Rupee strengthened by 17 paise against dollarThe rupee strengthened by 17 paise to close at Rs 82.07 against the dollar this evening.Sensex up 164 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65558.89 points with a gain of about 164.99 points.On the other hand, the Nifty closed at a level of 19413.80 points with a gain of 29.50 points.
China: China's exports fall the most in three years due to the struggle of the global economyBEIJING: China's exports plunged the most in three years in June, falling a more than expected 12.4% year-on-year, as tensions from the struggling global economy show signs of escalating and Chinese policymakers face mounting pressure. facing. for promotional measures.Customs data on Thursday showed imports also fell more than expected, falling by 6.8%. A Reuters poll of economists had forecast a 9.5% drop in exports and a 4.0% decline in imports.The pace of China's post-pandemic recovery has slowed after rising sharply in the first quarter, with analysts now downgrading their projections for the economy for the rest of the year as factory production slowed due to persistently weak global demand. Is.Lav Daliang, spokesman for the General Administration of Customs, blamed "weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics" for the poor export performance in remarks at a press conference in Beijing.Policymakers are now staring at the prospect of slowing growth to just 3% a year in the world's second-largest economy, according to economists' forecasts. This is less than half the normal rates of recent decades and creates a sense of an economy in recession.Chinese Premier Li Keqiang, who took office in March, has talked a good game on implementing policy measures to boost demand and strengthen markets, but few concrete steps have been announced and Investors are getting impatient."Looking ahead, headwinds facing the external sector remain strong, requiring policy support for domestic demand," said Zhou Hao, economist at Guotai Junyan International.South Korean shipments to China, a leading indicator of China's imports, fell 19.0% last month, the smallest decline since October, but the decline in semiconductors and other components used to manufacture electronic goods Demand remains weak.Raw material demand also showed signs of weakness, with copper imports falling 16.4% in June from a year earlier.Chinese factory activity has been shrinking in recent months, while consumer prices edged into deflation in June and producer prices fell at their sharpest pace in more than seven years.After badly missing the 2022 target, the government has set a modest GDP growth target of around 5% for this year.
Pakistan: Cotton market stable with satisfactory trading volumeLAHORE: The local cotton market remained stable on Wednesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 16,900 to Rs 17,100 per head. The rate of footi in Sindh is between Rs 6,500 to Rs 7,300 per 40 kg.The rate of cotton in Punjab is between Rs 17,300 to Rs 17,500 per head and the rate of cotton is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Balochistan is Rs 17,100 per head while the rate of footy is between Rs 7,000 and Rs 7,300 per 40 kg.About 400 bales of Shahdad Pur were sold at Rs.16,900 to Rs.17,200 per head, 8800 bales of Tando Adam at Rs.16,900 to Rs.17,200 per head, 3800 bales of Sanghar at Rs.16,750 to Rs.17,100 per head, 1400 bales were sold. 600 bales of Mirpur Khas, 600 bales of Hyderabad were sold at Rs.16,800 per head, 200 bales of Qazi Ahmed at Rs.16,875 per head, 200 bales of Kotri at Rs.16,800 per head, 400 bales of Shahpur Chakkar were sold. Rs 16,900 to Rs 17,000 per head, 200 bales of Gup Chani sold at Rs 17,000 per head, 400 bales of Haider Shah sold at Rs 16,900 per head, 200 bales of Nawab Shah sold at Rs 16,800 per head 400 bales were sold at the rate of Rs.17,000 per head of Dalawar Pur, 400 bales of Tando Muhammad Khan at Rs.16,900 per head, 800 bales of Harunabad at Rs.17,400 to Rs.17,500 per head, 600 bales of Miyan Channu at Rs.17,500. Per head, 800 bales of Burewala were sold at Rs.17,400 per head, 800 bales of Khanewal at Rs.17,500 to 17,600 per head, 1000 bales of Chichavatni at Rs.17,400 to 17,500 per head, 1200 bales of Vehari were sold at Rs.17,500 per head. 17,400 to Rs 17,500 per head, 2600 bales of Laiya for Rs 17,300 to Rs 17,500 per head, 400 bales of Haasil Pur at Rs 17,350 per head, 200 bales of Ahmed Pur Purvi at Rs 17,300 per head. 200 bales of Maund, Fazilpur were sold at Rs.17,400 per head, 200 bales of Kaur Lal Esan at Rs.17,400 per head and 200 bales of Multan at Rs.17,350 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.
Rupee opens 29 paise higher at 81.95 against the US dollarThe Indian rupee opened 29 paise higher against the US dollar on Thursday on a weak greenback amid hopes that cooling inflation in the US will allow the Federal Reserve to pause interest rate hikes soon. The local currency opened at 81.95 a dollar as compared to the previous close of 82.24.Stock market again towards all time high, Sensex opened up by 357 pointsToday the stock market opened with a boom. Today, the BSE Sensex opened at a level of 65750.95 points with a gain of about 357.05 points. On the other hand, the NSE's Nifty opened at a level of 19482.80 points with a gain of 98.50 points.
