Pakistan: The spot rate increased by Rs 400 in one day's rise.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Wednesday hiked the spot rate by Rs 400 per head and closed it at Rs 18,900 per head. The local cotton market remained upbeat and the trading volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,800 to Rs 19,000 per head. The rate of footi in Sindh is between Rs 7,800 to Rs 8,800 per 40 kg. Cotton rates in Punjab range from Rs 19,800 to Rs 20,000 per head and cottonseeds range from Rs 8,000 to Rs 9,000 per 40 kg. Cotton rates in Balochistan range from Rs 18,700 to Rs 19,000 per head, while footy rates range from Rs 8,000 to Rs 9,000 per 40 kg.Around, 200 bales of Hyderabad were sold at Rs.18,550 per head, 1800 bales of Tando Adam at Rs.18,400 to Rs.18,600 per head, 1200 bales of Shahdadpur at Rs.18,500 to Rs.18,600 per head, 600 bales were sold. Daur, 800 bales of Bandhi, 800 bales of Bukhari, 600 bales of Khairpur were sold at Rs.18,500 per head, 1400 bales of Mehrabpur at Rs.18,500 to Rs.18,700 per head, 1200 bales of Rohri at Rs.18,500 per head. 18,600 per head, 2000 bales of Saleh Pat at Rs.18,500 to 18,700 per head, 600 bales of Sarhari at Rs.18,700 per head, 600 bales of Nawab Shah at Rs.18,500 per head, 400 bales were sold. Dera Ghazi Khan, Vehari sold for Rs.19,500 per head in 200 bales, Khanewal in 800 bales for Rs.19,200 to Rs.19,400 per head, Layya in 1600 bales at Rs.18,900 to Rs.19,200 per head, Marot in 400 bales. 19,000 per head, Fakir Wali 1800 bales at Rs 19,000 to Rs 19,300 per head, Bahawalpur 400 bales, Yajman Mandi 400 bales at Rs 19,100 per head, Burewala 1200 bales at Rs 19,300 per head. 19,200 to 19,500 per head, 1000 bales of Lodhran at Rs 19,500 per head, 2800 bales of Harunabad at Rs 19,000 to 19,400 per head and 200 bales of Sadiqabad at Rs 19,400 per head.The spot rate committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 400 per head and closed it at Rs 18,900 per head. Polyester fiber was available at Rs 365 per kg.
Rupee opens 22 paise stronger against dollarThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 82.46 against the dollar with a weakness of 22 paise. On the other hand, on Wednesday, the rupee strengthened by 25 paise to close at Rs 82.68 against the dollar. In this way, the rupee has strengthened by about 50 paise in two days.Know how the stock market will move today, where will be the earningsToday the Indian stock market can start with a boom. Whereas, GIFT Nifty was also trading at higher levels in the early hours. Apart from this, Hong Kong is performing better in the Asian market this morning. The GIFT Nifty, earlier known as SGX Nifty, was trading at 19,516.5, up 12 points or 0.06%, at 7.29 am on Thursday. GIFT Nifty today opened at 19,504.5 and traded in the range of 19,521.5 to 19,481 respectively.
Rupee strengthened by 25 paise against dollarThe rupee strengthened by 25 paise to close at Rs 82.69 against the dollar this evening.Sensex up 213 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65433.30 points with a gain of about 213.27 points.On the other hand, the Nifty closed at the level of 19444.00 points with a gain of 47.50 points.
