The rupee advanced 8 paise to 81.70 against the dollar.Forex traders said significant foreign fund inflows and crude prices below $75 a barrel also supported the local unit.At the interbank foreign exchange, the domestic unit opened higher at 81.76 against the dollar and then recovered to 81.70, registering a gain of 8 paise from its previous close.Sensex opened higher by 597 pointsToday the stock market opened with a boom.Today, the BSE Sensex opened at a level of 61650.97 points with a gain of about 596.68 points.On the other hand, the NSE's Nifty opened at a level of 18231.30 points with a gain of 162.30 points.
Weekly Cotton Review: Rates steady amid low trading volumeKARACHI: Cotton prices were seen steady in the last week amid low traded volumes. There was a bullish trend after the ups and downs in the international cotton markets. A target of one crore twenty seven lakh seventy thousand bales of cotton has been set for the upcoming season.Exports of textile products continue to decline as industrialists protest against scrapping of electricity and gas concessions.Officials of the Pakistan Cotton Ginners Association have met Federal Energy Minister Khurram Dastgir to discuss the energy problems faced by the ginning industry. Pakistan Cotton Standards Institute and Pakistan Cotton Brokers Association are actively working for the grading of cotton with the support of Pakistan Cotton Ginners Association.Furthermore, the IMF is calling for a hike in interest rates, which would further destabilize the industry, which is already facing a difficult situation as exports continue to decline.On the other hand, recession continues in the international markets. There is a huge financial crisis in the markets. The ginners also have a stock of about 2 to 2.5 lakh bales of cotton. There is a fear of rain and if the rains continue, harvesting will be delayed and the stock cotton will be sold.As per the reports received from the cotton growing areas of Sindh and Punjab, cotton sowing is satisfactory at present.According to estimates, Punjab will produce 83,36,000 bales, Sindh 40,00,000 bales, Balochistan 4,30,000 bales and Khyber Pakhtunkhwa 4,000 bales.The total target area under cotton cultivation has been fixed at 68 lakh thirty four thousand acres, in which cotton cultivation will be done in Punjab, forty nine thousand eighty six thousand acres in Punjab, sixteen lakh forty nine thousand acres in Sindh province, cotton cultivation in Sindh. One lakh eighty one thousand acres in Balochistan and five thousand acres in Khyber Pakhtunkhwa.The rate of cotton in Sindh ranged from Rs 17,500 to Rs 20,500 per head. Available in limited quantity, the rate of footi was Rs 6500 to 8000 per 40 kg. The rate of cotton in Punjab ranged between Rs 18,500 to Rs 21,000 per head. The rate of foot was between 6500 to 8800 rupees per 40 kg. rate of khal, banola and oil; Stay still though.The spot rate committee of the Karachi Cotton Association kept the spot rate unchanged at Rs 20,000 per head.Karachi Cotton Brokers Forum President Naseem Usman has said that the rate of futures trading in New York cotton market has seen volatility in the international cotton markets.In the first three days of the week, the prices fell heavily due to the increase in interest rates by 25 basis points by the FED. However, after the arrival of USDA's weekly exports and sales on Thursday which is positive, the futures trading rate rose by 5 US cents to trade at 84 US cents.According to the weekly USDA export and sales report, two lakh thirty one thousand bales were sold for the year 2022-23.China topped the list by purchasing one lakh seventeen thousand one hundred (including 400 bales exchanged with Pakistan).Vietnam was second with 43,500 bales (including a swap of 200 bales from Taiwan). Turkey bought 34,800 bales and stood at the third position.Twenty six thousand nine hundred bales were sold for the year 2023-24.Turkey bought 12,800 bales while Honduras bought 8,300.Meanwhile, Javed Balwani, President of All Pakistan Hosiery Manufacturers Association, President of Pakistan Apparel Forum, has said that there has been a decrease of three billion seven million dollars in exports in the first ten months of the financial year 2022-23.Apart from this, for the cotton year 2023-24, a target has been set to produce one crore twenty seven lakh twenty seven lakh cotton.This was shared by Cotton Commissioner Dr. Zahid Mahmood in a telephonic conversation with Dr. Sajid Mahmood, in-charge of Central Cotton Research Institute.In the meeting, Chairman Chaudhary Waheed Arshad discussed the problems of the cotton ginning industry, especially the charges fixed in the electricity bills imposed by Nepra and said that this draconian tax should be removed immediately so that the ginning industry, which was suffering badly earlier, could get back on its feet. Will stand on and play an important role in the development of the country.On this occasion, the Speaker also presented the budget proposal on behalf of the PCGA to the Federal Minister. On this, Federal Energy Minister Khurram Dastgir said that the government has imposed these taxes and duties due to pressure from the IMF.The importance of cotton and the cotton ginning industry cannot be overstated. Furthermore, the minister promised that he would include their proposal in this budget and eliminate the fixed duty imposed on the ginning industry.Pakistan Cotton Standards Institute and Pakistan Cotton Brokers Association are actively working for the grading of cotton with the support of Pakistan Cotton Ginners Association.
