Pakistan : Weekly Cotton Review: Rates fall amid sluggish trade; "Textile Sector Focused Towards National Importance"KARACHI: The cotton market turned bearish last week, witnessing a fall. Significant reduction in rate from Rs.2,500 to Rs.3,000 per head. The spot rate was also reduced by Rs 2,500 per head.Former President Asif Ali Zardari met members of the All Pakistan Textile Mills Association (APTMA) to discuss issues related to the economy, revival of the cotton and textile sector.The intervention price of footy has come down from Rs 8500 per 40 kg. Growers say that as promised, the government should buy cotton through the Trading Corporation of Pakistan (TCP) to stabilize the price.Javed Bilwani, chairman of the Pakistan Apparel Forum, has said that the government should refrain from implementing RCET under Section 99D on the textile sector.In the local cotton market last week, cotton prices fell by Rs 2,500 to Rs 3,000 per head due to panic selling by ginners and low rates buying by spinning mills, creating chaos in the market.In Sindh province, cotton prices declined from Rs 17,000 to Rs 18,500 per head, while the price of foot per 40 kg fell by Rs 1,000 to Rs 7,000 to Rs 8,000. Similarly, the spot price of cotton decreased by Rs 2,200 per head to reach Rs 17,700.Cotton prices are expected to fall further after Eid al-Adha due to distress in the textile sector.The government has fixed the intervention price of cotton at Rs 8,500 per 40 kg and has promised that if the price of cotton falls below Rs 8,500, the government will provide about one million rupees through the Trading Corporation of Pakistan to stabilize the price of cotton. Gant will buy cotton. At present, the price of footi has come down to a low of Rs 7,000 to Rs 7,500 per 40 kg in many areas. Cotton farmers demand that the government should start purchasing cotton through TCP as promised.The rate of cotton in Sindh is between Rs 17,000 to Rs 18,000 per head. The rate of footi is between Rs 7,000 to Rs 7,700 per 40 kg. Cotton rates in Punjab range from Rs 18,500 to Rs 19,000 per head, while footy rates range from Rs 8,500 to Rs 8,800 per 40 kg. Cotton rates in Balochistan range between Rs 17,700 to Rs 18,000 per head. The rate of footi is between Rs 7500 to Rs 8200 per 40 kg.The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 2,200 per head and closed it at Rs 17,700 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, has said that the overall bearish trend in the international cotton markets remains. The futures trading rate for the month of July closed at 78 cents.One lakh 87 thousand six hundred bales were sold in the year 2023-24. China remained on top by buying one lakh thirty seven thousand three hundred bales. Turkey bought 24,400 bales and stood second. Honduras was third with 10,900 bales.However, local textile mills have warned the government that a large number of export units may shut down as they have lost their competitive edge after the Regional Competitive Energy Tariff (RCET) is abolished.The APTMA has reiterated its demand for resumption of gas and electricity supply at subsidized rates and warned that failure to do so would lead to unemployment, loss of export revenue and further deterioration in the trade balance.Meanwhile, former President Asif Ali Zardari met APTMA leaders over revival of the economy, cotton and textile sector.In addition, Javed Balwani, head of the Pakistan Apparel Forum, which includes representatives of Pakistan's textile sector, has said that value-added garment exporters are concerned with the proposed implementation of an additional tax on "income, profits, gains and gains" under Art. 99D. He dismissed it as a "draconian and anti-business" move by the government.Garment exporters are already burdened with rising operational costs of manufacturing for exports. The super tax has been extended from one year to the second year. The present Government has earlier abolished the Regional and Competitive Energy Tariff (RCET), thereby depriving the exporters of a level playing field and a fair competitive environment.
Rupee rises 3 paise to 82 against US dollarThe Indian rupee opened marginally higher against the US dollar on Monday following mixed Asian currencies as weekend turmoil in Russia weighed on investors' risk appetite and had little impact on the dollar index. The local unit opened higher by 3 paise at 82.00 against the US dollar as compared to Friday's 82.03.