Ginners will boycott the tenders of Cotton Corporation regarding BIS certificationNagpur: The Vidarbha Cotton Association (VCA), is going to be. Its members, over 400 ginners, cotton growers, traders and brokers, have given a call to boycott the annual tender of the Cotton Corporation of India (CCI), which buys cash crops from farmers at the minimum support price (MSP). The call for protest may shock the farmers of the region, disrupting the procurement cycle.CCI does ginning during ginners' meetings held at Hinganghat Kalmeshwar on Tuesday and after buying cotton from farmers. Cotton Ginning and Pressing Tenders are invited inviting ginners to process the raw stock. Cotton bales are made by the Bureau of Indian Standards. Research: Ginners to boycott Cotton Corporation's tenders on BIS certification.Various parameters, changes in climatic conditions, waste content, multiple harvesting seasons affect the final characteristics of cotton. VCA members say, CCI then stores the bales in its godowns where these are further taken for processing into yarn, in textile mills to make cloth and apparel.BIS proceeds on the basic premise that the arrival of quality raw cotton is not in their hands. “BIS can be applied on a product like gold, but not on lumps. Farmers start bringing raw cotton from October, while November to April is the peak season. Many farmers of Maharashtra have kept their stocks withheld till now. It is expected to get good price in August also. Irfan Khoje, a ginner and VCA member from Narkhed, said it is practically not possible to meet the BIS norms. “We are processors, not manufacturers. Not only ginners, but farmers will also suffer a lot by ignoring these rules,'' he said.Another member of the VCA, Bhavesh Shah said that ginning is happening. The industry is directly linked to the farmers. Processing of the best cotton is sometimes delayed in ginningIt rains or gets mixed with the leaves. If BIS forces us, then we have to ask farmers to bring desirable quality. If we do this, the gendarmes will be seen as anti-farmer,” he said.It is almost certain that it will be impossible for farmers to bring cotton as per BIS norms, said Narendra Chandak, a farmer and ginner. “BIS is not applicable on any agricultural commodity. Quality checks should not be imposed on us,'' Chandak ji said.Cotton consultant Govind Vairale believes that moisture is the only constraint. While the rest of the parameters can be complied with. at the beginning of the cotton season. So the moisture percentage stipulation should be relaxed from 8% to 12%. Later, the moisture should be up to 8%. All other specifications can be done. Should not be implemented as per BIS norms,” he said.
Pakistan: Good business in cotton marketLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Tuesday hiked the spot rate by Rs 100 per head and closed it at Rs 18,500 per head. The local cotton market remained firm and the trading volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,400 to Rs 18,500 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 8,300 per 40 kg. The rate of cotton in Punjab is between Rs 19,200 to Rs 19,500 per head and the rate of foot is between Rs 7,700 to Rs 8,800 per 40 kg. Cotton rates in Balochistan range from Rs 18,300 to Rs 18,500 per head, while footy rates range from Rs 7,800 to Rs 8,600 per 40 kg.About 400 bales of Mehrab Pur, 1,000 bales of Khair Pur, 800 bales of Rohri at Rs 18,300 to Rs 18,350 per head, 1600 bales of Saleh Pat at Rs 18,300 to Rs 18,500 per head, 2200 bales of Shahdad Pur were sold. Sold at Rs 18,300 to Rs 18,400 per head, 800 bales of Mir Pur Khas, 200 bales of Sarkand sold at Rs 18,300 per head, 3200 bales of Tando Edam sold at Rs 18,400 to Rs 18,500 per head 400 bales of Daur were sold at Rs 18,300 to Rs 18,400 per head, Halani 400 bales at Rs 18,400 per head, Dera Ghai Khan 200 bales, Haroonabad 600 bales at Rs 18,900 per head, Lodhran 400 bales, 800 bales per head were sold Fort Abbas, Fakir Wali 1200 bales for Rs 19,000 per head, Vehari 1800 bales for Rs 18,900 to Rs 19,000 per head, Khanewal 500 bales for Rs 19,000 to Rs 19,200 per head, Hasil 400 bales were sold. Pur was sold for Rs 18,900 to Rs 19,000 per head, Laiya 400 bales, Sadiqabad 200 bales at Rs 18,900 per head, Jalal Pur 600 bales at Rs 19,000 to Rs 19,100 per head, Donga Bonga 400 bales were sold. 19,100 per head and 200 bales of Ahmed Pur East were sold at Rs.19,000 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 100 per head and closed it at Rs 18,500 per head. Polyester fiber was available at Rs 365 per kg.