LAHORE: The cotton sowing target for South Punjab has been set at 4.554 million acres, which is 91 per cent of the target set for the entire province.So far, cotton has been cultivated in an area of more than 0.533 million acres in Multan division. While 0.971 lakh acres of land will be brought under cotton cultivation in DG Khan division. This information was given in a meeting chaired by Secretary Agriculture Punjab Iftikhar Ali Sahu to review the cotton sowing plan.Commissioner Multan Division Aamir Khattak, Deputy Commissioner Multan Umar Jahangir, Deputy Commissioner Khanewal, Deputy Commissioner Vehari, Deputy Commissioner Lodhran, Secretary Agriculture South Punjab Saqib Ali Atil, Additional Secretary Agriculture (Task Force) South Punjab Imtiyaz Ahmed Waraich, Director General Agriculture (Extension) Dr. Anjum Ali , Director General Agriculture (Pest Alert), Rana Fakir Ahmad, Deputy Director Agriculture Information, Multan Division Director and Deputy Director Agriculture and other stakeholders participated.Agriculture Secretary said that to achieve the cotton cultivation area and production target, all the institutions will have to fulfill their responsibility in the national spirit.He said that during the cotton season the field staff of Agriculture Department of South Punjab would provide all possible facilities to the farmers to achieve the target of cotton cultivation.On this occasion, the Secretary instructed to ensure the availability of quality agricultural inputs in the market during the cotton season and prepare a record of information related to dealers of fertilizers, seeds and agricultural drugs in each district of the cotton zone.Secretary Agriculture South Punjab Saqib Ali Atil proposed to increase the number of Facilitation Centers set up for cotton at the district level, to which Secretary Agriculture Punjab agreed and issued orders to the concerned structures. The staff of the Agriculture Department has also been entrusted with the responsibility of monitoring.LAHORE: The cotton sowing target for South Punjab has been set at 4.554 million acres, which is 91 per cent of the target set for the entire province.So far, cotton has been cultivated in an area of more than 0.533 million acres in Multan division. While 0.971 lakh acres of land will be brought under cotton cultivation in DG Khan division. This information was given in a meeting chaired by Secretary Agriculture Punjab Iftikhar Ali Sahu to review the cotton sowing plan.Commissioner Multan Division Aamir Khattak, Deputy Commissioner Multan Umar Jahangir, Deputy Commissioner Khanewal, Deputy Commissioner Vehari, Deputy Commissioner Lodhran, Secretary Agriculture South Punjab Saqib Ali Atil, Additional Secretary Agriculture (Task Force) South Punjab Imtiyaz Ahmed Waraich, Director General Agriculture (Extension) Dr. Anjum Ali , Director General Agriculture (Pest Alert), Rana Fakir Ahmad, Deputy Director Agriculture Information, Multan Division Director and Deputy Director Agriculture and other stakeholders participated.Agriculture Secretary said that to achieve the cotton cultivation area and production target, all the institutions will have to fulfill their responsibility in the national spirit.He said that during the cotton season the field staff of Agriculture Department of South Punjab would provide all possible facilities to the farmers to achieve the target of cotton cultivation.On this occasion, the Secretary instructed to ensure the availability of quality agricultural inputs in the market during the cotton season and prepare a record of information related to dealers of fertilizers, seeds and agricultural drugs in each district of the cotton zone.Secretary Agriculture South Punjab Saqib Ali Atil proposed to increase the number of Facilitation Centers set up for cotton at the district level, to which Secretary Agriculture Punjab agreed and issued orders to the concerned structures. The staff of the Agriculture Department has also been entrusted with the responsibility of monitoring.
