Rupee weakens by 7 paise against US dollarThis evening, the rupee closed at a level of 82.16 against the dollar with a weakness of 7 paise.Sensex closed up by 124 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62027.90 points with a gain of about 123.38 points.On the other hand, the Nifty closed at a level of 18314.80 points with a gain of 17.80 points.
CAI lowers cotton crop forecast for 2022-23 season to 29.8 million balesThe Cotton Association of India (CAI) on Thursday cut its cotton crop forecast by 465,000 bales to 29.8 million bales for the 2022-23 season as production is expected to decline in Maharashtra, Telangana, Tamil Nadu and Odisha. The latest estimate of cotton crop is the lowest since 2008-09 season at 29.0 million bales.At the start of the season, the association had estimated cotton crop production at 34.4 million bales as against 30.7 million bales in the previous season. CAI's latest crop down revision is against its March estimate of 31.3 million bales.The reason for the continuous cut in the estimates is being attributed to lower cotton offtake due to change in weather patterns. “3-4 pickings of cotton were expected in states like Maharashtra, Gujarat, Madhya Pradesh and Telangana. However, only two selections have taken place so far, said a Mumbai-based industry expert, seeking anonymity.Besides this, it is also estimated that farmers are holding their produce in the hope of remunerative prices as in the previous year. Cotton prices have crossed ₹100,000 per candy (1 candy = 365 kg) in the 2021-22 season. Currently, cotton is trading in the range of Rs 59,000-62,000 per candy in key markets of Rajasthan, Maharashtra, Telangana and Andhra Pradesh and Rs 61,900 per candy on the Multi Commodity Exchange.Due to less attractive prices compared to last year, this year's arrivals have come down to 17.86 million bales so far in the current season that started October, as against 24.4 million bales during the same period last year.“Domestic ginners and spinners are working in face-to-face conditions as farmers are bringing less produce. This is the reason why the market is range bound. Prices are not going up or down," said Ajay Kedia, director of Kedia Commodities, a financial services firm on commodities.As far as the demand-supply dynamics are concerned, prices should move up amid reduction in cotton production. "Despite the decline, cotton prices in the domestic markets have not picked up due to sluggish demand amid fears of a slowdown," Kedia said. Cotton prices were maintained in the domestic market as well." Bangladesh is the largest buyer of Indian cotton.CAI has retained its cotton import forecast at 1.5 million bales as against 1.4 million bales recorded last year. According to CAI data, around 700,000 bales have arrived at Indian ports so far this year. On the other hand, exports are estimated to decline by 500,000 bales to 2 million bales in the 2022-23 (October-September) season.The estimated domestic cotton consumption for this season is around 31.1 million bales, as against 31.8 million bales last year. Total availability of cotton is estimated at 34.5 million bales, which includes opening stock of 3.2 million bales and imports of 1.5 million bales. However, this left an estimated production of 29.8 million bales. The carryover stock at the end of the season is estimated at 1.4 million bales.
Spot rate inactive on cotton marketLAHORE: The local cotton market remained steady on Thursday with low trading volume. Cotton analyst Naseem Usman said that the rate of cotton in Sindh is Rs 17,000 to Rs 20,000 per head.Cotton rates in Punjab range from Rs 18,000 to Rs 21,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
CCI opens cotton procurement centersHubli: To protect cotton farmers and maximize access, Cotton Corporation of India Limited (CCI) has opened more than 400 cotton procurement centers in all 11 cotton-growing states, said its assistant general manager.A press note issued by CCI states that it is a central nodal. Government of India agency for cotton undertaking procurement work under Minimum Support Price (MSP). This MSP scheme provides an alternative marketing channel for cotton farmers to sell their FAQ-grade cotton at the MSP rates announced by the Central Government for the current cotton season 2022-23. Details of MSP prices, CCI network, nearest procurement center etc. are available on CCI website www.cotcorp.org.in or farmers can download mobile app 'Cott-Ally' for more details.Since the monsoon season is approaching in the first week of June, the level to safeguard cotton from damage by rains at any point of time, the procurement window for cotton under MSP will remain open till 20.05.2023 for the current operational cotton season 2022-23 . This will ensure completion of processing of cotton before the onset of monsoon.In case of any assistance farmers can contact CCI nearest branch.
Rupee opens 1 paise weak against dollarToday, the rupee opened at a level of Rs 82.10 against the dollar with a weakness of 1 paise.Today the stock market has started with weakness.The Sensex was trading around 61,857.69, down 46.83 points, or 0.08 per cent.The Nifty was trading around 18320 with a gain of 23.85 points i.e. 0.13 per cent.