Rupee rallied against dollar, opened weak by 6 paiseThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 83.00 with a weakness of 6 paise against the dollar. On the other hand, on Monday, the rupee strengthened by 17 paise to close at Rs 82.94 against the dollar.Know which 3 stocks to bet on in the share market today, you will earnToday i.e. on Wednesday, the Indian stock market can open with a green mark. But ups and downs are likely to remain. In early hours today, GIFT Nifty is trading at higher levels which is expected to give a positive opening to Sensex and Nifty 50. However, on the other hand, Asian markets are trading mixed. As far as American stocks are concerned, trading has closed with a fall in the night. GIFT Nifty, earlier known as SGX Nifty, was trading at 19,357.5, up 43 points, or 0.22 per cent, at 7.32 am on Wednesday.
Rupee strengthened by 17 paise against dollarThe rupee strengthened by 17 paise to close at Rs 82.94 against the dollar this evening.Sensex up 3 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65220.03 points with a gain of about 3.94 points.On the other hand, the Nifty closed at 19396.50 points with a gain of 2.90 points.
Pakistan: The spot price of cotton has increased amid continuous purchase of mills.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday hiked the spot rate by Rs 100 per head and closed it at Rs 18,400 per head. The local cotton market remained buoyant and the volume of business was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,400 to Rs 18,500 per head. The rate of footi in Sindh is between Rs 7,500 to Rs 8,500 per 40 kg. The rate of cotton in Punjab is Rs 19,000 per head and the rate of cotton is between Rs 7,800 to Rs 8,600 per 40 kg. Cotton rates in Balochistan range from Rs 18,400 to Rs 18,500 per head, while footy rates range from Rs 8,000 to Rs 8,600 per 40 kg.About 200 bales of Nawab Shah, 1000 bales of Chaudagi, 200 bales of Bukhari, 200 bales of Sultanabad were sold at Rs 18,300 per head, 600 bales of Tando Adam, 3800 bales of Shahdadpur were sold at the rate of Rs 18,300 to Rs 18,400 per head. 200 bales of Mir Pur Khas, 400 bales of Khadro, 200 bales of Saleh Pat were sold at the rate of Rs 18,200 per head, 200 bales of Saleh Pat were sold at the rate of Rs 18,200 to 18,300 per head, 800 bales of Khair Pur Sold for Rs.18,200 to Rs.18,300 per head, 200 bales of Daur sold for Rs.18,200 to Rs.18,225 per head, 600 bales of Fakir Wali sold for Rs.18,800 to Rs.19,000 per head, 800 bales of Fort Abbas sold for Rs.18,800. 19,000 per head, Chishtian 600 bales, Marot 400 bales, Harunabad 1000 bales, Rahim Yar Khan 1200 bales at Rs 18,800 per head, Chichavatni 200 bales, Miyan Channu 200 bales at Rs 18,900. Per mind, 400 bales of Lodharan were sold at Rs.18,800 to Rs.18,900 per mind.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 100 per head and closed it at Rs 18,400 per head. The rate of polyester fiber was increased by Rs 5 and was available at Rs 365 per kg.
Rupee opens marginally higher at 83.08 against the US dollarThe Indian rupee opened marginally higher against the US dollar on Tuesday amid a recovery in other Asian currencies. The local currency opened at 83.08 a dollar as compared to previous close of 83.11.Slight rise in Sensex, but Jio Financial hits lower circuit againToday, the stock market has started with a slight boom, but Jio Financial's stock has again hit the lower circuit. Keep in mind that even after the listing yesterday, a lower circuit was installed in it, which did not open again till evening. Today the Share Market started with a boom. Today, the BSE Sensex opened at a level of 65266.18 points with a gain of about 50.09 points. On the other hand, the NSE's Nifty opened at a level of 19412.20 points with a gain of 18.60 points.
Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 83.11 against the dollar this evening.Sensex up 267 pointsToday the stock market has closed with a boom.Today, where the Sensex closed at a level of 65216.09 points with a gain of about 267.43 points.On the other hand, the Nifty closed at a level of 19393.60 points with a gain of 83.40 points.