Rupee steady against dollarThe rupee ended the evening without any movement at Rs.81.80 against the dollar.Sensex closed after breaking 695 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61054.29 points with a fall of 694.96 points.On the other hand, the Nifty closed at the level of 18069.00 points with a fall of 186.80 points.
PSF and Cotton: Similar start, but fork in late AprilCotton and PSF prices moved up sharply on hopes of revival in demand after the holidays. Post the holiday, downstream orders were not as good as expected and both cotton and PSF prices declined. In March, the commodity market was affected by the banking system issue and cotton and PSF prices declined.In late March, PSF prices first climbed, and the market recovered fundamentally after the banking problem was temporarily resolved. Feedstock supplies were tight with PX and PTA units grounded, and PSF prices rose sharply after a higher feedstock market, but from mid- to late-April, polyester products suffered major losses and more plants cut production. Cut, hence the demand for PTA was expected to increase and at the same time, oil prices started to decline, hence the downward movement in PSF prices. During the May Day holiday, with fears of further banking problems and recession, oil prices fell and PSF prices fell.But for cotton, since April, the market was subject to speculation about new cotton planting areas, seed cotton harvest rush in the second half, weather conditions in Xinjiang and target price for Xinjiang cotton. Meanwhile, under the impact factor of weather, cotton prices continued to rise in early May.Both Cotton and PSF have been launched in the futures market with the same financial facility and impact from the macro environment.Besides, there are more uncontrollable factors in the cotton market than PSF. Cotton is an agricultural crop, and the natural environment and policies have a greater impact on the market; PSF is an industrial product, especially with high potential, so fundamental information has a more direct impact on the market.Since the beginning of this year, cotton yarn sales have been relatively good overall, and product inventories currently remain below 15 days. However, polyester yarn inventories are accumulating, and at the end of April the inventory has reached above one month high. Lower cotton yarn inventory gives some support to the cotton market, but higher polyester yarn inventory drags the PSF market.In 2023, the cotton and PSF markets have a similar start but move differently in late April. With the persistently high price spread, let's see if there is a qualitative change.
Pakistan: Spot rate stable amid light tradingThe local cotton market remained stable on Thursday with low trading volumes. Cotton analyst Naseem Usman told the Business Recorder that the price of cotton in Sindh is between Rs 17,000 and 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.800 bales of Deharki were sold at Rs.21,000 per maund (condition) and 600 bales of Rahim Yar Khan were sold at Rs.21,000 per maund (condition).The spot price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 81.80 against the dollar this evening.Sensex closed up by 556 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61749.25 points, down by about 555.95 points.On the other hand, the Nifty closed at the level of 18255.80 points with a gain of 166.00 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Cotton-punjab-disrupted-failed-crop-sowing-season
Cotton sowing disrupted in Punjab due to two failed crop seasonsTwo unsuccessful seasons in 2021 and 2022 have put cotton growers in jeopardy. Bad weather has also played its part, with cotton being sown on only 8% or about 20,000 hectares in South Malwa.As Punjab Agricultural University (PAU) advises, cotton sowing should be completed between April 15 and May 15 and with only 12 days left, farmers are racing against time to complete the sowing operations of the major kharif crop. Are.Agriculture experts and farmers said that after two consecutive crop failures, cotton growers are in a dilemma whether to invest in traditional cash crop cultivation or look for an alternative.Cotton-growing districts have recorded sowing in 20,000 hectares (50,000 acres) against a target of 3 lakh hectares for the 2023-24 kharif cycle, data collated by the state agriculture department on Wednesday said. Cotton was cultivated in about 2.47 lakh hectares in 2022-23.Considered to be the economic lifeline of the semi-arid districts of South Malwa region, the Punjab government also introduced a subsidy of 33 per cent on PAU approved seeds for the first time. Experts said that the main reason for crop failure in 2021 and 2022 season is due to use of rejected seeds by farmers and pest infestation.Dilbag Singh, Bathinda's chief agriculture officer, said the move was aimed at farmers buying only approved varieties.Statistics show that sowing has not picked up pace. Officials have cited poor weather conditions and delay in harvesting of wheat this year as the main reasons for delay in sowing of cotton crop.Fazilka has achieved maximum acreage with 8,000 hectares against this year's target of one lakh hectares.Chief Agriculture Officer (CAO) Jangir Singh expressed hope that sowing would pick up pace next week.