Panipat: Yarn industry is in troubleThe yarn industry here is facing a crisis. The cotton industrialists were forced to run their industry in a single shift. Recycled yarn production has declined by over 50 per cent in the last two months, while yarn rates have declined by 20 per cent due to lack of demand for handloom products in the domestic and global markets.Globally known as the 'Handloom City', Panipat is the center of the recycling industry, which results in the production of yarn from waste cloth. This yarn is being used for making blankets, shawls, curtains, bath mats, foot mats, bedsheets, bed covers, carpets, kitchen wares, cushion covers and other handloom products. Then the final products are sold in the domestic market and exported to the global market, especially in the United States and European countries.Handum town has a turnover of around Rs 50,000 crore, of which Rs 15,000 crore comes from exports. But, due to high inflation in the United States, recession in Germany and unrest in European countries due to the year-long Russia-Ukraine war, Panipat's export industry was badly hit and a 50 percent slump was registered. Apart from this, a decline has also been registered in the domestic market.Now the production of yarn is only 50 per cent, but the consumption is less than 50 per cent, due to which the stock has increased, said Pritam Singh Sachdeva, president of Panipat Industries Association and Northern India Roller Spinners Association. Even the rate of recycling yarn has come down by about 20 percent. Sachdeva said, earlier the rate of yarn was Rs 100-110 per kg, but now the rate is only Rs 80-82 per kg.Most of the industries here depend on recycled yarn to manufacture their products, he added. He said that due to low demand for yarn, industries here are running in only one shift, but industries in southern India have been closed for 15 days. Sachdeva said that now, the industrialists of Panipat are also planning to shut down their industries.He said the industry used 80 per cent cotton to manufacture handloom products, but demand from foreign buyers was low in the first quarter. Vinod Dhamija, chairman of the Haryana Chamber of Commerce and Industries, Panipat chapter, said exporters were expecting good business but got a poor response.
Rupee weakens by 8 paise against dollar.This evening, the rupee closed at a level of 82.04 against the dollar with a weakness of 8 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62979.37 points, down by about 259.52 points.On the other hand, the Nifty closed at a level of 18665.50 points with a decline of 105.80 points.
Pakistan: The spot price further declined by Rs 300 per head.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday reduced the spot rate by Rs 3,00 per head and closed it at Rs 18,700 per head.The local cotton market remained subdued and the volume of business was satisfactory. Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 18,300 to Rs 18,600 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,000 per 40 kg. Cotton rates in Punjab range from Rs 19,500 to Rs 19,700 per head and cottonseed rates range from Rs 8,800 to Rs 9,500 per 40 kg.About 4600 bales of Tando Adam were sold at Rs.18,500 to Rs.18,800 per head, 200 bales of Khando at Rs.18,500 per head, 600 bales of Khadro at Rs.18,500 to Rs.18,700 per head, 400 bales of Shah Pur were sold. Chakar was sold for Rs.18,500 to Rs.18,700 per head, Mirpur Khas in 600 bales at Rs.18,500 to Rs.18,800 per head, Sanghar in 1600 bales at Rs.18,500 to Rs.18,800 per head, Chichavatni in 100 bales. At the rate of Rs.19,700 per head, 200 bales of Haasil Pur, 200 bales of Khanewal were sold at the rate of Rs.19,600 per head.The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 3,00 per head and closed it at Rs 18,700 per head. Polyester fiber was available at Rs 355 per kg.
Rupee falls 12 paise to open at 82.07 against US dollarThe Indian rupee on Thursday opened lower by 12 paise against the US dollar following a fall in other Asian currencies. The local unit opened at 82.07 per dollar as compared to the previous close of 81.95.
Rupee strengthened by 9 paise against dollarThe rupee strengthened by 9 paise to close at Rs 81.95 against the dollar this evening.Sensex closed down by 284 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 63238.89 points with a fall of 284.26 points.On the other hand, the Nifty closed at a level of 18771.30 points with a fall of 85.50 points.
Pakistan: KCA has reduced the spot rate by Rs 600 per head.LAHORE: The spot rate committee of the Karachi Cotton Association on Wednesday reduced the spot rate by Rs 600 per head and closed it at Rs 19,000 per head.The local cotton market remained subdued and the volume of business was satisfactory.Cotton analyst Naseem Usman said that the rate of new crop of cotton in Sindh is between Rs 18,500 to Rs 18,800 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,000 per 40 kg. The rate of cotton in Punjab is between Rs 18,800 to Rs 19,900 per head and the rate of foot is between Rs 7,800 to Rs 8,500 per 40 kg.4200 bales of Tando Adam were sold at Rs.18,600 to 19,400 per head, 1000 bales of Shahdadpur at Rs.18,800 to 19,000 per head, 1400 bales of Sanghar at Rs.18,900 to 19,000 per head, 400 bales of Shah were sold. Pur Chakar was sold for Rs.18,900 to 19,000 per head, Khanewal for Rs.19,500 to 19,600 per head for 300 bales, Sakran for Rs.19,300 per head for 200 bales.The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 600 per head and closed it at Rs 19,000 per head. Polyester fiber was available at Rs 355 per kg.