Cotton supply conditions comfortable: SIMAThe Southern India Mills Association (SIMA) said that according to data available with the Cotton Corporation of India, cotton arrivals have crossed 31.8 million bales so far during the current season that began in October last year.SIMA President Ravi Sam said in a press release that there are reports that the size of the cotton crop this season will be 311.18 lakh bales. This is probably ginning production, he said.The Cotton Production and Consumption Committee has estimated the total production at 343 lakh bales and the opening stock at 39.48 lakh bales. He said that the data shared by the committee should be the standard for trade and industry.Cotton prices have risen by ₹3,000 per candy in the past few days and were quoted above ₹60,000 per candy on Saturday amid fears of lower production.The predominantly cotton-based Indian textile industry is facing challenges due to high volatility in cotton prices and 11% import duty on cotton. Cotton textile exports including readymade garments fell by 23% during 2022-2023 and 18% in April-June 2023 as compared to the same period last year. He said availability of cotton is not a challenge and stability and competitive cotton prices are essential for the industry.
"Punjab Agriculture Minister takes steps accordingly after pink bollworm attack on cotton crop in Bathinda and Mansa"In 2021, about 34 per cent loss in production due to severe infestation of pink bollworm on cotton crop with Bathinda being the most affected. The total area under cotton in 2021 was 2.52 lakh hectares.Amid reports of pink bollworm attacks on cotton crop in some villages of Bathinda and Mansa, the Punjab Agriculture Department has deployed senior officials to visit farms in four districts to help the affected farmers.Punjab Agriculture and Farmers Welfare Minister Gurmeet Singh Khudian has also canceled the holidays including Saturdays and Sundays of agricultural workers till August 31 in the cotton belt of Fazilka, Bathinda, Mansa and Muktsar to monitor the crop.Khuddian said, “To help farmers fight the pink bollworm attack in the cotton belt, four senior officers have been deputed to Sri Muktsar Sahib, Bathinda, Fazilka and Mansa districts. These officers will visit the fields to inspect the cotton crop and guide the farmers to prevent the attack of this pest, apart from monitoring the work of the officers."The next 15 days are very crucial for the cotton crop," he said.In 2021, about 34 per cent loss in production due to severe infestation of pink bollworm on cotton crop with Bathinda being the most affected. The total area under cotton in 2021 was 2.52 lakh hectares.The then Congress government led by Charanjit Singh Channi had announced a compensation of Rs 17,000 per acre for the farmers.Last year, the area under cotton in the state was 2.48 lakh hectares and it is expected to decline sharply to 1.75 lakh hectares in 2023, of which the maximum is in Fazilka at 92,000 hectares.In Punjab, the cotton belt extends over eight districts in the south-west region of the state. These are Bathinda, Mansa, Fazilka, Muktsar, Sangrur, Barnala, Moga and Faridkot. And, more than 95 percent of this area is in Fazilka, Bathinda, Mansa and Muktsar.The cotton sector has not been affected by the floods, but farmers in Abohar are complaining of water scarcity. However, according to agriculture experts, moisture in the cotton belt is the reason for pest infestation.Meanwhile, the procurement of raw cotton will formally begin on August 21 at the Abohar mandi. The purchase will be of the lower part of the cotton plant which is getting ready, while the flowers are seen on the upper part. In such a situation, the attack at this time has rung the bell of danger.