Rupee strengthened by 12 paise against dollarThe rupee strengthened by 12 paise to close at Rs 82.25 against the dollar this evening.Sensex breaks 224 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65393.90 points with a fall of 223.94 points.On the other hand, the Nifty closed at a level of 19384.30 points with a fall of 55.10 points.
Pakistan: Considerable activity seen in the cotton marketLAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 17,000 to Rs 17,100 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 7,400 per 40 kg.The rate of cotton in Punjab is between Rs 17,300 to Rs 17,500 per head and the rate of cotton is between Rs 7,300 to Rs 7,900 per 40 kg. Cotton rates in Balochistan range from Rs 17,000 to Rs 17,100 per head, while footy rates range from Rs 7,200 to Rs 7,400 per 40 kg.About 200 bales of Daur, 200 bales of Bukhari were sold at Rs.17,200 per head, 1200 bales of Nawab Shah at Rs.17,100 to Rs.17,200 per head, 4000 bales of Tando Edam at Rs.17,000 to Rs.17,200 per head. , Kotri 800 bales sold at Rs 16,900 to Rs 17,100 per head, Khadro 400 bales at Rs 17,000 to Rs 17,100 per head, Shahdadpur 2,000 bales at Rs 17,000 to Rs 17,300 per head, 1000 bales were sold. Mirpur Khas was sold for Rs.17,000 to Rs.17,100 per head, Sanghar for Rs.17,000 to Rs.17,100 per head for 1800 bales, Hyderabad for Rs.17,000 per head for 600 bales, Khando for Rs.17,100 for 600 bales. Rs 17,200 per head, 200 bales of Jhola Rs 17,000 per head, 200 bales of Hala Rs 17,200 per head, 200 bales of Shahpur Chakar Rs 17,000 per head, 800 bales of Laiya sold Rs 17,200 to 17,500 per head, 1 of Chichavatni 400 bales 17,200 to 17,500 rupees per head, 600 bales of Haasilpur, 800 bales of Harunabad, 200 bales of Rajanpur, 1200 bales of Burewala, 800 bales of Miyan were sold. 1600 bales of Channu, Vehari, 600 bales of Ahmed Pur East, 800 bales of Rahim Yar Khan, 600 bales of Pir Mahal, 400 bales of Gojra, 4,00 bales of Shujabad Rs.17,500 per head, 18,00 bales sold to Khanewal were sold at Rs.17,500 to Rs.17,700 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.
Rupee rises 10 paise to open at 82.27 against the US dollarThe Indian rupee opened 10 paise higher against the US dollar on Wednesday helped by broader weakness in the greenback ahead of the crucial US inflation data. The local currency opened at 82.27 a dollar as compared to the previous close of 82.57.Stock market rises further, Sensex close to all-time highToday the stock market opened with a boom. Today, the BSE Sensex opened at a level of 65726.19 points with a gain of about 108.35 points. On the other hand, the NSE's Nifty opened at a level of 19469.80 points with a gain of 30.40 points.
Rupee strengthened by 20 paise against dollarThe rupee strengthened by 20 paise to close at Rs 82.37 against the dollar this evening.Sensex up 273 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65617.84 points with a gain of about 273.67 points.On the other hand, the Nifty closed at a level of 19439.40 points with a gain of 83.50 points.
Openend spinning mills in Tamil Nadu suspend productionMost of the openend spinning mills, which are present in large numbers in Vellakoil, Dindigul, Mangalam, Palladam, and Sulur, are medium or small-scale and are LT CT electricity consumers.Over 400 openend spinning mills in Tamil Nadu suspended operations on Monday, July 10, as production costs had turned unviable for the mills.G. Arulmozhi, president of Openend Spinning Mills’ Association, told The Hindu the strike had resulted in the loss of ₹40 crore a day as nearly 30 lakh kg of yarn was not produced by the mills on Monday.Most of the openend spinning mills, which are present in large numbers in Vellakoil, Dindigul, Mangalam, Palladam, and Sulur, are medium or small-scale and are LT CT electricity consumers. Last year, the Tamil Nadu Generation and Distribution Corporation introduced peak hour charges, increased current consumption charges, and hiked the demand charges. The per unit cost paid by LT CT consumers is higher than HT consumers. “These units are shelling out almost ₹70,000 more a month because of higher power charges,” he said.Further, cotton waste prices are increasing for the last 10 months though raw cotton prices have reduced.With higher production costs, openend spinning mills in Tamil Nadu are unable to compete with the units in Punjab and Haryana that are now selling yarn in Tamil Nadu at ₹5 a kg less than the price quoted by the mills here.“The north Indian mills are bearing ₹10 a kg transport cost and still offering at ₹5 a kg lesser cost. We are unable to compete with these mills. Already about 20 mills have closed down,” he said.M. Jayabal, president of Recycle Textile Federation, said fabric woven using virgin cotton yarn was sold for ₹200 to ₹4,000 a metre depending on quality. However, grey cloth produced from the openend yarn, which was manufactured from waste cotton, cost just ₹28 - ₹50 a metre. In such a scenario, increasing waste cotton price to almost 72% - 75 % of virgin cotton had increased production cost. From August last year, the cost of comber noil (waste cotton) was 60 % to 87 % of cotton prices, varying every month. “Our funds are exhausted. For 10 months, we are operating without profit and spending the financial resources on hand,” he said. The mills reduced production during the last 10 months gradually, he said.