“After the delay in harvesting wheat, farmers were busy clearing the fields for the next crop. With widespread rains in the region and forecast of rain for next 3-4 days, cotton growers are waiting for the weather to clear up to start sowing.In Bathinda, farmers have sown cotton on only 4,000 hectares, against the target of 80,000 hectares this year. In the last Kharif season, cotton was cultivated in about 70,000 hectares in the district.Sharanjit Singh, a resident of Maan Kheda village in Mansa, said farmers are in distress after two crops failed due to pest attacks in 2021 and 2022.“For the last several years, I was sowing cotton in 18 acres. But after suffering huge losses in the last two years, this time cotton has been sown in only 10 acres. I am planning to sow cereals like bajra or jowar on the rest of the land.Muktsar CAO Gurpreet Singh said the department expects the area under cotton to increase from 33,000 hectares to 50,000 hectares.“Farmers also suffered due to less availability of canal water in the last season. But this year, irrigation support is excellent and farmers will be encouraged to grow cotton again. Slow progress in sowing is due to unseasonal rains, but it will pick up soon.Low response to seed subsidyThe department's data shows that so far only 12,000 farmers have registered themselves to claim the 33% subsidy on seeds. The maximum 5,700 farmers are from Fazilka, followed by Bathinda (2,500), Mansa (2,400) and Muktsar (1,500). For the 2023 Kharif season, the central government has fixed the maximum retail price of Bt 2 cotton seeds at ₹853 per packet.Mansa's CAO Satpal Singh said that as per the state government's policy, each applicant can claim a subsidy of two packets per acre with an upper limit of 10 packets for 5 acres."A farmer will have to register on a web portal with the original bill and bank account details by May 15. Financial assistance will be credited to his account after physical verification of the fields," he added.Fazilka's Chief Agriculture Officer (CAO) Jangid Singh said, "Farmers are waiting for clear weather and this is also the reason for the slow registration to claim subsidy on seeds."GS Romana, PAU's principal agriculture economist, said farmers lack confidence after two bad seasons, but there is no option for them in this semi-arid region.
Rupee strengthened by 6 paise against dollarThe rupee strengthened by 6 paise to close at Rs 81.82 against the dollar this evening.Sensex closed down by 161 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61193.30 points with a fall of 161.41 points.On the other hand, Nifty closed at 18089.80 points with a fall of 57.90 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Likely-icac-cotton-increasing-india-arrivals-prices-ice
Cotton arrivals increasing in India, prices likely to fall: ICACThe International Cotton Advisory Committee (ICAC) on Tuesday lowered its global price outlook for cotton in December 2022 compared to its projections.A month ago, ICAC data scientist Matthew Looney said Indian cotton supplies were well behind historical levels for that time of the season and suspected farmers were holding their cotton in the hope of better prices.Its effect was reflected in the prices of cotton in the domestic and international markets. The benchmark processed cotton of 29 mm length was trading at ₹68,500 per candy (of 356 kg) on December 2, 2022. However, as the arrivals started picking up, the prices started correcting and was last seen at ₹61,800 on Tuesday.ICE Cotton futures on December 2, 2022 quoted at 83.2 cents, while it is currently bidding at 81.34 cents.In its comments on whether Indian farmers have started offloading stocks, ICAC said, "Whether they have seen the recent slight stabilization in prices and decided to take advantage, or whether they want to sell cotton more The pace of cotton arrivals in India has picked up in the last month.Meanwhile, raw cotton continued to arrive in Gujarat markets. At the Rajkot APMC market in Saurashtra, arrivals were recorded at 110 tonnes, with prices ranging between ₹7,500-₹8,300 per quintal.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Volume-market-steady-cotton-amid-usman-naseem
Cotton market steady amid low trading volumeThe local cotton market remained stable on Tuesday with low trading volumes. Cotton Analyst.The local cotton market remained stable on Tuesday with low trading volumes.Cotton analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is Rs 17,000 to 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 price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee weakens by 5 paise against dollarThis evening, the rupee closed at Rs 81.88 against the dollar with a weakness of 5 paise.Sensex closed up by 242 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61354.71 points with a gain of about 242.27 points.On the other hand, the Nifty closed at a level of 18147.70 points with a gain of 82.70 points.