Pakistan Weekly Cotton Review: Spot rate edged up as cotton prices continued to rise.Karachi: Cotton prices continued to rise during the last week. The spot price increased by Rs 300 per head. The production of cotton was twenty lakh fifteen thousand bales. Production till August 31 is expected to be 12.6 lakh bales, up 82% from around 28 lakh bales in the same period last year.Total production is expected to exceed 10 million bales. However, the textile sector has been badly affected by the gas shutdown. There has been a decline of about 14.44 percent in textile exports. Measures should be taken to make the export industry profitable.In the domestic cotton market, cotton prices continued to rise, besides increased trading volume during the last week on increased interest in buying cotton by textile spinners as well as cotton ginners.However, the news of the appointment of Gohar Ijaz Patron, Patron of the All Pakistan Textile Mills Association, as Minister of Industry and Textiles is a welcome development especially for the textile sector.Gauhar Ijaz said in a TV interview recently that export industries, especially the textile sector, will not need subsidy for energy. He said that he has a clear economic plan for this. Now given a chance, he will try to solve the energy problem by implementing the proposed scheme.The price of cotton in Sindh province is between Rs 18,000 to Rs 18,300 per head. The price per 40 kg foot is between Rs 7,300 to Rs 8,400. The rate of cotton in Punjab is between Rs 18,300 to Rs 18,7000 per head, while the rate of foot is between Rs 7,200 to Rs 8,600 per 40 kg. Cotton rates in Balochistan range from Rs 18,100 to Rs 18,300 per head and cotton between Rs 7,400 to Rs 8,500 per 40 kg. prices of khal, cottonseed and oil; however, remained stable.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 300 per head and closed it at Rs 18,300 per head.Naseem Usman, chairman of Karachi Cotton Brokers, said that the price of cotton has declined in the international cotton market. After the ups and downs, the futures trading rate was around 83.62 US cents.According to the USDA's weekly export and sales report, one lakh eighty-six thousand and three hundred bales were sold for the year 2023-24.China remained on top by purchasing one lakh thirty eight thousand four hundred bales. Turkey bought 13,200 bales and stood second. El Salvador was third with 10,500 bales.If the supply of expensive electricity and gas to the national textile industry and export sector continues, Pakistan's textile exports will decline due to the costlier textile of Bangladesh, Sri Lanka and India.He said that due to any uncertain economic situation in Pakistan, the confidence of domestic and foreign investors is immediately shaken, but it takes years to recover.However, Syed Usman Ali, president of the South Circle of Pakistan's Towel Manufacturers Association, expressed serious concern about the cut in two-day weekly gas supplies to export units in Sindh and Balochistan.SSGCL has announced a two-day gas shutdown for all industrial units and captive power plants in Karachi on a weekly basis and this gas shutdown has deepened the woes of exporters in Pakistan's economic hub.The gas cut, in particular, adversely affected the manufacturing process of textile export-oriented units.According to the latest fortnightly data released by the Pakistan Cotton Ginners' Association (PCGA) on Friday, cotton arrivals in Pakistan saw a significant increase of 48% on August 15 as compared to August 1.Till August 15, cotton arrivals in Punjab stood at 0.64 million bales as compared to 0.39 million bales as on August 01, 2023, an increase of 64%.Similarly, cotton arrivals in Sindh stood at 1.48 million bales, as against 1.04 million bales recorded in August 1, an increase of 0.44 million bales or 42%.However, Karachi Cotton Brokers Forum President Naseem Usman made an interesting comparison of cotton production, saying that the production of cotton in the country till August 31 last year was 15 lakh 39 thousand 710 bales, now till August 15, cotton production should be 21 lakh 15 thousand. Has gone. And there are 4333 bales, so this year's cotton production is five lakh seventy five thousand 723 bales more than last year's cotton production.If the production of 16 days in the month of August is assumed to be about 7 lakh bales, then the production would be about 28 lakh bales.According to this calculation, by August 31, the production of cotton in the country will be 82 percent i.e. about 12.50 lakh bales more than the production on August 31 last year. If weather conditions are favourable, the total production can exceed one crore bales.
Rupee gains 5 paise to open at 83.05 against the US dollarThe Indian rupee opened 5 paise higher against the US dollar on Monday, despite losses in Asian peers amid persisting worries over rising US yields. The local currency opened at 83.05 a dollar as compared to its Friday’s close of 83.10.Slight rise in Sensex, now keeping an eye on Jio Financial's listingToday the stock market started with a boom. Today, the BSE Sensex opened at a level of 64993.68 points with a fall of 45.02 points. On the other hand, NSE's Nifty opened at a level of 19326.90 points with a fall of 16.70 points.
Rupee strengthened by 5 paise against dollarThe rupee strengthened by 5 paise to close at Rs 83.10 against the dollar this evening.Sensex dropped 202 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 64948.66 points with a fall of 202.36 points.On the other hand, Nifty closed at 19310.20 points with a fall of 55.10 points.