India's cotton exports to hit 18 – year low as output dropsIndia's cotton exports are set to fall to their lowest level in 18 years in 2022/23 as production lagged behind domestic consumption for the second straight year, a leading trade body said on Thursday.Lower exports from the world's biggest producer could support global prices . It could also lift domestic prices and weigh on margins of local textile companies.Exports could fall to 2 million bales in the current marketing year ending on Sept. 30, the lowest since 2004/05 and well below 4.3 million bales last year, Cotton Association of India (CAI) said in a statement.Production could fall to 29.84 million bales, down from the previous estimate of 30.3 million bales, the CAI said.Local consumption could also ease by 2.2% from a year ago to 31.1 million bales, it said.The fall in local production could bring down cotton stocks at the end of 2022/23 marketing year to 1.4 million bales, the lowest in more than three decades, the trade body said.
Rupee Down by 10 paise against dollarThis evening, the rupee closed at a level of 82.09 against the dollar with a weakness of 10 paise.Sensex fell 36 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61904.52 points with a fall of 35.68 points.On the other hand, the Nifty closed at a level of 18297.00 points with a decline of 18.10 points.
The effect of bad weather on farming, cotton sowing season will last longerThe cotton sowing season may last longer this year, but the cash crop acreage is expected to remain low. Reason: Farmers are worried about frequent changes in weather.So far, about 9,850 hectares of cotton are sown in Muktsar district. Normally the crop is sown by mid-May, but this year the weather is relatively cool and sowing will continue till the end of May.Last year the crop was sown in about 33,000 hectares. However, the target was to bring about 45,000 hectares under cotton cultivation. This year the agriculture department has set a target of 50 thousand hectares in Muktsar district. Teams are going door to door to promote cotton sowing.Some farmers say that the cost of harvesting cotton is too high and requires extensive human labour. “Most of the farmers are worried due to the weather. He has also expressed his concern to the officials and commission agents. Cotton crops will be sown, but mainly in areas where paddy cultivation is not recommended. The cotton crop area may be less this year,” claimed a farmer.On this, Muktsar Chief Agricultural Officer (CAO) Gurpreet Singh said, 'Due to the change in weather, cotton sowing will continue till the end of May this time. We have decided to bring 50,000 hectares under cotton cultivation in the district this year. So far, about 9,850 hectares have been sown and sowing is now at its peak.”
Rupee opens 4 paise stronger against dollarThe rupee opened higher by 4 paise at 81.95 against the US dollar as against Wednesday's closing price of 81.99.The market is trading with a slight gain in the early trade.The Sensex gained 30.61 points, ie 0.05 percent, to the level of 61970.81.But it is visible.On the other hand, the Nifty is showing a gain of 6.05 points i.e. 0.03 percent at the level of 18305.45.
LAHORE: The local cotton market remained steady on Wednesday with low trading volume. Cotton Analyst.Cotton analyst Naseem Usman told that the price of cotton in Sindh is between Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head.The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee strengthened by 5 paise against US dollarThe rupee strengthened by 5 paise to close at Rs 81.98 against the dollar this evening.Sensex up by 179 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61940.20 points with a gain of about 178.87 points.On the other hand, the Nifty closed at a level of 18315.10 points with a gain of 49.10 points.
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India is on the verge of a potential "cotton crisis"—and no one is paying attention.Washington D.C. for cotton producing countries That's the warning from Terry Townsend, former executive director of the International Cotton Advisory Committee, a US-based trade body. While the South Asian nation's current 2022/23 crop estimates by the leading statistical organization show a year-equivalent production of more than 5 million metric tons, the amount of seed cotton delivered by farmers to buying centers by the end of the February season is on pace with the previous season. 1.1 million metric tonnes behind. For a longtime industry vet, this is a huge red flag."There's a fairly constant ratio between seed cotton and lint," he said of the cotton fiber that goes into everything from T-shirts to jeans to bath towels. "So based on what we call 'arrival', you can estimate the crop fairly accurately. It is possible that there is a slight difference and some of that gets captured. But it is going to close the gap of 1.1 million metric tonnes. Not there."It is not just India, which together with China contributes half of the world's cotton supply. From Argentina's point of view, the entire global cotton system is broken. Even more so now that the pandemic and the war in Ukraine have thrown markets into disarray."We don't have the agricultural science, we don't have trained farmers, we don't have the chain-of-custody system, we don't have the things that actually result in high yields, let alone the stability of prices that would encourage those producers." to do," he said. "There's just been neglect and mismanagement."While India was one of the world's largest exporters of cotton in 2011/12, exports are running at a decade low, competing directly with Australia, Brazil and the United States. Townsend thinks the country will be a small net importer of cotton this year. He said imports would almost certainly be "significantly" larger than exports in 2023/24.