Cotton sowing area likely to increase by 5% in Indore divisionThe area sown to cotton is expected to increase by about 5 per cent in Indore division this kharif season as farmers gear up in irrigated areas lured by better remuneration earned in the previous season.Cotton is a kharif or summer crop, sowing starts from mid-May in irrigated areas of Indore division while sowing starts in June in non-irrigated areas.Kailash Agarwal, a farmer and owner of a ginning unit in Khargone, said, “Farmers of Khargone, Barwani and Khandwa have started preparations for early sowing of cotton. The area under cotton cultivation is expected to increase this Kharif season as farmers have received good prices for their produce.According to farmers, traders and experts, the average sowing area under cotton in Indore division is over 5 lakh hectares, which is expected to increase by about 5 per cent this kharif season.According to farmers and traders, the average price of cotton seed in the markets of Madhya Pradesh in 2022-2023 season was around Rs 8000 per quintal, while in the previous season it was Rs 6000 to Rs 6200 per quintal.Khargone, Khandwa, Barwani, Manawar, Dhar, Ratlam and Dewas are the major cotton producing areas in Indore division.Kuber Singh, a farmer from Khargone, said, “We are hoping to start sowing by mid-May. I am planning to increase the area under cotton this time as the prices remained high throughout the season and got better returns.Experts said farmers in major cotton-growing areas could switch from soybean and corn to cotton.Alok Meena, Joint Director, Indore Agriculture Department, said, “Farmers in irrigated areas have started preparing the land for sowing cotton. Every year early sowing is done due to availability of irrigated land in some areas of Kargone, Khandwa and Burhanpur. This season, we are expecting an increase in the area under cotton and soybean in Indore division.”Soybean, cotton, maize and pulses are the main summer or kharif crops of Indore division.
pressure on cotton prices stable in the country The month of April has come to an end, but the cotton farmers are not getting the expected price level. The prices are constantly fluctuating. On the other hand, industries are now running at full capacity. The country's cotton consumption has also increased. But there is still pressure on cotton prices in the domestic market. Various estimates of cotton arrivals and production in the market are showing pressure on the market. At present, there is pressure on cotton prices in the country's market. Market flows were expected to taper off after mid-April. But the speed of arrival is constant.In the month of April, the arrival of cotton in the market was between one lakh 20 thousand to one lakh 40 thousand bales per day. The market is under pressure as inflows exceed estimates. The cotton import pressure has been on the market since February and it is still visible today.There are various discussions regarding the production of cotton in the country this year. According to farmers, there has been a huge decline in production this year. The Cotton Association of India also informed that the production of cotton has decreased this year as compared to last year.CAI estimates 303 lakh bales. The estimates of CAI and farmers are somewhat similar. But the Cotton Production and Utilization Committee (CCPC) said 337 lakh bales have been produced this year.Similarly, some multinational companies also said that this year's production is between 335 to 340 lakh bales. There seems to be a difference of opinion regarding the forecast of cotton production.On the other hand yarn mills are saying that there is no demand for yarn. Since there is no demand for textile, there is no demand for yarn from textile industries. As a result, the industry is saying that rates are under pressure. But at the moment it is clear that the industries in the country are running profitably.This was also confirmed by industry associations and some industries. But some experts say that farmers are trying to keep pressure on the price till the cotton reaches the market.At present, the average price of cotton is available in the country's market in the range of Rs 7700 to 8200. The minimum price starts from 7 thousand rupees. Fardarad cotton prices are even lower. The cost of long staple cotton is the highest.There is no pressure on cotton prices in the country. Hence, cotton market analysts predicted that the price may correct further if market penetration is limited.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Sensex-dollor-nifty-closed-market
Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 81.82 against the dollar this evening.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 61112.44 points with a gain of about 463.06 points.On the other hand, the Nifty closed at the level of 18065.00 points with a gain of 150.00 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Vietnam-apparel-worst-industry-us-sanctions
Vietnam apparel industry worst hit by US sanctionsTighter US rules banning imports from China's Xinjiang are increasing pressure on Vietnam's apparel and footwear makers, which have lost nearly 90,000 jobs since October due to a slump in demand in the global manufacturing hub.Among apparel exporters, Vietnam has been among the worst hit by the Forced Labor Protection Act (UFLPA), a review of official US data showed. The law, in effect since June, requires companies to prove they are from Xinjiang. Do not use raw materials or components produced by forced labor.Many US importers are still optimistic, but their supply chains could still be disrupted as Vietnam's apparel makers rely on China for nearly half of their input materials. In total, customs checked nearly 3,600 shipments worth more than $1 billion from multiple countries to find they did not carry goods with inputs from forced labor in Xinjiang, the U.S. Customs data shown.According to the US Department of Commerce, this will affect US consumers, as Vietnam is their main source of cotton apparel. "Vietnam's heavy reliance on cotton textile material from China poses a significant risk to Xinjiang cotton, as the province produces more than 90% of China's cotton," said Sheng Lu, director of the Department of Fashion and Apparel Studies at the University of Delaware.He added that it is unlikely that Vietnam can substantially reduce this dependence, as many manufacturers there are owned by Chinese investors. A government official confirmed that some Vietnamese suppliers may find it difficult to comply with the new rules, either because they import cotton from Xinjiang or because they are unable to prove that they do not.In a survey last year, nearly 60% of US fashion industry managers said they were looking to countries outside Asia for their supplies as a response to forced labor legislation. Sheng Lu said it would be difficult for US firms to find alternative suppliers faster, so more scrutiny on Vietnamese cargoes could be expected. Western companies should "make a more significant effort to map their supply chains, trace where production occurs and perform due diligence at each stage".The country's exports fell by 11.9% and production by 2.3% in the first quarter. Nearly one out of every three pairs of shoes sold globally by Nike and Adidas and 26% and 17% of their clothing, respectively, are manufactured in Vietnam. However, according to its latest annual report updated to May 2022, Nike has significantly reduced its production of apparel and footwear, despite its main manufacturing center in Vietnam. It did not answer questions about the UFLPA. Adidas also did not comment on the UFLPA, but said shortlisting its Vietnamese suppliers would respect local law.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Market-pakistan-usman-naseem-cotton
A look at the Pakistan cotton marketThe local cotton market remained stable on Thursday with low trading volumes. Cotton analyst Naseem Usman told that the price of cotton in Sindh is 17 thousand to 20 thousand rupees 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.941 bales of Rahim Yar Khan were sold at Rs.21,300 per maund (Conditions) and 200 bales of Fort Abbas were sold at Rs.19,500 per maund. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Expensive-Indian-cotton-shifting-textile-industry-mmf
Expensive cotton shifting Indian textile industry to MMF The textile industry in Gujarat, India, is moving to cheaper fibers such as viscose and polyester due to the high cost of cotton. The shift is partly due to seasonal changes and increased cost of cotton, which is prompting policy makers to work on shifting the industry towards MMF. The production of spinners is running at a loss, leading to a reduction in production.However, there have been reports of buyers rejecting products due to undeclared blending of cheaper fibers. This indicates that downstream industries and end users may take longer to accept this new normal.Last year, cotton prices in India hit a record high of over ₹1,11,000 per 356 kg candy. However, the downstream industry was enjoying a better scenario due to price parity as compared to the global market. Currently, cotton prices are hovering at around half of Rs 62,000 per candy. However, Indian exports of cotton yarn, fabric and garments are facing headwinds due to rising cost of cotton. The natural fiber has been priced higher than ICE cotton since the start of the current cotton marketing season in October 2022.According to industry