Maharashtra Cotton Rate: Cotton prices fall marginally in ParbhaniParbhani News : The arrival of cotton has decreased in Manawat, Selu, Parbhani, the main cotton mandis of Parbhani district. The procurement rates of cotton through auction are showing slight fluctuations. There has been a slight drop in price compared to last week.On Monday (10th), the minimum price of cotton in Selu Bazar Samiti ranged from Rs.6300 to maximum of Rs.7230 per quintal and the average price was Rs.7170 per quintal. While 190 to 200 carts of cotton arrived in Humanat Bazar Samiti, the minimum price per quintal was Rs 6000 to maximum Rs 7150 and the average price was Rs 7050.The Parbhani market committee used to earn about 100 quintals. Cotton received minimum price of Rs.6500 to maximum of Rs.7300 and an average of Rs.7250. At the Selu market committee on Saturday (8th), Kapala fetched a minimum price of Rs 6,000 to a maximum of Rs 7,255 per quintal and an average of Rs 7,125 per quintal.On Friday (7th), cotton received a minimum price of Rs.6100 to a maximum of Rs.7295 per quintal and an average of Rs.7240 per quintal. On Thursday (6th), the minimum price of cotton ranged from Rs.6100 to maximum Rs.7245 per quintal and the average price was Rs.7230 per quintal. On Wednesday (5th), the cotton price ranged from a minimum of Rs.6315 to a maximum of Rs.7340 per quintal and an average of Rs.7250 per quintal.There has been a slight decline in the price of cotton in Selu Bazar Samiti. Manavta Bazar Samiti received 1,650 quintals of cotton on Friday (7th) with a minimum price of Rs 6,000 to a maximum of Rs 7,200 and an average price of Rs 7,100 per quintal. On Thursday (6th), 625 quintals of cotton arrived and the prices ranged from a minimum of Rs.6000 to a maximum of Rs.7235 and an average price of Rs.7150 per quintal.On Wednesday (5th) 640 quintals of cotton arrived and the prices ranged from a minimum of Rs.6300 to a maximum of Rs.7370 and an average price of Rs.7280 per quintal. The arrival of cotton in Manav Bazar Samiti has decreased as compared to last week. The buying rate continues to fluctuate slightly. There is little fluctuation in the minimum and minimum rates.
Pakistan: Cotton market started the week on a positive noteLAHORE: The local cotton market remained stable on Monday with satisfactory trading volume.Cotton analyst Naseem Usman told the Business Recorder that the rate for the new crop of cotton in Sindh is between Rs 17,000 and Rs 17,300 per head. The rate of footi in Sindh is between Rs 7,000 to Rs 7,400 per 40 kg.The rate of cotton in Punjab is between Rs 17,500 to Rs 17,600 per head and the rate of foot is between Rs 7,000 to Rs 8,300 per 40 kg. Cotton rates in Balochistan range from Rs 17,000 to Rs 17,200 per head, while footy rates range from Rs 7,200 to Rs 7,500 per 40 kg.About 3600 bales of Tando Adam were sold at the rate of Rs.17,000 to Rs.17,200 per head, 1600 bales of Shahdad Pur were sold at the rate of Rs.17,000 to Rs.17,200 per head, 1400 bales of Sanghar at the rate of Rs.17,000 to Rs.17,200 per head 600 bales of Mirpur Khas were sold at Rs.7,000 per head, 400 bales of Hyderabad at Rs.17,100 per head, 800 bales of Kotri at Rs.17,000 to Rs.17,250 per head, 200 bales of Maqsuda Rind, 200 bales of Shah were sold. 400 bales of Pur Chakar, Khadro, 200 bales of Hala were sold at Rs 17,000 per head, 800 bales of Haasil Pur were sold at Rs 17,400 to 17,500 per head, 1600 bales of Chichavatni at Rs 17,600 per head 1400 bales were sold from, Vehari sold at Rs 17,400 to Rs 17,450 per head, Burewala 800 bales at Rs 17,400 per head, Taunsa Sharif 200 bales, Rajan Pur 200 bales, Dera Ghazi Khan 200 bales, Pir Mahal 400 bales were sold 200 bales of Samudri, 400 bales of Lodharan were sold at Rs.17,500 per head, 1,000 bales of Khanewal at Rs.17,500 to Rs.17,600 per head and 200 bales of Harunabad at Rs.17,500 per head.The spot rate remained unchanged at Rs 17,000 per head. Polyester fiber was available at Rs 350 per kg.