India is facing record low rainfall in August, threatening summer crops.India is headed for its driest August in more than a century, partly due to the El Nino weather pattern that is likely to bring deficient rainfall over large areas, two meteorological officials said on Friday.August rains, expected to be the lowest since records began in 1901, could hurt yields of summer-sown crops, from rice to soybeans, pushing up prices and raising overall food inflation , which has become the highest in July since January 2020.The monsoon, vital to the $3-trillion economy, provides about 70% of the rain needed in India to water farms and replenish reservoirs and aquifers.A senior India Meteorological Department (IMD) official said on condition of anonymity, "The monsoon is not reviving as we had expected.""We're going to end the month with a huge deficit in the southern, western and central parts." He said, based on the rainfall so far and expectations for the rest of the month, India is likely to receive less than 180 mm (7 inches) of average rainfall this month.The Met officials are expected to announce the total rainfall in August and forecast for September on August 31 or September 1.India received just 90.7 mm (3.6 in) of rain in the first 17 days of August, about 40% less than normal. The normal average for the month is 254.9 mm (10 inches), he said.Earlier, the IMD had projected a rainfall deficit of up to 8% in August. The least rainfall in August on record was in 2005 with 191.2 mm (7.5 in).Another IMD official said that monsoon rains are expected to improve in the northeast and some central regions in the next two weeks, but the northwestern and southern states are likely to remain dry."Normally, we experience dry weather for five to seven days in August," the official said on condition of anonymity."However, this year the dry season in southern India has been unusually long. The El Nino weather pattern has started to affect the Indian monsoon." El Nino, the warming of waters that usually inhibits rainfall in the Indian subcontinent, has emerged in the tropical Pacific for the first time in seven years.This monsoon has been uneven, with June receiving 10% below average rainfall, but July rains again being 13% above average.Summer rains are important because almost half of India's agricultural land lacks irrigation.Farmers usually start planting other crops, including rice, maize, cotton, soybean, sugarcane and groundnut, from June 1, when the monsoon begins to hit the southern state of Kerala.Harish Gallipelli, director of trading firm ILA Commodities India Pvt Ltd, said the prolonged drought has resulted in extremely low soil moisture, which can hamper the growth of crops.
Bangladesh, India begin trade transactions in rupeesBangladesh and India on Tuesday began much-awaited trade transactions in rupees, with an aim to reduce dependence on the US dollar and strengthen the regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country other than the US dollar.Bangladesh Bank Governor Abdur Rauf Talukdar described the introduction of trade settlement in rupees as "the first step in a great journey"."Trade terms between India and Bangladesh have witnessed significant growth, with both countries benefiting from their economic cooperation," he said at the launching ceremony here. Indian High Commissioner Pranay Verma also attended the ceremony.The central bank governor said the transaction cost during trade with India will be reduced with the introduction of the Taka-Rupee dual currency card, which is almost set to be launched from September.However, Bangladesh and India conduct border trade in a semi-formal manner in certain areas called "border huts" where the two currencies are exchanged on a limited scale.Officials said that as part of the formal arrangement, from now on trade will be done initially in rupees and then gradually in Bangladeshi currency taka once the trade gap between the two countries narrows.Banks in Bangladesh and India have been permitted to open a Nostro account, an account with the other country's bank, for the purpose of foreign exchange transactions.Officials said the exchange rate will be determined according to market demand and the banks involved in the process.According to the latest official data from Dhaka, Bangladesh's exports to India are worth US$2 billion, while Bangladesh's imports from India are US$13.69 billion.However, many economists said that Bangladesh would not be able to quickly take advantage of the new system due to the trade deficit.But Talukdar said he is not just looking at this US$2 billion export, as "when we export and import in Indian rupee, it will have an impact on exporters and importers of both the countries".“We can increase our exports manifold, because customers in India will buy things in their own currency, consider it as their own product… It will open a new window for us in a big way in this (Indian) market because India is a big market. said the Talukdar.The Indian envoy said that India-Bangladesh relations have changed a lot in the last decade."One of the most important manifestations of that change is our markedly growing economic and commercial ties and connectivity links," he said, adding that Bangladesh is India's largest trading partner in South Asia, and the fifth largest globally. is a business partner.He said that bilateral trade has more than doubled in the last five years.The country's exports to India have crossed the $1 billion mark for the last three consecutive years and crossed the $2 billion mark for the first time during the last financial year.India, with its diverse market, has emerged as the top export destination for Bangladesh in Asia.