sources, spinners are currently running production without any margin or loss, hence they are being forced to limit their production. While cotton prices remained high throughout the season, yarn, fabric and apparel prices did not see much recovery. As a result, Indian exporters are facing the challenge of costlier cotton.Gujarat Chamber of Commerce and Industry (GCCI) chairman textile committee Saurin Parikh said, “Cotton prices are so high that the industry has had to shift to cheaper fibres. This is not just limited to Gujarat and India, but it is Now a global trend. He clarified that Gujarat's textile industry is more dependent on cotton fibre, so the trend towards cheaper fibers is more visible in the state. Parikh also admitted that the trend is partly due to seasonal changes. The reason is, because there is more acceptance of man-made fibers in the winter season.The soft touch feel and ability to absorb perspiration are unique characteristics of cotton that cannot be replicated in man-made fibers. Global brands usually place bulk orders for the next winter season between April and June every year, and the industry usually shifts from cotton to man-made fibers during that season. However, the high cost of cotton has reversed the situation from earlier this year.“Cotton prices are so high that it is impractical to sustain the industry using natural fibers,” said Ashish Gujarati, former president of the Southern Gujarat Chamber of Commerce and Industry (SGCCI). The downstream industry is forced to shift to cheaper fibers. So that they can survive in the present challenging scenario.However, it may take some time for the garment industry and end-users to accept the shift in the industry towards cheaper fibres. Sources said that sometimes the declared mix of cheap fibers exceeds the permissible limit, leading to disputes between buyers and sellers. While the consumption of man-made fibers in the industry may increase, India is a predominantly cotton-centric textile hub, and will retain its position in the industry due to its unique characteristics.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Against-sensex-dollor-nifty-weakens-closed
Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 81.84 against the dollar with a weakness of 8 paise.Sensex rose 348 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 60649.38 points with a gain of about 348.80 points.On the other hand, the Nifty closed at the level of 17915.05 points with a gain of 101.45 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/hi/news-details-hindi/Prices-pakistan-cotton-trade-rate-spot
Cotton spot prices steady in thin trade in PakistanPakistan's local cotton market remained steady on Wednesday with low trading volumes. Cotton analyst Naseem Usman told that the reason for the low trading volume is that people were busy congratulating each other after Eid.The price of cotton in Sindh ranges 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.
| title | Created At | Action |
|---|---|---|
| The rupee advanced 8 paise to 81.70 against the dollar. | 08-05-2023 11:37:03 | view |
| Weekly Cotton Review: Rates steady amid low trading volume | 08-05-2023 11:20:42 | view |
| LAHORE: The cotton sowing target for South Punjab has been set at 4.554 million acres, which is 91 per cent of the target set for the entire province. | 06-05-2023 11:14:43 | view |
| Rupee steady against dollar | 05-05-2023 16:39:45 | view |
| PSF and Cotton: Similar start, but fork in late April | 05-05-2023 14:20:17 | view |
| Pakistan: Spot rate stable amid light trading | 05-05-2023 13:25:53 | view |
| Rupee strengthened by 1 paise against dollars. | 04-05-2023 17:08:07 | view |
| Cotton sowing disrupted in Punjab due to two failed crop seasons | 04-05-2023 14:56:44 | view |
| Rupee strengthened by 6 paise against dollars. | 03-05-2023 16:16:38 | view |
| Cotton arrivals increasing in India, prices likely to fall: ICAC | 03-05-2023 12:11:52 | view |
| Cotton market steady amid low trading volume | 03-05-2023 11:56:43 | view |
| Rupee weakens by 5 paise against dollars. | 02-05-2023 16:38:05 | view |
| Cotton sowing area likely to increase by 5% in Indore division | 01-05-2023 15:23:04 | view |
| pressure on cotton prices stable in the country | 28-04-2023 17:09:36 | view |
| Rupee strengthened by 1 paise against dollars | 28-04-2023 16:31:49 | view |
| Vietnam apparel industry worst hit by US sanctions | 28-04-2023 13:07:36 | view |
| A look at the Pakistan cotton market | 28-04-2023 12:03:28 | view |
| Expensive cotton shifting Indian textile industry to MMF | 27-04-2023 17:05:17 | view |
| Rupee weakens by 8 paise against dollar | 27-04-2023 16:48:02 | view |
| Cotton spot prices steady in thin trade in Pakistan | 27-04-2023 11:47:05 | view |