India's organic cotton cultivation figures are in dispute with global production figuresIndia's organic cotton cultivation is once again in global controversy. This time, it's up to the Organic Cotton Market Report 2022, a non-profit organization that claims to be taking positive action on climate change.It has estimated the global organic cotton crop in 2020-21 at 342,265 tonnes produced from 6,21,691 hectares of certified organic land. Organic cotton accounts for 1.4 per cent of the total cotton production and its production has increased by 37 per cent since 2019-20.However, it has less confidence in data from five countries - India, Kyrgyzstan, Tajikistan, Turkey and Uganda - which accounted for 76 per cent of the certified organic total in 2020-21. In addition, he says he trusts Turkey's data two out of three times.due to doubtTerry Townsend, a textile industry consultant and former executive director of the International Cotton Advisory Council (ICAC), said on LinkedIn that one of the reasons to be skeptical (about the report) is that yields are calculated from the reported certified area. And the output is too high to be true.In his posting, Townsend, who is demanding the report be withdrawn, said, "Almost by definition, yields in organic agriculture are lower than those achieved by conventional farmers, and the reported organic cotton for 2020-21 The yield of the same in itself raises suspicion of fraud."One reason India's data is being viewed with skepticism is that the Agricultural and Processed Food Products Export Development Authority (APEDA) – India's nodal agency for organic farming – has sued at least four certification agencies for irregularities in the certification process. has been punished.all parameters violatedThe agencies were found to be violating all norms regarding organic cotton certification and, ironically, the growers were not aware that they were part of the organic farming group.These growers did not follow any norms for organic farming and used agro chemicals in their crop. Certifying agencies did not have internal control systems, requiring an office at the location where the producer group grew organic produce.One of the organizations penalized by APEDA did not have any records of the growers group registered for organic farming. Earlier this year, the International Organic Accreditation Service suspended the accreditation of the Control Union (CU) India to test and sample Indian organic textile products, alleging irregularities in the certification process.Mentioning India and four other countries, Townsend said that farmers, ginners and traders around the world know that it is possible to make fraudulent claims of organic cotton content without much risk.no penalty“After all, no one is ever jailed or fined for falsely claiming organic certification. Of the five countries for which the 2020-21 data has admitted to having low confidence, none has a system of Permanent Ballast Identification Number (PBI),” he said.Therefore, bales of cotton in these countries can be swapped and once the bales reach the spinning mill, there is no way to trace their origin or origin. A company making a bogus claim of organic ingredients risks losing certification and becoming an unlisted-supplier, losing the certified organic value premium, potential customs detention and reputational damage, he said, but it means a lot.Townsend wrote, "Not to say that his production estimates are almost certainly inflated, there are reasons to be highly skeptical of the figures reported by the certification agencies."Unique case of TürkiyeThe report noted that organic yields in eight countries, which account for 3,07,214 tonnes (90 per cent of the world's total) of 2020-21 production, were equal to or higher than total yields in each country, they said."At the very least, he explained how such high yields could be achieved, and nowhere did he address the issue," he said.In the case of Turkey, which is the primary issue raised by the former ICAC official, while organic cotton production has tripled, the country's agriculture ministry says it has fallen fourfold!Townsend objected to this with the disclaimer that it is "purely an aggregator of data" and does not perform an authentication function. He added that farmers, ginners and traders around the world know that it is possible to make fraudulent claims of organic cotton material without much risk.
Rupee strengthened by 17 paise against dollarThe rupee strengthened by 17 paise to close at Rs 82.57 against the dollar this evening.Sensex up 63 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65344.17 points with a gain of about 63.72 points.On the other hand, the Nifty closed at the level of 19355.90 points with a gain of 24.10 points.
