After the cyclone, the daily arrival of cotton decreased from 25,000 to 8,000 bales.AHMEDABAD: Cyclone Biparjoy has badly hit the textile industry in Gujarat, though manufacturers are hopeful that the situation will improve in the coming months. With ginning units based in Saurashtra ceasing production activities and a large number of markets remaining shut, cotton arrivals in the state have come down to around 8,000 bales per day from around 25,000 bales a day last week. Power supply is yet to be restored in parts of Saurashtra and Kutch. Spinning mills will remain closed for a few more days in some areas of the state.Jayesh Patel, vice-president, Spinners' Association Gujarat (SAG), said: "Most of the spinning mills in Saurashtra and the Kutch region stopped production for two days due to the cyclone. There are about 70 spinning mills in the Saurashtra region and most resumed operations on Saturday." but many are still closed due to power issues.Cotton yarn prices are down to Rs 245 per kg (30 comb variety) and mills are running at around 80% capacity against the biggest drop in exports.Gujarat has recorded a bumper crop of cotton this year and the movement of arrivals was 25,000 bales per day before the cyclone, said Ajay Shah, secretary of the Gujaratkot Association.Shah said “During the cyclone, arrivals have come down to 8,000 bales per day as ginning has been stopped. We believe Gujarat will press at least 93 lakh bales this year and still around 10 lakh bales will be carried forward.The Indian textile industry has seen huge volatility in cotton prices in the last one year and experts believe that higher MSP will ensure better sowing this season as well.
Pakistan Weekly Cotton Review: Widespread drop in prices in the local market.Karachi: During the last week, a sharp decline was observed in the cotton prices in the local market. The spot price was decreased by Rs.600 per head. However, there was an increase in the trading volume.Rain affects quality of cotton crop in Sindh; However, the sowing of cotton has been completed.However, the All Pakistan Textile Mills Association (APTMA) has said that the textile sector is facing a grave crisis. The association warned that they would hand over the keys of their units to the finance ministry if the government did not restore subsidy on gas and electricity from July.In the domestic cotton market, cotton prices turned bearish during the last week as spinning mills showed interest in buying quality cotton, while ginners also showed interest in selling cotton, which led to increase in traded volumes.APTMA has warned the government through print and electronic media that the problems of the textile sector, especially energy and gas issues, must be resolved immediately. The association warned that if this situation continues, it will be difficult for them to run their factories.The cotton price in Sindh is in the range of Rs 19,600 to Rs 19,900. The rate of footi is 8500 to 9400 rupees per 40 kg. The rate of cotton in Punjab is Rs 20,000 to Rs 20,500 per head and the rate of foot is Rs 9,000 to Rs 10,500 per 40 kg. The rate of cotton in Balochistan is Rs 19,800 per head while the rate of footy is Rs 9,000 to Rs 9,400 per 40 kg.The spot rate committee of the Karachi Cotton Association has reduced the spot rate by Rs 6,00 per head and closed it at Rs 19,900 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, has said that overall the market is bearish. The futures trading rate for New York cotton has declined. The Indian cotton market is also bearish.According to the USDA's weekly export and sales report for the year 2022-23, 98,900 bales were sold. China topped the list buying 70,500 bales. Bangladesh came second with 11,700 bales and Vietnam with 9,900 bales. In the year 2023-24, 65,700 bales were sold. China topped the list buying 63,800 bales.Separately, caretaker chief minister Punjab Mohsin Naqvi chaired a meeting at his office where it was learned that 100% cotton sowing has been achieved in Faisalabad, Sahiwal and Sargodha.The meeting expressed satisfaction over the achievement of this important milestone by the provincial government. During the meeting, the Secretary, Agriculture Department presented a report on cotton cultivation and supply and demand of urea in the state.The CM appreciated the performance of the agriculture department, administration and field staff for their dedicated efforts in cultivating cotton in an area of over 4.6 million acres.He reiterated the government's commitment to protect the interests of cotton growers at all costs and directed the administration to ensure adequate supply of urea for the farmers. The diligent cooperation between the government and the hard work of farmers has resulted in extraordinary growth in the area under cultivation, and farmers can expect a rewarding result for their efforts in the current year, he concluded.However, at the AGM of PCBA in Multan, experts from PCGA and PCCC presented useful suggestions for the revival of cotton.
