In early trade, the rupee gained 11 paise to 83.18 against the US dollar.The rupee recovered from its all-time low and rose 11 paise to 83.18 against the US dollar in early trade on Thursday, supported by a strong trend in domestic equities and gains in Asian currencies.READ MORE :> Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible
The rupee appreciated 3 paise against the dollar this evening, closing at Rs 83.28.At the end of trading, BSE Sensex closed at 74,221.06, up 267.75 points or 0.36%. Whereas NSE's 50-share index Nifty closed at 22,597.80 with a gain of 68.75 points or 0.31%.Read more :- PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
In early trade, the rupee climbs 3 paise to 83.28 against the US dollar. This comes after rupee appreciated 6 paise to close at 83.31 against the US dollar on Tuesday following a weak greenback against major currencies overseas and softening crude oil prices in...Read More :> PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
The rupee appreciated 3 paise against the dollar this evening, closing at Rs 83.31.At the end of trading, BSE Sensex closed at 73,953.31, up 52.62 points or 0.071%. Whereas NSE's 50-share index Nifty closed at 22,529.05 with a gain of 27.05 points or 0.12%.Read more :- PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
More than 100,000 acres of Faisalabad, Pakistan, are planted with cotton.Chaudhry Khalid Mehmood, Divisional Director of Agriculture (Extension), shared promising news: cotton cultivation in Faisalabad division has crossed the 100,000-acre mark. Speaking at a farmers' day gathering hosted by progressive farmer Muhammad Zia-ul-Haq in Chak 487-GB, Mehmood revealed that the initial target set by the agriculture department was 115,800 acres for cotton cultivation this year. However, farmers have already dedicated 100,000 acres to cotton, with the remaining target expected to be met soon.Mehmood emphasized Pakistan's position as the fourth-largest cotton producer globally, highlighting the pivotal role cotton plays in the national economy and its significant contribution to employment in farming and the textile industry.He commended the Agriculture Department's efforts in encouraging farmers to allocate more land for cotton cultivation and assured uninterrupted canal water supply during the critical upcoming fortnights, crucial for cotton growth. This assurance was reinforced by the Superintending Engineer of the Irrigation Department, Faisalabad Zone.Mehmood urged agricultural officers to extend full support to farmers, aiding them in adopting advanced techniques to enhance cotton yields per acre. Hafiz Muhammad Adeel, Assistant Director of Agriculture, Tehsil Sammundri, reiterated the government's commitment to supporting cotton growers. He announced subsidized rates for agricultural equipment and provisions for quality seeds, fertilizers, and pesticides. Adeel also emphasized the benefits of mechanized farming in reducing financial burdens and mitigating the menace of smog.Read More :> Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing
In early trade, the rupee rose 6 paise to 83.31 against the US dollar. Sensex declines to 73,787.83 in early trade; Nifty dips to 22,404.55.Read More :> Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible
Farmers are concerned about the cotton crop even if a favorable monsoon is predicted; the impact on the textile industry will be evidentThis year, cotton prices are expected to be under pressure in global markets, but Indian farmers have other concerns as well, which will impact the textile industry.Globally, the cotton season will begin on August 1 and production is expected to increase in the 2024-25 season. Good cotton yields in Brazil, Turkey, and the US will increase global supply, which is likely to put pressure on prices. In particular, cotton production in the United States is expected to increase this year and the country will be a significant contributor to global supply.Reason for concern for cotton farmers in IndiaIn India, farmers are worried since the beginning of the cotton season. There are signs of reduction in cotton production in both India and China, and the supply shortage from these countries is not expected to have any impact on the global situation as additional supplies will be available from the US to compensate.Indian farmers expect prices to riseIn India, cotton prices in the mandis are higher than its MSP, but farmers are still expecting higher prices. Cotton arrivals are decreasing in the markets and global exports are increasing. Farmers feel that their cotton can be sold at a much higher price in the world market.How will be the cotton prices in India?Since the supply of cotton is being reduced by farmers in India, and the crop is being produced abundantly from the US, there is a situation of double suspicion. According to NASS's Crop Progress Report, as of May 5, 24% of cotton has been planted in the US. If it is compared with the average of last year and last five years, it is four percent