Pakistan : Weekly Cotton Review: Rates hiked: PCGA asks government to formulate 'clear' price strategyKARACHI: Cotton prices saw an increase after some volatility. Undue pressure from government sources to buy cotton at the government-fixed intervention price of Rs 8,500 per 40 kg resulted in a crisis in the cotton market, as ginners decided to shut down their factories.The Pakistan Cotton Ginners Association (PCGA) has demanded the government to prepare a clear strategy to buy cotton and oil at government-fixed prices and immediately remove the illegal tax on banola and also solve the problem of electricity. Cotton farmers will be in trouble in the confrontation between the government and the ginners. Cotton crop will also be affected.Senator Seher Kamran said that the government should intervene and take steps to protect the interests of cotton farmers.On the instructions of former President Asif Ali Zardari, the Sindh government has issued a notification to fix the intervention price of footi at Rs 8500 per 40 kg.After unusual volatility in cotton prices during the last week, the local cotton market remained steady as cotton farmers and ginners started panic selling during Eidul Azha holiday, leading to an unusual fall in cotton prices. Cotton prices fell to a low of Rs 16,000 to Rs 16,200 per head. But the price correction continued at the beginning of the week under review. Finally, the price of cotton started rising from Wednesday evening. Cotton rates in Sindh ranged between Rs 17,000 to Rs 17,300 per head, while cotton rates in Punjab ranged between Rs 17,500 to Rs 17,700 per head.On the other hand, on Wednesday, the DC of Sanghar district of Sindh province, the country's largest producer of cotton, directed ginners to buy cotton at the government-fixed price of Rs 8,500 per 40 kg. Ginners refused to buy footy at the price announced by the government.As a result, cotton farmers panicked and trade came to a standstill. In some ginning factories, local police even pulled out trolleys ready to deliver the cotton.The rate of cotton in Sindh ranges from Rs 17,000 to Rs 17,300 per head. The rate of footi is between Rs 7,000 to Rs 7,300 per 40 kg. The rate of cotton in Punjab is between Rs 17,500 to Rs 17,700 per head, while the rate of foot is between Rs 7,200 to Rs 7,700 per 40 kg. Cotton rates in Balochistan range from Rs 17,000 to Rs 17,200 per head and cotton between Rs 7,200 to Rs 7,600 per 40 kg. The prices of cottonseed, khal and oil remained stable.The spot rate committee of the Karachi Cotton Association reduced the spot rate by Rs 500 per head and closed it at Rs 17,000 per head.Naseem Usman, president of the Karachi Cotton Brokers Forum, said that the price of cotton fluctuates in the international cotton market. According to the USDA's weekly export and sales report, the sales for the year 2022-23 stood at one lakh ninety nine thousand two hundred bales.It was unanimously decided in the meeting that the cotton growers would suspend the purchase of cotton across Pakistan. Repeatedly the promises made by the government are not being fulfilled, the latest example of which is the sales tax notice on Banola and Rs.8500 support (intervention) price. Since the rate has gone below Rs 8500, the government has not yet formulated any policy on cotton procurement.At present, farmers are being paid at the rate of Rs 7,200 for 40 kg of fruit, which does not cover the cost of cultivation due to rising prices of diesel, fertilizers, seeds, pesticides and other related inputs. Due to which the production cost has increased a lot.Since this issue is critical to the stability of agriculture and the economy, it is of top priority to identify and understand policy lapses and take timely corrective measures. The government should intervene and take measures to protect the interests of the farmers and make arrangements for direct purchase from the farmers. Otherwise, Pakistan will turn from a cotton growing/exporting country to a net cotton importing country.Ehsan-ul-Haq Member Central Executive Committee PCGA presenting the position of cotton ginners in connection with the meeting of District Cotton Management Committee said that due to suspension of cotton purchase by ginners in Sindh in particular and Punjab in general a huge cotton There is a crisis. This is being seen and both farmers and cotton ginners are very worried.The main reason for this crisis is the sudden collapse of the cotton markets a few days ago, during which cotton prices fell by Rs 2,000 per head to Rs 16,500 to Rs 17,000 per head. There has also been an extraordinary reduction in the prices of footi and its prices have come down to Rs 6,500 to Rs 7,000 per 40 kg.Over protests from farmers, district administrations in most districts of Sindh and Vihari district of Punjab urged cotton growers to buy cotton at the government-fixed intervention price of Rs 8,500 per 40 kg; Otherwise strict action will be taken against them.Another important issue is the 18% sales tax on seed cotton (banola), which was earlier announced to be abolished by the federal government in the federal budget 2022-23, but was later levied only on cotton used for seed purposes. was confined to the seeds of Now cotton ginners have to pay sales tax of lakhs of rupees from FBR.They are getting notices which are not acceptable to them.In this situation, cotton growers have appealed to the federal government to immediately withdraw the 18% sales tax imposed on cotton seed, and to bring back cotton prices to TCP farmers at an intervention price of Rs 8,500 per 40 kg. Should buy footy from. intervention price level.He demanded that the federal government should also restore the subsidy withdrawn from the textile mills and also reduce the mark-up rate for the textile mills so that the textile mills resume cotton procurement to stabilize cotton prices. Can doAs per the instructions of Asif Zardari, the Agriculture Department has fixed the price of footi in Sindh at Rs 8500 per 40 kg. Agriculture Department Sindh has already issued a notification in this regard. On behalf of the government, instructions have been given to the agricultural officers that the farmers should get the fixed price. Asif Zardari protested before the Federation regarding the prices of cotton. Farmers complain that they are not getting the prices announced by the government