Rupee opens flat at 81.93 against the US dollarThe Indian rupee opened flat at 81.93 against the US dollar on Monday, near its five-week high level
Rupee strengthened by 24 paise against dollarThis evening, the rupee strengthened by 24 paise to close at Rs 81.93 against the dollar.Sensex rose 467 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63384.58 points with a gain of about 466.95 points.On the other hand, the Nifty closed at the level of 18826.00 points with a gain of 137.90 points.
Pakistan: Spot rate declined by Rs.300 per mind.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 20,200 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 Rs 19,700 to Rs 19,800 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 20,000 to Rs 20,200 per head and the rate of foot is Rs 9,000 to Rs 9,200 per 40 kg.About 6,200 bales of Tando Adam sold at Rs 19,800 to 20,000 per head, 400 bales of Nua Abad at Rs 20,000 per head, 2000 bales of Sanghar at Rs 19,800 to 20,000 per head, 200 bales of Ahmad sold at Pur East Rs 20,500 per head, boo Revala's 600 Bales sold for Rs 20,300 to 20,500 per head, 400 bales of Chichavatni sold for Rs 20,200 to 20,300 per head and 200 bales of Hub Chowki sold for Rs 19,800 per head.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 20,200 per head. Polyester fiber was available at Rs 355 per kg.
Rupee rises 21 paise to open at 81.96 against US dollarThe Indian rupee opened 21 paise higher against the US dollar on Friday, tracking a broad weakness in the dollar index and a fall in crude oil prices. The local currency opened sharply higher at 81.96 a dollar as compared to its previous close of 82.17.
Rupee weakens against dollars by 8 paise This evening, the rupee closed at a level of 82.18 against the dollar with a weakness of 8 paise.Sensex breaks 310 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 62917.63 points, down by about 310.88 points.On the other hand, the Nifty closed at a level of 18688.10 points with a fall of 67.80 points.
Pakistan: "No change in spot rate, light trading continues"Lahore: The local cotton market on Wednesday turned bearish with low trading volume. cotton analyzerLahore: The local cotton market on Wednesday turned bearish with low trading volume. Cotton analyst Naseem Usman told that the rate of new cotton crop in Sindh is Rs 19,800 to Rs 20,000 per head. The price of footi in Sindh ranges from Rs 8,800 to Rs 9,500 per 40 kg. The rate of cotton in Punjab is Rs 21,200 to Rs 21,500 per head and the rate of foot is Rs 9,200 to Rs 10,200 per 40 kg.About 2800 bales of Tando Adam sold at Rs 20,000 to Rs 20,400 per head, 800 bales of Shahdadpur sold at Rs 20,100 to Rs 20,325 per head, 1200 bales of Sanghar at Rs 20,000 per head, 600 bales of Burewala sold at Rs 20,600 to 20, Rs 900 per head, Chichavatni 200 bales of Khaanewal were sold at Rs.20,500 per head, 200 bales of Khanewal at Rs.20,700 per head and 200 bales of Sakran at Rs.20,100 per head.The spot rate remained unchanged at Rs 20,500 per head. Polyester fiber was available at Rs 355 per kg.
Rupee opens 5 paise lower at 82.15 against US dollarThe Indian rupee opened 5 paise lower against the US dollar on Thursday after the US Federal Reserve kept interest rates unchanged, but signalled more hikes this year. The local unit opened at 82.15 a dollar as compared to its previous close of 82.10.
Rupee strengthened by 27 paise against dollarThe rupee strengthened by 27 paise to close at Rs 82.10 against the dollar this evening.Sensex up 85 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63228.51 points with a gain of about 85 points.On the other hand, the Nifty closed at a level of 18,755.90 points with a gain of 39.70 points.
Pakistan: There was no movement in the cotton market.LAHORE: The local cotton market remained steady on Tuesday with little trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is Rs 20,400 to Rs 20,500 per head. The rate of footi in Sindh ranges from Rs 9,200 to Rs 10,200 per 40 kg. The rate of cotton in Punjab is Rs 20,500 to Rs 21,000 per head and the rate of foot is Rs 10,400 to Rs 10,500 per 40 kg.2400 bales of Tando Adam were sold for Rs.20,300 to 20,500 per head and 1200 bales of Sanghar were sold for Rs.20,300 to 20,500 per head.The spot rate remained unchanged at Rs 20,500 per head.Polyester fiber was available at Rs 355 per kg.