Pakistan: Spot rate increased by Rs 200 per headLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday hiked the spot rate by Rs 200 per head and closed it at Rs 18,200 per head. The local cotton market remained firm and the business volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,100 to Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is Rs 18,300 to Rs 18,700 per head and cotton is Rs 7,200 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,100 to Rs 18,300 per head, while footy rates range from Rs 7,400 to Rs 8,400 per 40 kg.About 400 bales of Hyderabad were sold at Rs.18,100 per head, 200 bales of Mirpur Khas at Rs.18,300 per head, 1400 bales of Shahdadpur at Rs.18,100 to Rs.18,300 per head, 400 bales of Sarhari were sold. 18,100 per head, 400 bales of Sarkand sold at Rs 18,100 per head, 1200 bales of Saleh Pat sold at Rs 18,100 to 18,300 per head, 200 bales of Moro at Rs 18,100 per head Sold from, 2000 knots Tando Adam, 1000 bales of Sanghar to Rs 18,300 per mind, 600 bales of Mian Channu sold Rs 18,650 to Rs 18,700 per mind, 200 knots of Laiya were sold by Rs 18,700 per mind, 800 knots of Pir. Mahal was sold for Rs.18,600 per head, Haasilpur for 200 bales at Rs.18,500, Vehari for Rs.18,300 to Rs.18,550 for 1600 bales, Haroonabad for Rs.18,400 to Rs.18,500 for 1200 bales. Per head, 600 bales of Chichavatni were sold at the rate of Rs.18,400 to Rs.18,500 per head, 200 bales of Fakir Wali were sold at the rate of Rs.18,500 per head, 400 bales of Fort Abbas were sold at the rate of Rs.18,400 per head, 200 bales of Chishtian were sold. 18,375 per head and 600 bales of Yazman Mandi were sold at Rs 18,300 to 18,375 per head and 400 bales of Burewala were sold at Rs 18,000 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 200 per head and closed it at Rs 18,200 per head. Polyester fiber was available at Rs 360 per kg.
Rupee recovered from all time low closing, strengthened by 12 paise todayThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 83.03 against the dollar with a strength of 12 paise. On the other hand, on Thursday, the rupee closed at a level of Rs 83.15 against the dollar with a weakness of 20 paise. This was the biggest fall of the rupee against the dollar on the basis of closing.Share Market: Global signals are weak, the beginning may be volatileToday i.e. on Friday, there is a possibility of fluctuating atmosphere in the Indian stock markets. GIFT Nifty, however, is trading with a slight uptrend, indicating a positive opening for Sensex and Nifty.
Global cotton production likely to decline next seasonGlobal cotton production is expected to decline by three percent next season, while consumption may remain stable and ending stocks may be low.However, analysts said China holds the key to prices as any drop in demand from the communist nation could limit further upside.As a result, global cotton prices are expected to hover around US cents 80 per pound (₹52,600 per 356 kg candy) for the remainder of 2023.According to the US Department of Agriculture (USDA), cotton production could decline to 114.1 million (US) bales (217.7 kg) next season due to lower crops in the US and Uzbekistan. Indian crop is also being estimated to be less. However, production this season is estimated to be higher at 118.3 million bales, with larger harvests in Brazil and Argentina.Last month, the International Cotton Advisory Committee (ICAC) said production for the next season is estimated at 24.51 million tonnes (112.58 million US bales).Research agency BMI, a unit of Fitch Solutions, said global cotton production next season is expected to be 116.5 million bales, down 0.9 percent from this season's 117.6 million bales."The decline in global output will be driven by year-on-year declines in Brazil (3.3 per cent), mainland China (12.1 per cent) and India (1.9 per cent)," BMI said.3 reasons for the decline in productionThis is because cotton acreage in these three countries is down due to “weak global prices, poor margins compared to other crops and concerns over fertilizer