Tamil Nadu: Kharif MSP for cotton, Stalin writes to Modi on procurementChief Minister M.K. Stalin on Friday requested Prime Minister Narendra Modi to direct the Cotton Corporation of India to start procuring cotton in Tamil Nadu. He also requested them to direct the Union Ministry of Agriculture and Farmers Welfare to make the Kharif Minimum Support Price (MSP) for cotton in the state effective from June 1 in the coming years.In a letter, Mr. Stalin highlighted the plight of cotton farmers due to steep fall in cotton prices during the current crop season. Although the previous year had proved highly profitable for cotton farmers, as they sold cotton at ₹12,000 per quintal, they were finding themselves in a tight spot as prices fell to ₹5,500 per quintal.Tamil Nadu has two unique seasons for cotton: rice fallow and summer irrigated in which sowing is done in February-March and harvesting starts in the first week of June. Cotton has been grown in about 84,000 acres in these two seasons. “As harvesting of rice fallow cotton is in full swing, appeals on behalf of Tamil Nadu farmers to invite Cotton Corporation of India to start its procurement in Tamil Nadu and to extend the observance of Kharif MSP for cotton till June 1 every year Has been. Cotton prices are expected to fall to ₹5,500 per quintal,'' he said.The Chief Minister said that the MSP fixed by the Central Government has played an important role in stabilizing the prices of agricultural commodities. In Tamil Nadu, the procurement activities of the Cotton Corporation of India at MSP in the last few years have been very helpful in stabilizing the cotton prices. Recently, the Government of India has fixed the MSP of medium staple cotton at ₹6,620 per quintal and long staple cotton at ₹7,020 per quintal for 2023-24, an increase of ₹540 and ₹640 per quintal, respectively, over the previous year. There is growth.Recalling the support extended by the Prime Minister in extending the MSP for paddy by a month last year when the Kuruvai paddy season was extended by a month, the Chief Minister instructed the Cotton Corporation of India to start cotton requested to give. Directing the Ministry of Agriculture and Farmers Welfare to make procurement in Tamil Nadu and Kharif MSP for cotton in Tamil Nadu effective from June 1 in the coming years.Mr. Stalin said, “This step will provide much-needed relief to distressed cotton growers in the state by stabilizing prices and ensuring fair income for their produce.” A copy of the letter was shared with the media.
Rupee weakens by 22 paise against dollarThis evening, the rupee closed at a level of 82.74 against the dollar with a weakness of 22 paise.Sensex dropped 505 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65280.45 points with a fall of about 505.19 points.On the other hand, the Nifty closed at a level of 19331.80 points with a fall of 165.50 points.
India's cotton exports at 19-year low, decline in production and yieldThe cotton crisis is threatening a double whammy for India. The country's cotton output - by far the largest in the world - will fall to its lowest in 14 years in 2022-23, as yields in cotton-growing states have fallen.This can convert the country from a net exporter of the commodity to a net importer.This estimate by the Cotton Association of India (CAI) has worrying consequences for the country which is the largest producer of cotton in the world. One of the fundamental problems is that it will affect the livelihood of the farmers. The other big problem is that our exports of cotton and its derivatives, such as textiles and apparel, will decline.India's cotton crop is often referred to as "white gold" because of its importance to the agricultural and textile sectors – cotton being a major raw material in this sector. Agro-climatic conditions have made cotton crop favorable. But now this may change.In fact, CAI has reduced the estimate of cotton crop by 4.65 lakh bales to 298.35 lakh bales for the 2022-23 season. Excessive rains in many cotton growing areas are believed to be a major loss this time. About 40 lakh hectares of crops have been damaged due to excessive rains in Maharashtra. Apart from the immediate impact of unseasonal rains, the cotton problem has also escalated. It was years in the making. According to industry officials, excessive dependence of growers on traditional farming methods and absence of modern seeds have been cited as other major reasons for the low yield of cotton.Its effect will be seen on exports. Commerce and Industry Ministry data shows that cotton exports (HS code 5201) declined from $2,659.25 million to $678.75 million in FY 2022-23, registering a year-on-year decline of -74.48% .Except for exports, when domestic production of a commodity falls, the shortage causes its prices to rise. CAI says cotton prices are likely to touch Rs 75,000 per candy by the middle of this year. The prices generally range between Rs 35,000-55,000 per candy.Experts say this development will impact all participants in the cotton supply chain.what you sow you will reapIndustry veterans claim that a crisis in the cotton sector is now inevitable. But there were clear signs that a crisis was brewing and negligence in reacting quickly led to this situation.TT Ltd MD