Rupee opens 11 paise higher at 81.93 as dollar weakens after Powell's testimonyThe Indian rupee on Thursday opened higher by 11 paise against the US dollar as the greenback weakened despite Federal Reserve Chairman Jerome Powell's sharp comments against US lawmakers. The local currency opened at 81.93 per dollar as compared to the previous close of 82.04.
The textile industry in Maharashtra is facing financial crisis "hence the idea of setting up private cotton mills"The state of Maharashtra is the leading state in the country in cotton production. The importance of the industry is that the state has large and small textile mills. Global spinning is a very important factor.2,500 to 3,000 crores per annum, both directly and indirectly, through the medium of the state's cotton mills. Cotton produced by cotton farmers is not sold by farmers.The country's spinning has a huge contribution in the development of the state, but in the current situation, due to the spinning non-export situation, there has been a huge decline in the domestic supply in the market. There is a loss of Rs 30 to 40 per kg. So it is becoming difficult to keep the mill running and it is becoming very difficult to maintain all the confidence and help is needed, otherwise the whole textile industry will be affected. Collapse is possibleThere is also an important matter that there is a difference between the help received from the government to the co-operative cotton mill and the private cotton mill. And the co-operative cotton mill and the private cotton mill have to sell in the same market, due to which the private cotton mill has to suffer a big loss. Accordingly, the electricity rebate for cooperative Sutgirani is Rs 2 per unit while for private Sutgirani it is Rs 3 per unit.In this way, the government will help the co-operative cotton mill with interest equal to Rs 3000 per spindle, it has been decided that private cotton mill also needs it, both cooperative and private cotton mill need it.Looking at the economic situation and recession, the government should help cooperative and private cotton farmers without making any distinction. Otherwise, it will be difficult for private spinners to run.Looking at this situation and preventing the loss, it is difficult to move ahead with private thread weaving, so the idea of bandhing private thread weaving is being floated.
Rupee strengthened by 8 paise against dollarThe rupee strengthened by 8 paise to close at Rs 82.04 against the dollar this evening.Sensex closed up by 195 pointsToday was a fast day in the stock market.Sensex made a new all time high of 63,588 points today. However, later this boom of Sensex did not last. Finally, the Sensex closed at a level of 63523.15 points with a gain of about 195.45 points.On the other hand, the Nifty closed at a level of 18856.80 points with a gain of 40.10 points.
"Cotton sowing is less, the area in Punjab may be less than 2 lakh hectares"Bathinda: This is the first time in decades that the area under white gold has come down to less than 2 lakh hectares. Though the exact figures are yet to be revealed, it is estimated to come down to 1.75 lakh hectares this season. Back-to-back pest attacks, unpredictable weather patterns and non-availability of canal water for sowing have reduced cotton cultivation to almost nil in Punjab. This is the first time in decades that the area under white gold has come down to less than 2 lakh hectares. Though the exact figures are yet to be revealed, it is estimated to come down to 1.75 lakh hectares this season.The decline started after the first major whitefly attack on the crop in September-October 2015, but eight years later, farmers' interest in this alternative to paddy seems to be waning rapidly. So much so that the area under cotton cultivation in Punjab has shrunk by a third in the last 15 years – from 5.28 lakh hectares in 2008 to 1.75 lakh by 2023.Cotton is mainly grown in the semi-arid districts of Bathinda, Mansa, Fazilka and Muktsar. It is also grown to a lesser extent in the districts of Faridkot, Moga, Barnala and Sangrur. Compared to Punjab, cotton is grown on a much larger area in the adjoining areas of Haryana and Rajasthan.Pest attack has also been observed in these two states but did not affect the area under crop. Gursewak Singh, a farmer from Sangat block of Bathinda district, said that after the pest attack in 2015 and again in 2021, we started losing interest in cotton crop. In 2022, we have reduced the area (under cotton cultivation) from 5-6 acres earlier to only 2 acres, and have not sown in the ongoing season, he said. An agriculture department official said crop damage due to pest attack and other issues has shaken farmers' confidence in the crop.