supply”.Also, consumption is likely to pick up as mills are expected to replenish their low cotton stocks."Consumption rose to 116.9 million bales, largely due to strong consumption prospects in China more than offsetting lower utilization in Uzbekistan," the USDA said.ICAC said consumption in the next season is likely to be 23.79 million tonnes (109.27 million bales). BMI said global consumption is expected to grow 5 percent annually to 116.4 million bales in 2023-24.A slower year-on-year recovery in the US will be offset by a weaker economic outlook, with China's latest import data from June 2023 down 49 percent year-on-year due to production declines in Brazil, China and India and a reduction in planting area decline is observedThe USDA has projected the carryover stock for the next season to increase from 94.13 million bales to 91.59 million bales in view of the rising consumption.In light of these developments, BMI said it is maintaining its 2023 cotton price outlook at 86.5 cents per pound (₹56,900 per candy), up from the year-to-date average of 82.7 cents (₹54,400)."The US season-average farm price for 2023-24 is projected to be 79 cents per pound (₹52,000)," the USDA said.Current priceICAC forecasts the season-average A index for 2022-23 to range from 96.36 cents to 106.47 cents, with a midpoint of 100.78 cents per pound.Currently, cotton futures are quoted at $85.10 cents (₹56,000 per candy) on the Intercontinental Exchange, New York. In India, export benchmark Shankar-6 cotton currently stands at ₹61,300, while raw cotton (cotton) at the Rajkot agriculture terminal market is at ₹7,925 per quintal. As far as Indian production is concerned, the USDA estimates that it will come down to 326.58 lakh bales (170 kg) in the next season as against the production estimate of 333 lakh bales this season. Pakistan's cotton crop, battered by unprecedented floods last year, is expected to rise sharply to 6.5 million US bales next season, BMI said.Import demand, especially from China, Vietnam and Bangladesh, will increase by 172 per cent to 43.4 million bales this season from 37.1 million bales.
| title | Created At | Action |
|---|---|---|
| Pakistan: The spot rate increased by Rs 400 in one day's rise. | 24-08-2023 17:19:56 | view |
| Rupee opens 22 paise stronger against dollar. | 24-08-2023 16:30:29 | view |
| Rupee strengthened by 25 paise against dollar. | 23-08-2023 23:21:06 | view |
| Ginners will boycott the tenders of Cotton Corporation regarding BIS certification | 23-08-2023 18:23:31 | view |
| Pakistan: Good business in cotton market | 23-08-2023 17:46:06 | view |
| Rupee rallied against dollar, opened weak by 6 paise | 23-08-2023 16:21:40 | view |
| Rupee strengthened by 17 paise against dollar. | 22-08-2023 23:14:46 | view |
| Pakistan: The spot price of cotton has increased amid continuous purchase of mills. | 22-08-2023 17:25:42 | view |
| Rupee opens marginally higher at 83.08 against the US dollar | 22-08-2023 16:29:49 | view |
| Rupee strengthened by 1 paise against dollar .. | 21-08-2023 23:36:51 | view |
| Cotton supply conditions comfortable: SIMA | 21-08-2023 22:36:09 | view |
| "Punjab Agriculture Minister takes steps accordingly after pink bollworm attack on cotton crop in Bathinda and Mansa" | 21-08-2023 18:47:20 | view |
| Pakistan Weekly Cotton Review: Spot rate edged up as cotton prices continued to rise. | 21-08-2023 17:57:39 | view |
| Rupee gains 5 paise to open at 83.05 against the US dollar | 21-08-2023 16:39:12 | view |
| Rupee strengthened by 5 paise against dollar.. | 18-08-2023 23:38:37 | view |
| India is facing record low rainfall in August, threatening summer crops. | 18-08-2023 23:23:25 | view |
| Bangladesh, India begin trade transactions in rupees | 18-08-2023 22:42:09 | view |
| Pakistan: Spot rate increased by Rs 200 per head | 18-08-2023 17:49:11 | view |
| Rupee recovered from all time low closing, strengthened by 12 paise today | 18-08-2023 16:20:58 | view |
| Global cotton production likely to decline next season | 18-08-2023 01:32:22 | view |
