities and challenges for stakeholders navigating the cotton landscape
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened with a strengthening of 1 paise at Rs 82.95 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 82.96 against the dollar.Today the stock market started with a decline.Today the stock market started with a decline. While Paytm's shares again crashed in the initial phase, LIC's shares again reached all-time high today. Whereas BSE Sensex opened with a fall of 164.57 points at the level of 71263.86 points. Whereas NSE's Nifty opened with a gain of 41.70 points at the level of 21676.30 points. A total of 2,489 companies started trading in BSE today.
Allow 90 days for payment of goods supplied by MSMEs to textile sector: TASMAThe Tamilnadu Spinning Mills Association (TASMA) has expressed concerns regarding a new clause introduced in the Income Tax Act, 1961, through the Finance Act 2023. The Finance Ministry has introduced Section 43B(H), which mandates payment for goods supplied by Micro and Small Enterprises (MSMEs) within 45 days. This aligns with the provisions under Section 15 of the MSMED Act, 2006, aimed at ensuring prompt payments to prevent MSMEs from facing delays in fund flow.TASMA has written to the Finance and MSME ministries, highlighting the industry's apprehension about the new clause. According to TASMA, the introduction of Section 43B(H) has caused panic among suppliers and buyers in the textile value chain. Many buyers, who were accustomed to flexible payment periods as agreed upon between parties, are now hesitant to accept goods with the limited payment terms of 45 days.In certain segments of the textile industry, a payment period of 90 days has been widely accepted by both suppliers and buyers. Transactions have been proceeding smoothly under these terms. TASMA and industry participants argue that a 90-day period is necessary, considering the nature of the goods involved, which undergo further value-addition through additional processes.TASMA has urged the MSME Ministry to amend the clause, allowing a 90-day period for the settlement of payments with micro, small, and medium enterprises. The association suggests that if a general amendment to the Act is not possible, a restrictive consideration for the textile industry alone should be entertained, taking into account the established business practices in the sector.
The rupee strengthened by 1 paise to close at Rs 82.96 against the dollar this evening.Today, the Sensex closed at the level of 71428.43 points with a decline of around 723.57 points. At the same time, Nifty closed at the level of 21718.00 points with a fall of 212.50 points.
Rupee opened stronger against dollarToday, the rupee opened 3 paise stronger at Rs 82.96 against the dollar.BSE Sensex opened higher todayToday BSE Sensex opened with a rise of 171.02 points at the level of 72323.02 points. Whereas NSE's Nifty opened at 21980.70 points with a gain of 50.20 points. Trading started today in a total of 2,317 companies on BSE.
CCI starts 110 cotton procurement centers in Maharashtra.Nanded: Farmers are not getting guaranteed price in the marketCottonIt is time to sell at the center of government. CCI (Cotton Corporation of India) has so far procured 11 lakh 65 lakh quintals of cotton from farmers. Another 70 percent Cotton CCI predicts that is yet to come.The government has fixed a guarantee price of Rs 6,970 for good quality cotton in the state. Initially, cotton had a good price in the private market. Therefore, it was estimated that the government will not have to open cotton buying centers this year as well; But in reality this prediction turned out to be false. The merchant class started looting the farmers' cotton in the market by blaming it as 'not good quality'. Cotton started fetching less than the guaranteed price. Therefore, the need for a government cotton procurement center arose. Today, CCI has started 110 cotton procurement centers in the state. Quality of Cotton Good Initially, the quality of cotton in the state declined somewhat due to rains; But now good quality cotton is coming. So far 30 percent cotton has arrived. Another 70 percent of cotton is waiting to arrive. Four and a half crore quintal productionis estimated to be four and a half crore quintal cotton production in the state this year.Production may decrease due to decrease in sowing as compared to last year. CCI started 110 centers for procurement. CCI is ready to buy at a guaranteed rate if no good price is found in the market. - S. K. Panigrahi, Senior General Manager, CCI, Mumbaisourc : lokmat
The rupee strengthened by 9 paise to close at Rs 82.97 against the dollar this evening.Today the Sensex closed at 72152.00 with a marginal decline of 34.09 points or 0.05 percent and the Nifty closed at 21930.50 with a marginal gain of 1.10 points or 0.01 percent.
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 3 paise stronger at Rs 83.03 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 83.06 against the dollar without any change. Today BSE Sensex opened with a rise.Today BSE Sensex opened at 71829.98 points with a gain of about 98.56 points. Whereas NSE's Nifty opened at 21797.80 points with a gain of 26.10 points. Today, trading started in a total of 2,235 companies on BSE.
This evening, the rupee closed at 83.06 against the dollar without any change.Today Sensex closed at 72186.09 with a rise of 454.67 points or 0.63 percent and NIFTY 50 also closed at 21929.40 with a rise of 157.70 points or 0.72 percent.