“It is a matter of embarrassment for the government. It is a matter of embarrassment for the Cotton Association of India and other organisations. “And people are still claiming that somehow farmers have harvested cotton but they are not making it to the buying centers because they are waiting for higher prices and magically, in the months after the season , the cotton farmers are going to bring it. Seed Cotton.Neither the Indian Cotton Association nor the textiles ministry responded to requests for comment.Still, not everyone agrees with Townsend's forecast.Keshav Kranti, Chief Scientist, International Cotton Advisory Committee, said, “Cotton arrivals have declined, but there is no perceived shortage of cotton, which could be a cause of concern for spinners.” The gap in February, he said, has already narrowed slightly in March, a trend expected to continue. And if farmers are indeed holding cotton in the hope of better prices, "it is unlikely that this situation will continue," he said.The textile ministry's committee on cotton production and consumption estimates mill consumption of cotton this year at 5 million metric tons, or 3.7 percent less than last year and two years ago, due to weak demand for yarn in India and global economic concerns. 7.8 percent less in Kranti said. He said the same agency expects cotton production of 5.6-5.7 million metric tonnes, "sufficient for domestic consumption reducing the need for imports". "It is likely that the situation will return to near-normal levels in the coming months."But if cotton production this year is poised to be "well south" of 5 million metric tons, there isn't much time left to rally, Townsend said. Cotton prices are going to be even higher soon. And if commodities and mills are going to shut down because there's nothing to work for, hundreds of thousands of people could lose their jobs. As far as the wider industry is concerned, a reckoning is looming on the horizon.“Anyone expecting to bring a shipment of cotton from India this calendar year for shirts or pants or whatever it may be has probably already spun yarn into cloth and is now involved in the operations of dyeing, finishing, cutting and sewing. doing its work through and being done. Put on the ships, so that we can recover. through this season," Townsend said. "But certainly the whole cotton supply chain in India is going to be seriously affected by what's going on."👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/en/news-details-english/dollar-news-rupee-smartinfo-sensex-todaymarket-niftynews
Rupee opens 10 paise higher against dollarThe rupee appreciated by 10 paise to 81.96 against the US dollar in early trade on Wednesday tracking weakness in the American currency overseas.Today the stock market has started with an increase.The Sensex was trading at a level of 61,893.86 with a gain of 132.53 points, or 0.21 per cent.Nifty was trading at the level of 18316.15 with a gain of 50.20 points i.e. 0.27 per cent.
50% of Punjab area is brought under cotton cultivation.LAHORE: Cotton cultivation is picking up fast in Punjab and 50 per cent area has been brought under cultivation, said Agriculture Secretary, Punjab Iftikhar Ali Shahu at a meeting held at All Pakistan Textile Mills Association (APTMA), Lahore office. Somewhere The growth of cotton and the improvement of the textile industry.Secretary Energy Naeem Rauf, Patron APTMA Gauhar Ejaz, President APTMA Hamid Zaman, Director General Agriculture (Extension) Dr Anjum Ali and other stakeholders were present in the meeting.Speaking on the occasion, Secretary Agriculture Punjab Iftikhar Ali Sahu said that the Punjab government is committed to the revival of cotton and all resources are being used to achieve the cotton production target. The government has fixed the pre-sowing support price of cotton at Rs 8500 per head, which will make cotton farming profitable.Apart from this, farmers will get a subsidy of Rs 1000 per bag on the seeds of selected approved varieties for 0.6 lakh acres. In addition, subsidies worth billions of rupees are being given on phosphorus and potash fertilizers to reduce the production cost of farmers.
Rupee failing down by 24 paise against dollarThis evening, the rupee closed at a level of Rs 82.03 against the dollar with a weakness of 24 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 61761.33 points, down by about 2.92 points.On the other hand, Nifty closed at 18266.00 points with a gain of 1.60 points.
China's cotton crop seen shrinking in freeze and small areaCotton production in top producer China could decline this year as cold weather delayed sowing and damaged plants in some areas, and some farmers followed government advice and switched to grain.According to Guo Chao, general manager of Hebei Jingyu Textile Materials Co., a major cotton trader and processor, the crop could fall by as much as 1 million tons from last year. If realised, this would represent a drop of more than 15% from production of around 6 million tonnes in 2022.China is the world's largest textile producer and one of the largest cotton importers. Any reduction in production could potentially boost overseas cotton purchases, but a slowing of the global economy could be countered by a weaker outlook for demand as exporters of textile products.Unseasonably cold weather damaged cotton crops in the main growing region of Xinjiang, just as local governments were encouraging farmers to grow the grain as part of a nationwide campaign to bolster food security.Cotton farmers in some regions were told to plant up to 10% of their land to grain, according to Mysteel, a commodities consultancy in China, and the company is predicting a 10% drop in cotton acreage from last year.