Pakistan :"Active buying in cotton market: signs of improvement in economic situation"Lahore: The local cotton market on Tuesday turned bearish with the trading volume satisfactory.Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh is Rs 18,800 to Rs 19,500 per head. The price of footi in Sindh ranges from Rs 8,000 to Rs 9,000 per 40 kg. The rate of cotton in Punjab is Rs 20,000 to Rs 20,200 per head and the rate of futi is Rs 8,500 to Rs 9,500 per 40 kg.About 600 bales of Hyderabad were sold at Rs.19,300 to 19,800 per head, 600 bales of Shahdadpur at Rs.19,300 to 19,500 per head, 800 bales of Sanghar at Rs.19,700 to 19,750 per head, 3800 bales of Tando were sold at Adam 19,500 to 19,800 Rs per head, Mirpur 800 bales of Khas sold at Rs 19,300 to 19,800 per head, 400 bales of Naua Abad at Rs 19,400 to 19,800 per head, 200 bales of Haasil Pur, 200 bales of Vehri at Rs 20,300 per head, 600 bales of Chichavatni at Rs 20,400 to 20,45 Rs.0 per head and 8,00 bales of Burewala were sold at Rs.20,400 to Rs.20,700 per head, 600 bales of Khanewal were sold at Rs.20,800 per head and 200 bales of Sadiqabad were sold at Rs.19,000 per head.The spot rate remained unchanged at Rs 19,600 per head. Polyester fiber was available at Rs 355 per kg.
Rupee opens flat at 82.12 against the US dollarThe Indian rupee opened flat at 82.12 against the US dollar on Wednesday amid weakness in other Asian currencies.
"The stalled monsoon in India will pick up speed soon, rain expected in 3-4 days"India's stalled monsoon is likely to pick up pace in the next three to four days and may cover major rice, soybean, cotton and sugarcane growing regions in southern, central and western states, weather officials said on Tuesday.The monsoon, the lifeblood of India's $3 trillion economy, provides about 70% of the rainfall it needs to water its farms and recharge reservoirs and aquifers. This also gives relief from the scorching heat.It usually rains around June 1 in the state of Kerala, on India's southwest coast, and by mid-June covers almost half of the country.This year, the formation of severe cyclone Biperjoy in the Arabian Sea delayed the onset of monsoon and restricted its progress to one-third of the country.A senior official of the India Meteorological Department (IMD) said, "Conditions are becoming favorable for the monsoon to strengthen. It will advance rapidly into the central, western and northern parts of the country from this weekend."Cotton, soybeans and pulses are cultivated mainly in the central parts of the country, which is the largest importer of vegetable oils and pulses and the top cotton producer.India has received 33% less rainfall than normal so far in June, though the deficit is as high as 95% in some states."Based on the information we have now, it looks like monsoon rains will be good this week," said Mrutyunjay Mohapatra, director general of the IMD.The IMD has predicted below average rainfall for June, with monsoon expected to increase in July, August and September.A strong El Niño, marked by sea surface warming over the Pacific Ocean, could cause severe drought in Southeast Asia, India and Australia, while other parts of the world such as the U.S. Rain could drench the Midwest and Brazil.The emergence of a strong El Niño led to consecutive droughts in 2014 and 2015 for only the fourth time in a century, pushing Indian farmers into extreme poverty.
Rupee weakens by 18 paise against dollarThis evening, the rupee closed at 82.12 against the dollar with a weakness of 18 paise.Sensex up 159 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63168.30 points with a gain of about 159.40 points.On the other hand, the Nifty closed at a level of 18816.70 points with a gain of 61.20 points.
Pakistan: The spot rate has declined by Rs 300 per head.LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Monday reduced the spot rate by Rs 3,00 per head and closed it at Rs 19,600 per head.The local cotton market remained bearish and the trading volume remained low. Cotton analyst Naseem Usman told that the rate of new crop of cotton in Sindh is between Rs 19,800 to Rs 20,000 per head.The price of footi in Sindh ranges from Rs 8,500 to Rs 9,200 per 40 kg. The rate of cotton in Punjab is Rs 20,200 to Rs 20,500 per head and the rate of futi is Rs 9,200 to Rs 10,000 per 40 kg.About 600 bales of Balochistan was sold at Rs.19,400 to Rs.19,700 per head and 600 bales of Tando Adam was sold at Rs.19,500 to Rs.19,800 per head.The spot rate committee of the Karachi Cotton Association (KCA) reduced the spot rate by Rs 3,00 per head and closed at Rs 19,600 per head. Polyester fiber was available at Rs 355 per kg.