Sanjay K Jain says he is not surprised. “The low cotton yield was much expected. We have not introduced any new cotton seed for 10-15 years. Our awareness about agronomic practices is very low. It is not logical to expect our productivity to increase,” says Jain, who is also the president of the National Textiles of Indian Chamber of Commerce.He also points out that the government is stuck in some royalty issues with some international seed companies and these are yet to be resolved.The Textiles Advisory Group (TAG) in the Ministry of Textiles is aware of these issues, says Jain, but the pace of solutions being implemented is "disappointingly slow". "My request to policymakers is that we need to move with extraordinary speed to implement solutions."Cotton supply chain caught in multiple issuesJain's urgency is understandable. India's cotton crop supports the livelihood of about 6 million cotton farmers and engages 40–50 million persons in allied activities such as cotton processing and trading. Almost all of them are in the MSME segment - a group that may not have the financial strength to withstand such disruptions but can easilysensitive to such shocks. In addition, exports of cotton and its derivatives, such as yarn, fabric and apparel, contribute significantly to foreign exchange earnings.Jain says he does not see any sign of change in the current situation in the next year or two. One way out of the crisis is to focus on increasing the yield of cotton per hectare.This significant disparity in yield also highlights the need for better agricultural techniques, access to better seeds and advanced agricultural infrastructure to maintain a competitive edge in the global market. Apart from the presence of substandard cotton seeds, another major concern is the lack of awareness among cotton growers about optimum sowing practices.“At present, the price range of cotton from Punjab and Haryana is Rs 5,450-5,900 per mande (1 mand = 37.5 kg) and Rs 54,500-56,000 per candy (1 candy = 355.6 kg) for cotton from central India, which depends on the variety. While prices in Punjab and Haryana have increased by 25% compared to the regular average prices, central India is witnessing a whopping 238% increase in cotton prices,'' says Garg.The MD of TT Ltd says that there was no duty on cotton for many years. It is possible to pay duty, import raw materials, make finished goods, and export them when prices are low. But when domestic cotton prices are higher than global prices, the duty undercuts pricing in exports. “There should be no import duty on cotton at least till April-October so that the industry gets a level playing field,” says Jain.Vineet Garg, director of the Indian Cotton Association Ltd, says that Indian spinners and clothiers used to import yarn from China and Vietnam to meet domestic needs when local produce was not able to meet the needs. But the 11% duty has made these imports unviable, he says.But some industry observers say the gloom may soon fade away.Purani of sourcing platform Reshammandi says cotton is expected to stabilize at Rs 75,500-Rs 80,000 per tonne, but yarn prices will see further decline. But he is hopeful that favorable weather could increase the size of the crop.Indian Cotton Association Limited also shares this vision of improvement in the coming season. The minimum support price (MSP) approved by the government will also help in stabilizing cotton prices.It is imperative that the government addresses the crisis in the cotton sector and lifts business sentiment. Otherwise we may lose the magic of "white gold" - a source of income for a large section of people.
"Tamil Nadu cotton farmers demand price support measures"Balachandran, a cotton farmer from Thuraiyur taluk, grew cotton on 10 acres. They got an average price of ₹ 7,000 per quintal (100 kg), compared to ₹ 12,000 per quintal last year.In several villages in Tiruvarur district, farmers are selling at ₹4,000 to ₹4,500 per quintal to local traders, though the minimum support price (MSP) is around ₹6,300 per quintal.Cotton farmers in Tamil Nadu, especially in the delta regions, are harvesting the summer crop and are getting prices nearly 50% lower than last year, and in many places even less than the MSP.A Cotton Corporation of India (CCI) official in Coimbatore told The Hindu that its employees are present in the delta districts and CCI is ready to buy cotton at MSP if prices fall below this.“Only medium or large scale farmers can take the produce to regulated markets where prices are higher than the MSP. Small farmers sell to local traders who charge less than the MSP citing quality issues,'' says Manohar Sambandam, a farmer in Tiruvarur district.They say there is a difference of at least ₹10 per kg between the price of cotton sold to local traders and the price received in regulated markets. They allege that there is a lot of scope for improvement in post-harvest practices to improve the quality of cotton and get better prices, but traders are not even giving fair prices to the farmers.“Last year, though the prices were ₹6,500 to ₹7,000 per quintal at the beginning of the harvesting months, it shot up to ₹12,000. Many farmers increased the area under cotton in the hope of higher prices this year as well. Now, with prices falling by over 50%, they are not happy,'' says Ravichandran, a cotton farmer from Nannilam.Mr Ravichandran says the state government should recommend the central government to advance the implementation of the revised MSP from June-July in Tamil Nadu, though it is from October 1 across the country.Mr. Sambandam says change is needed at the policy-level. “The measures are needed to ensure stable prices for cotton farmers. Forming an FPO is an option,'' he says.Farmers also say that they need supply of quality seeds to get better yield.