Sluggish business in cotton marketLAHORE: The local cotton market remained stable on Monday with low trading volumes.Cotton analyst Naseem Usman told that the price of cotton in Sindh is between Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.600 bales of Shahdadpur were sold at Rs.18,500 per head.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee gets stronger against DollarThe rupee strengthened by 1 paise to close at Rs 81.79 against the dollar this evening.Sensex closed up by 710 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61764.25 points with a gain of about 709.96 points.On the other hand, the Nifty closed at a level of 18264.40 points with a gain of 195.40 points.
Cotton Profits Tracking ICE Cotton Prices Jump Up In ExportsCotton yesterday closed up 0.35% at 63300, tracking a rise in ICE (NYSE:ICE) Cotton prices jumped after a weekly federal report showed a jump in exports of the natural fiber. The US Department of Agriculture (USDA) report showed net sales of 231,300 running bales (RB) for 2022/2023, up 19% from last week and 65% from the previous 4-week average. The USDA said exports of 24,800 Rb were up 20% from the previous week, mainly to China at 9,600 Rb and Vietnam at 5,200 Rb.India's cotton production is set to rise to 33.72 million bales (170 kg each) in the 2022-23 crop year (July-June), as against 31.12 million bales a year ago, according to agriculture ministry data. However, traders and some agencies are projecting lower production. The US Department of Agriculture (USDA) has forecast that India's cotton exports will decline by 5,00,000 bales to 1.8 million (US bales 227.72 kg or 23.05 lakh Indian bales 170 kg) this month, roughly equal to its import forecast . Industry experts have estimated exports to remain within 2 million bales during 2022-23 (October-September). The International Cotton Advisory Committee (ICAC) lowered its global price outlook for cotton in December 2022 compared to its projections. In its outlook for May, the ICAC projected a season average price forecast range of between 96.1 cents and 111.3 cents, with a midpoint of 102.77 cents. per kg. This is lower than the midpoint of 115 cents projected in December 2022.Technically the market is under short covering as open interest in the market remained unchanged from 0% to close at 316 while the prices are up by Rs 220 now cotton is taking support at 63160 and below it 63020 levels , and resistance is now likely to be seen at 63420, on the upside the price may test 63540.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/en/news-details-english/rupee-sensex-dollar-smartinfo-nifty-exchangemarket
| title | Created At | Action |
|---|---|---|
| Rupee weakens by 7 paise against US dollar | 12-05-2023 16:20:27 | view |
| CAI lowers cotton crop forecast for 2022-23 season to 29.8 million bales | 12-05-2023 13:54:34 | view |
| Spot rate inactive on cotton market | 12-05-2023 13:23:19 | view |
| CCI opens cotton procurement centers | 12-05-2023 12:49:27 | view |
| Rupee opens 1 paise weak against dollar | 12-05-2023 11:44:04 | view |
| India's cotton exports to hit 18 – year low as output drops | 11-05-2023 16:39:52 | view |
| Rupee Down by 10 paise against dollar | 11-05-2023 16:16:00 | view |
| The effect of bad weather on farming, cotton sowing season will last longer | 11-05-2023 11:50:17 | view |
| Rupee opens 4 paise stronger against dollars | 11-05-2023 11:37:59 | view |
| LAHORE: The local cotton market remained steady on Wednesday with low trading volume. Cotton Analyst. | 11-05-2023 10:43:24 | view |
| Rupee strengthened by 5 paise against US dollar | 10-05-2023 16:38:00 | view |
| “Golden Opportunity” for NCDEX players | 10-05-2023 16:01:00 | view |
| India is on the verge of a potential "cotton crisis"—and no one is paying attention. | 10-05-2023 11:44:36 | view |
| Rupee opens 10 paise higher against dollar | 10-05-2023 11:21:04 | view |
| 50% of Punjab area is brought under cotton cultivation. | 10-05-2023 10:47:04 | view |
| Rupee failing down by 24 paise against dollar | 09-05-2023 16:13:28 | view |
| China's cotton crop seen shrinking in freeze and small area | 09-05-2023 14:11:50 | view |
| Sluggish business in cotton markets | 09-05-2023 11:38:39 | view |
| Rupee gets stronger against Dollar | 08-05-2023 16:16:47 | view |
| Cotton Profits Tracking ICE Cotton Prices Jump Up In Exports | 08-05-2023 12:20:26 | view |