The rupee opened 9 paise lower at 82.03 against the US dollarThe Indian rupee opened 9 paise lower against the US dollar on Tuesday after losses in Asian peers amid lower risk appetite. The local currency opened at 82.03 per dollar compared to the previous close of 81.94.
Pink bollworm detected in cotton fields in Abohar, farmers worriedThe cotton farmers of Abohar are worried about the pink bollworm being found in their fields, although officials say there is nothing to worry about at the moment. As per the information, the pests were seen in the fields where the farmers had sown the crop before the recommended period of April 15-May 15.Officials say that the pest population is currently below the ETL (Economic Threshold Level), and hence there is no reason to panic.As per the information, the pests were seen in the fields where the farmers had sown the crop before the recommended period of April 15-May 15.Satdev, a resident of Telupura village, 21 km from Abohar, said he had taken eight acres of land on lease from a local landlord for ₹42,000 per acre to sow cotton.“The cotton crop is about two feet tall now, and it has been affected not only by the pink bollworm, but also by the green stink bug and leaf curl, even though we sprayed insecticides on the crop twice. Buds have started forming but we are likely to suffer damage due to pink bollworm attack.Pawan, another farmer from Telupura village, said, "I had planted cotton in 10 acres, which has now been attacked by the pink bollworm."He demanded that the Punjab government should provide the required quantity of pesticides at subsidized rates through cooperative agriculture societies.Assistant Agriculture Officer, Abohar, Gagandeep Singh said bollworm attack has been reported in about 25-30 acres of cotton fields in each village. “The department had alerted the farmers about the threat of pest attacks. But current checking is trivial and less than ETL. Farmers should not panic and ensure timely inspection of fields and use of insecticides like Proclaim, Avath and Ethion. Cotton growers have also been advised to continue irrigating the cotton crop.In 2021, 34% raw cotton was destroyed by bollworm attack, while 2022 saw heavy losses in the South Malwa region of Punjab.
Rupee steady against dollarThe rupee ended flat at Rs 81.94 against the dollar this evening.Sensex breaks 216 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 63168.30 points with a fall of 216.28 points.On the other hand, the Nifty closed at a level of 18755.50 points with a fall of 70.50 points.
| title | Created At | Action |
|---|---|---|
| Pakistan : Weekly Cotton Review: Rates fall amid sluggish trade; "Textile Sector Focused Towards National Importance" | 26-06-2023 18:05:00 | view |
| Rupee rises 3 paise to 82 against US dollar | 26-06-2023 17:07:07 | view |
| Panipat: Yarn industry is in trouble | 24-06-2023 00:57:37 | view |
| Rupee weakens by 8 paise against dollar. | 23-06-2023 23:11:16 | view |
| Pakistan: The spot price further declined by Rs 300 per head. | 23-06-2023 18:00:04 | view |
| Rupee falls 12 paise to open at 82.07 against US dollar | 23-06-2023 17:10:44 | view |
| Rupee strengthened by 9 paise against dollar. | 22-06-2023 23:25:08 | view |
| Pakistan: KCA has reduced the spot rate by Rs 600 per head. | 22-06-2023 18:46:26 | view |
| Rupee opens 11 paise higher at 81.93 as dollar weakens after Powell's testimony | 22-06-2023 18:28:42 | view |
| The textile industry in Maharashtra is facing financial crisis "hence the idea of setting up private cotton mills" | 22-06-2023 17:52:25 | view |
| Rupee strengthened by 8 paise against dollar*** | 21-06-2023 23:16:11 | view |
| "Cotton sowing is less, the area in Punjab may be less than 2 lakh hectares" | 21-06-2023 19:30:47 | view |
| Pakistan :"Active buying in cotton market: signs of improvement in economic situation" | 21-06-2023 18:51:07 | view |
| Rupee opens flat at 82.12 against the US dollar | 21-06-2023 18:18:51 | view |
| "The stalled monsoon in India will pick up speed soon, rain expected in 3-4 days" | 21-06-2023 00:06:45 | view |
| Rupee weakens by 18 paise against dollar. | 20-06-2023 23:26:04 | view |
| Pakistan: The spot rate has declined by Rs 300 per head. | 20-06-2023 18:42:28 | view |
| The rupee opened 9 paise lower at 82.03 against the US dollar | 20-06-2023 17:53:35 | view |
| Pink bollworm detected in cotton fields in Abohar, farmers worried | 20-06-2023 00:16:26 | view |
| Rupee steady against dollar. | 19-06-2023 23:30:41 | view |