Rupee rises 9 paise to open at 82.28 against US dollarThe Indian rupee opened 9 paise higher against the US dollar supported by a weak greenback, easing crude oil prices and foreign fund inflows. The local currency opened at 82.28 a dollar against the previous close of 82.37.
Rupee strengthened by 6 paise against dollarThe rupee strengthened by 6 paise to close at Rs 82.37 against the dollar this evening.Sensex up 418 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 63143.16 points with a gain of about 418.45 points.On the other hand, the Nifty closed at a level of 18716.20 points with a gain of 114.70 points.
Pakistan: Business activities have improved in the cotton marketLahore: The local cotton market remained stable on Monday and the market was up. Cotton analyst Naseem UsmanCotton analyst Nasim Usman told that the rate of new crop of cotton in Sindh is between Rs 20,300 to Rs 20,500 per head. The rate of footi in Sindh ranges from Rs 9,200 to Rs 10,200 per 40 kg. The cotton price in Punjab is Rs 21,500 to Rs 21,000 per head and footie rate is Rs 10,400 to Rs 10,500 per 40 kg.About 600 bales of Tando Adam Rs 20,200 to 20,800 per head, 2600 bales of Shahdad Pur Rs 20,000 to Rs 20,700 per head, 3600 bales of Sanghar Rs 20,000 to 20,600 per head, Rs 1000 per head Mir Pur Khas sold 600 bales 20,000 onwards Rs 20,300 per head, 600 bales of Khando Rs 20,150 to 20,300 per head, 600 bales of Kotri Rs 20,000 to 20,200 per head, 200 bales of Burewala sold, 200 bales of Chichavatni Rs 20,500 per head, 100 bales of Samudri, 200 bales winder 20,100 Rs per head and 200 bales of Sakran were sold at Rs 20,300 per head.The spot rate remained unchanged at Rs 20,500 per head. Polyester fiber was available at Rs 355 per kg.
Rupee opens flat at 82.43 against the US dollarThe Indian rupee opened flat at 82.43 against the US dollar on Tuesday as softer greenback and strong domestic macroeconomic data supported the local unit, while a rise in crude oil prices kept a check
"Three states defy GM regulator's directions to reject transgenic cotton trials".A proposal put forth by the Genetic Engineering Appraisal Committee (GEAC) to conduct field trials of a new transgenic cotton seed has been rejected by three Indian states: Gujarat, Maharashtra and Telangana.The seed, developed by Hyderabad-based Bioseed Research India, contains a gene called cry2ae, which is claimed to confer resistance to pink bollworm, a devastating pest that affects cotton crops. Although the seed had already gone through limited trials and a recommendation was received from GEAC for field trials at several places, these states refused permission for the trials.In India, the approval process for transgenic seeds requires open field trials before they are cleared for commercial development by the GEAC. As agriculture is a subject governed by the states, companies wishing to test their seeds must obtain approval from the respective state governments. Of the four states where Bioseed had applied for permission, only Haryana gave approval for the trial.In October 2022, the GEAC sent letters to all states requesting their views and comments on the proposed trials within a two-month deadline. Only Telangana responded within the stipulated period, seeking an extension of 45 days to consider the proposal. On May 16, 2023, Telangana conveyed its decision not to allow trials in the current cropping season. Gujarat also responded by saying that the proposal was unacceptable, but did not give any specific reasons.The minutes of the GEAC meeting held on May 17 were made public last week and follow-up actions were highlighted. After the meeting, the regulator wrote to Telangana, Gujarat and Maharashtra seeking their response and reasons for rejection. In case no response is received within the specified time frame, the GEAC will make suitable recommendations based on the available information.In addition, GEAC collaborated with the Department of Biotechnology and the Indian Council of Agricultural Research to organize capacity building activities to educate state governments about genetically modified (GM) crops, the underlying technology and the regulatory framework for evaluating such crops. cooperation is requested. , The GEAC comprises experts in agriculture and plant genetics and is headed by a senior official from the Ministry of Environment and Forests, with a senior scientist from the Department of Biotechnology serving as co-chairman. However, activist groups have objected to the GEAC's request for reasons from states, considering it undue pressure on state governments.Kavitha Kuruganti, a member of the GM Free India Alliance, expressed her concern about the approach of the GEAC. He questioned why the GEAC is pressurizing state governments like Telangana and Gujarat to give reasons or break their silence when they have refused to provide NOCs (No Objection Certificates). He further criticized the fact that GEAC, as a statutory regulator, is adopting a biased lobbying approach by engaging in activities with the State Governments to influence their decision making process. He highlighted that this approach contradicts the supposed neutrality of a regulatory body.