Pakistan: The spot price of cotton was realized at Rs 200 per head.LAHORE: 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 16,700 per head.The local cotton market was tight and the trading volume remained satisfactory. Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,000 to Rs 17,200 per head. The rate of footi in Sindh is between Rs 6,800 to Rs 7,200 per 40 kg.The rate of cotton in Punjab is between Rs 17,300 to Rs 17,500 per head and the rate of cotton is between Rs 7,200 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 16,800 to Rs 17,000 per head, while footy rates range from Rs 72,00 to Rs 8,500 per 40 kg.About 800 bales Jhole Rs 17,000 per head, 1000 bales Shah Pur Chakkar Rs 16,800 to Rs 16,950 per head, Kotri 400 bales Rs 16,600 to Rs 17,000 per head, 400 moro sold. 16,800 to Rs 16,850 per head, Mirpur Khas 1400 bales sold for Rs 16,575 to Rs 17,000 per head, Shah Dadpur 1800 bales sold for Rs 16,500 to Rs 16,800 per head, Chichavatni sold 800 bales. Rs 17,000 to Rs 17,100 per head, 800 bales of Miyan Channu Rs 17,100 to Rs 17,200 per head, 200 bales of Layya Rs 16,900 per head, 200 bales of Khanewal, 200 bales of Sahiwal were sold. 17,300 per head, 400 bales of Pir Mahal, 1600 bales of Burewala at Rs 16,900 to 17,200 per head and 400 bales of Sadiqabad were sold at Rs 17,000 per head.The spot rate committee of the Karachi Cotton Association (KCA) increased the spot rate by Rs 200 per head and closed it at Rs 16,700 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls 17 paise to open at 82.68 against US dollarThe Indian rupee on Friday opened lower by 17 paise against the US dollar as concerns grew over further tightening of the Federal Reserve's policy following strong US private placement data. The local unit opened at 82.68 against the US dollar as compared to its previous close of 82.51.Stock market Sensex slips from all-time high, breaks 226 pointsToday, the BSE Sensex opened at a level of 65559.41 points with a fall of 226.23 points. On the other hand, the Nifty of NSE opened at a level of 19422.80 points with a fall of 74.50 points. A total of 2,488 companies opened for trading on BSE today.
| title | Created At | Action |
|---|---|---|
| Rupee strengthened by 17 paise against dollar... | 13-07-2023 23:22:57 | view |
| China: China's exports fall the most in three years due to the struggle of the global economy | 13-07-2023 19:47:37 | view |
| Pakistan: Cotton market stable with satisfactory trading volume | 13-07-2023 17:51:58 | view |
| Rupee opens 29 paise higher at 81.95 against the US dollar | 13-07-2023 16:52:08 | view |
| Rupee strengthened by 12 paise against dollar | 12-07-2023 23:12:01 | view |
| Pakistan: Considerable activity seen in the cotton market | 12-07-2023 17:30:51 | view |
| Rupee rises 10 paise to open at 82.27 against the US dollar | 12-07-2023 16:54:57 | view |
| Rupee strengthened by 20 paise against dollar | 11-07-2023 23:25:23 | view |
| Openend spinning mills in Tamil Nadu suspend production | 11-07-2023 18:58:50 | view |
| Maharashtra Cotton Rate: Cotton prices fall marginally in Parbhani | 11-07-2023 18:18:18 | view |
| Pakistan : Cotton Market: The week started on a positive note | 11-07-2023 17:41:46 | view |
| India's organic cotton cultivation figures are in dispute with global | 11-07-2023 00:05:48 | view |
| Rupee strengthened by 17 paise against dollar.. | 10-07-2023 23:24:23 | view |
| Pakistan : Weekly Cotton Review: Rates hiked: PCGA asks government to formulate 'clear' price strategy | 10-07-2023 18:00:03 | view |
| Tamil Nadu: Kharif MSP for cotton, Stalin writes to Modi on procurement | 08-07-2023 18:34:35 | view |
| Rupee weakens by 22 paise against dollar . | 07-07-2023 23:29:21 | view |
| India's cotton exports at 19-year low, decline in production and yield | 07-07-2023 21:34:35 | view |
| "Tamil Nadu cotton farmers demand price support measures" | 07-07-2023 18:52:33 | view |
| Pakistan: The spot price of cotton was realized at Rs 200 per head. | 07-07-2023 18:14:46 | view |
| Rupee falls 17 paise to open at 82.68 against US dollar | 07-07-2023 17:36:41 | view |