*Take action against traders buying cotton below MSP: Fadnavis*Nagpur: Deputy Chief Minister Devendra Fadnavis has issued instructions to register crimes if traders do not buy cotton at the minimum support price (MSP). The mandate is not new but during the cabinet meeting on Monday, Fadnavis again stressed on its implementation besides strict monitoring of cotton procurement.Cotton growers of Vidarbha, who had held back their crop in the hope of getting better prices, are now disappointed.Needing cash, farmers have started selling cotton, but they are getting rates below the MSP, which is Rs 7,020 per quintal for the long staple grade.If the cotton is taken to the ginning mill, the market rates range between ₹6,800 to ₹6,500. Some farmers TOI spoke to said that if the producer sells directly from the farm, the rate is ₹6,100 to ₹6,000.According to farmers, private ginners are paying less by saying that the quality is inferior. A group of farmers in Yavatmal had submitted a memorandum to the district collector seeking his intervention in ensuring fair price of cotton.Manish Jadhav of Swabhimani Shetkari Paksha said that the memorandum states that the government should take action against traders who are paying less than the MSP. It was also demanded that the Cotton Corporation of India(CCI) should open more centers in the area.Sources in the state agricultural marketing department said that even though farmers have to sell cotton at MSP to CCI, it has to be of a certain grade called Fair Average Quality (FAQ). CCI does not buy cotton below FAQ. He said that even traders should buy only FAQ grade at MSP.FAQ There are basic minimum requirements such as mature cotton in bolls, staple length and moisture. The farmer said that the quality has been affected due to unseasonal rains, which has led to rejection.According to a state government source, a large quantity of cotton is still of FAQ grade and should be purchased at MSP by traders. “However, farmers are not getting a fair deal from traders,” the source said.This year, Maharashtra State Cotton Producers Marketing Federation has not entered into MSP procurement. The federation buys cotton and sells it to CCI. However, now only CCI has procurement centres, which may lead to reduced reach, sources said.Meanwhile, a senior CCI official said 120 procurement centers have been opened across the state and 11 lakh quintals of cotton has been purchased so far. “There is not much crowd of farmers at the centres. The quantity purchased is not unprecedented. The quality has been affected due to rain in some parts of the state. Some farmers with additional superior grades are getting prices above the MSP,” the official said.
This evening, the rupee closed at Rs 83.06 with a weakness of 14 paise against the dollar.Today Sensex closed at 71731.42 points with a fall of 354.21 points. Whereas Nifty closed at the level of 21771.70 points with a fall of 82.10 points.
Cotton prices dip below MSP; CCI acquires 6 lakh quintals in Madhya PradeshCotton procurement by the Cotton Corporation of India (CCI), a nodal agency set up under the ministry of textiles for trade and procurement of cotton, has procured around 6 lakh quintal in Madhya Pradesh till date from the start of the new cotton season.CCI has set up 21 procurement centers in MP and this is the highest procurement in the last two years.Cotton arrivals picked up from October in spot markets and as cotton prices slipped below govt set Minimum Support Prices (MSP), CCI intervened and started procurement from the spot markets.“We have procured around6 lakh quintal cotton so far in MP since October. We will continue purchases until farmers bring their produce to the spot markets. Market prices have improved and ruling around MSP,” said a senior official involved in the procurement exercise in MP wishing anonymity.The nodal agency is procuring cotton from leading cotton cultivating states in the country The government has fixed MSP for medium staple cotton at Rs 6,620 per quintal and for long staple cotton at Rs 7,020 per quintal.Cotton arrivals have gradually dropped in the spot markets and are expected to slip further in coming weeks, said traders.“Flow of arrivals from farmers was very high in November but now daily supplies are gradually coming down. Going ahead there will be further drop in supplies but until we get supplies as per our parameters, we will continue purchases. Last year, we did not enter the market because prices were well above the MSP,” said the official.The trade body Cotton Association of India in January had said that the season was depressing for farmers as cotton rates were trading under MSP by 5 to 20 per cent. Though a jump in supplies lately, aided processing in spinning mills with mills in north India and central India running at almost 100 per cent capacity and in south India at around 80 per cent capacity.source : TOI
| title | Created At | Action |
|---|---|---|
| Cotton demand from US textile mills drops to lowest since 1885 | 14-02-2024 11:28:28 | view |
| Today, the rupee opened at Rs 83.10 with a weakness of 10 paise against the dollar | 14-02-2024 10:13:09 | view |
| *This evening the rupee closed at 83.00 against the US dollar without any change* | 13-02-2024 16:44:11 | view |
| Today the rupee opened 2 paise stronger at Rs 82.98 against the dollar. | 13-02-2024 10:27:36 | view |
| This evening, the rupee strengthened by 4 paise and closed at Rs 83.00 against the dollar. | 12-02-2024 16:18:08 | view |
| Cotton Gains As 2023/24 Cotton Ending Stocks Are Lower This Month | 12-02-2024 12:34:06 | view |
| Rupee opened stronger against dollar today. | 12-02-2024 10:26:21 | view |
| This evening, the rupee closed at Rs 83.04 against the dollar with a weakness of 8 paise. | 09-02-2024 16:36:01 | view |
| *Cotton Market Dynamics: Surging Exports, Shifting Trade, and Price Resilience in 2023/24* | 09-02-2024 11:23:55 | view |
| The rupees opened strongly against the dollar today- | 09-02-2024 10:15:55 | view |
| Allow 90 days for payment of goods supplied by MSMEs to textile sector: TASMA | 08-02-2024 16:41:34 | view |
| The rupee strengthened by 1 paise to close at Rs 82.96 against the dollar this evening. | 08-02-2024 16:10:53 | view |
| BSE Sensex opened higher today | 08-02-2024 10:54:43 | view |
| CCI starts 110 cotton procurement centers in Maharashtra. | 08-02-2024 10:32:07 | view |
| The rupee strengthened by 9 paise to close at Rs 82.97 against the dollar this evening. | 07-02-2024 16:29:04 | view |
| The rupee opened strongly against the dollar today- | 07-02-2024 10:25:03 | view |
| This evening, the rupee closed at 83.06 against the dollar without any change. | 06-02-2024 16:29:48 | view |
| *Take action against traders buying cotton below MSP: Fadnavis* | 06-02-2024 11:19:03 | view |
| This evening, the rupee closed at Rs 83.06 with a weakness of 14 paise against the dollar. | 05-02-2024 16:15:48 | view |
| Cotton prices dip below MSP; CCI acquires 6 lakh quintals in Madhya Pradesh | 05-02-2024 11:03:28 | view |