Rupee strengthened by 3 paise against dollarThe rupee strengthened by 3 paise to close at Rs 82.43 against the dollar this evening.Sensex closed up by 99 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62724.71 points with a gain of about 99.08 points.On the other hand, the Nifty closed at a level of 18601.50 points with a gain of 38.10 points.
Pakistan Weekly Cotton Review: Rise in spot rate as the market trended bullishKarachi: Cotton prices witnessed an uptrend in the cotton market and the spot price was increased by Rs 500 per head. With the cotton crop being satisfactory, the supply of footy is increasing day by day.However, import contracts for 6 million bales of cotton worth $2 billion have already been signed. Only Rs 147 crore has been allocated in the budget for better production of cotton.President of Cotton Ginners Forum, Ahsanul Haque has said that concessions were given in the budget for the agriculture sector, but no relief was given to the cotton ginning sector.In the local cotton market, ginners offloaded cotton last week, which led to an uptrend in the market. New cotton crop deals were fixed at Rs 20,500 to Rs 21,300 per head after rising from Rs 8,00 to Rs 1,200 per head.The rate of foot was 9500 to 10000 rupees per 40 kg. Fruity rates saw an increase of Rs 7,00 to Rs 1,000 per 40 kg with several ginning factories partially working. Market; However, a downward trend was observed on Saturday evening.At present cotton spinners are not interested in selling cotton before Id-ul-Azha and before rains due to exceptionally good quality of cotton, which is the reason for increase in the price of cotton.Cotton prices in Sindh and Punjab ranged between Rs 20,500 to Rs 21,300 per head after an increase of Rs 8,00 to Rs 12,00 per head. The price of futi is between Rs 9500 to Rs 10000 per 40 kg after an increase of Rs 1000 to Rs 1200 per 40 kg. The rates of Khal and Banola are showing a rising trend. The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 5,00 per head and closed it at Rs 20,500 per head.Naseem Usman said that overall the international cotton market remained stable. According to USDA's weekly export and sales report for the year 2022-23, four lakh eighty thousand four hundred bales were sold.Meanwhile, cotton sowing in the country is currently completed in 2.588 million hectares against the target of 2.767 million hectares for the crop season 2023-24 for exports as well as meeting the industrial and commercial requirements of the local industry.The farming community in the crop growing areas has completed cultivation of more than 93.53% of the total area earmarked for the season to achieve a production of 12.77 million bales by the first week of this month (June).In Punjab, sowing of the crop has been completed in 95.11% area on 1.920 million hectare against the fixed target of 2.019 million hectare for production of about 8.336 million bales during the current season.Meanwhile, Sindh has achieved more than 84.49 per cent of its set target and has sown 0.5678 million hectares against the set target of 0.672 million hectares, while the cotton production target for the province has been set at 4.00 million bales.During the season, the Khyber Pakhtunkhwa (KP) and Balochistan provinces saw an increase in cotton sowing as both the provinces achieved 113 per cent and 132.24 per cent of their planting targets, respectively.The Economic Coordination Committee (ECC) of the Cabinet has fixed the intervention price of cotton (futti) at Rs 8,500 per 40 kg to revive cotton production, stabilize the domestic market and ensure fair returns to farmers in the country.Farmers' per acre income is witnessing a huge reduction due to a record rise in the cost of production of textile mills and a record fall in cotton prices due to non-functioning of ginning factories.Apart from this, only fourteen crore seventy lakh rupees have been kept in the federal budget for better production of cotton.
Rupee gains 2 paise at 82.44 against US dollarThe Indian rupee opened flat against the US dollar on Monday amid weakness in Asian currencies. The local unit opened at 82.44 per dollar, higher by 2 paise compared to Friday's closing price of 82.46.Sensex opened up 158.02 pointsIn early trade, the 30-share BSE Sensex climbed 158.02 points to 62,783.65 points.The NSE Nifty rose 70.2 points to 18,633.60.
Cotton prices expected to stabilize due to 9% hike in MSPCotton prices, which have fallen over 25% in the last eight months, are expected to stabilize after the government on Wednesday raised the minimum support price (MSP) of the commodity by around 9% annually for the 2023-24 marketing season .The fall in prices caused unrest among cotton farmers, who were holding their produce in the hope of better prices, causing a shortage of cotton in the market.Cotton prices have come down to Rs 7,200 per quintal from a high of Rs 10,000 per quintal in October. Industry experts said if the fall in prices continues, farmers may prefer to wait till the next season to sell at the new MSP of Rs 7,020 per quintal.An increase in the MSP of cotton will also help arrest the fall in cotton prices. “Instead of selling cotton at lower rates, farmers can choose to wait and sell cotton at the new MSP to the government in the next cotton season.”The area planted under cotton is also likely to be supported by the increased MSP. “We were expecting a drop in cotton acreage before the government announced the MSP. However, now the area under cotton may increase by around 5%,” said Pradeep Jain, president, Khandesh Ginning and Pressing Association.The increase in MSP is expected to provide sufficient raw material to the cotton processors. "We could not run our mills at full capacity as farmers did not bring enough cotton to the market this year," said Avinash Kabra, a cotton processor from Dharangaon in northern Maharashtra. "Any increase in production of cotton due to increase in MSP will increase the supply of raw material for the cotton-based industry."However, south India's export-oriented spinning mills cautioned that a hike in MSP without increasing cotton productivity could jeopardize India's competitiveness in international markets.Southern India Mills Association President Ravi Sam said, "Increasing MSP is not the solution to increase cotton production in India. We need to improve the productivity of cotton by bringing in better technology and better seeds."Sharma said, "Although higher production is expected in cotton for the marketing year 2023-24, if mandi prices are seen to decline, this higher MSP will augur well for farmers' income in Maharashtra, Telangana and Gujarat." which are major cotton producing states.
| title | Created At | Action |
|---|---|---|
| After the cyclone, the daily arrival of cotton decreased from 25,000 to 8,000 bales. | 19-06-2023 18:25:18 | view |
| Pakistan Weekly Cotton Review: Widespread drop in prices in the local market. | 19-06-2023 17:56:39 | view |
| Rupee opens flat at 81.93 against the US dollar | 19-06-2023 17:39:54 | view |
| Rupee strengthened by 24 paise against dollar | 16-06-2023 23:21:55 | view |
| Pakistan: Spot rate declined by Rs.300 per mind. | 16-06-2023 18:24:03 | view |
| Rupee rises 21 paise to open at 81.96 against US dollar | 16-06-2023 17:08:34 | view |
| Rupee weakens against dollars by 8 paise | 15-06-2023 23:21:28 | view |
| Pakistan: "No change in spot rate, light trading continues" | 15-06-2023 17:46:55 | view |
| Rupee opens 5 paise lower at 82.15 against US dollar | 15-06-2023 17:21:05 | view |
| Rupee strengthened by 27 paise against dollar | 14-06-2023 23:21:20 | view |
| Pakistan There was no movement in the cotton market. | 14-06-2023 18:11:49 | view |
| Rupee rises 9 paise to open at 82.28 against US dollar | 14-06-2023 17:09:14 | view |
| Rupee strengthened by 6 paise against dollar . | 13-06-2023 23:15:31 | view |
| Pakistan: Business activities have improved in the cotton market | 13-06-2023 17:53:55 | view |
| Rupee opens flat at 82.43 against the US dollar | 13-06-2023 17:21:54 | view |
| "Three states defy GM regulator's directions to reject transgenic cotton trials". | 12-06-2023 23:45:50 | view |
| Rupee strengthened by 3 paise against dollar. | 12-06-2023 23:26:56 | view |
| Pakistan Weekly Cotton Review: Rise in spot rate as the market trended bullish | 12-06-2023 18:27:31 | view |
| Rupee gains 2 paise at 82.44 against US dollar | 12-06-2023 18:05:09 | view |
| Cotton prices expected to stabilize due to 9% hike in MSP | 10-06-2023 01:10:54 | view |