less.In fact, the country saw a 137% increase in cotton exports from last October to March, adding up to 18 lakh bales. Against this, it was 7.5 lakh bales in the same period last year. One bale contains an average of 170 kg of cotton, indicating heavy exports, which suggests that India's demand for cotton has increased.India's textile industry is worried that this time they may have to face a cut in supply due to shortage of cotton. Textile prices have risen over the years, and if cotton is in short supply, the impact of raw material shortage will have a negative impact on textile and clothing production. Despite expectations of a good monsoon here, less cotton is being sown this year because farmers have not yet supplied their entire supply to the market and are waiting for higher demand. As a result, there is a risk of reduction in cotton production, which is likely to cause disruptions throughout the supply chain.Read more :- Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing
In full swing: Khandesh's pre-season cotton cultivation Preparations Preparations for pre-seasonal cotton cultivation in Khandesh are well underway. Cotton seeds have reached dealers and are now available for purchase. However, there is an anticipated slight decrease in cotton cultivation this year, with horticultural farmers planning to reduce the area dedicated to cotton and diversify into other crops.Despite this, the reduction is expected to be minimal, with a decrease of about 2,000 to 2,500 hectares from the total 2 lakh hectares allocated for horticultural cotton. Overall, cotton cultivation in Khandesh is projected to cover approximately 5.54 to 5.65 lakh hectares.Farmers have been preparing their fields diligently, employing deep plowing and rotavator use to ready the soil. Nearly all farmers use drip irrigation for pre-seasonal cultivation, ensuring efficient water use. With temperatures having decreased slightly to 42 degrees Celsius, many farmers plan to commence planting by late May, with some starting on June 1, coinciding with further drops in temperature and the onset of cloudy weather.Spacing plans vary, with many opting for configurations such as four by one and a half feet, three by two feet, or four by two feet. Preparations for cultivating in black hard soil are also in place to manage heavy rainfall and ensure proper drainage.Read More :> CAI Maintains Cotton Pressing Estimates, Telangana Sowing Expected to Advance with Early Rains
Telangana sowing is anticipated to progress with early rains, but CAI maintains its estimates for cotton pressing.Cotton sowing in Telangana, particularly in the cotton-rich belt of North Telangana, may see advancement by approximately two weeks if the early rains persist in the region.Following their engagement in electioneering activities, cotton farmers have now turned their attention to land preparation in anticipation of an early monsoon.Meanwhile, the Cotton Association of India (CAI) has upheld its estimate for cotton pressing during the ongoing trading season ending on September 30, projecting it at 309.7 lakh bales of 170 kg each.The overall cotton supply, as per CAI's figures, is estimated at 315.86 lakh bales. Factoring in the opening stock of 28.9 lakh bales and export shipments totaling 21.5 lakh bales, the total cotton supply reaches 359 lakh bales. CAI President Atul S. Ganatra, in a press release, noted that cotton consumption until the end of April 2024 amounted to 192.8 lakh bales.Additionally, CAI has revised upwards its cotton pressing estimates for Telangana by 1 lakh bales, now standing at 35 lakh bales.Read more :- Ginners' Concerns Prompt Government Response to Rebranding Vidarbha Cotton as Kasturi
The rupee appreciated 16 paise against the dollar this evening, closing at Rs 83.34.At the end of trading, BSE Sensex closed at 73,917.03, up 253.31 points or 0.34%. Whereas NSE's 50-share index Nifty closed at 22,466.10 with a gain of 62.25 points or 0.28%.Read more :- The United States has expanded its import ban list by adding 26 Chinese cotton companies.
The US has added 26 Chinese cotton enterprises to its list of prohibited imports.On Thursday, the United States took action to prohibit goods from 26 Chinese cotton traders and warehouse facilities believed to be involved in forced Uyghur labor, a move expected to increase pressure on supply chains.According to the Department of Homeland Security, companies from various provinces across China, including Henan, Jiangsu, Hubei, and Fujian, have been added to the forced-labor Entity List, bringing the total to 76 entities.Washington has been actively addressing what it alleges as the utilization of forced labor in China's Xinjiang region, home to the predominantly Muslim Turkic Uyghurs and other minority groups facing severe human rights violations. China refutes these accusations, asserting that its labor programs aim to alleviate poverty.The Uyghur Forced Labor Prevention Act generally prohibits imports sourced "wholly or in part" from Xinjiang, a significant cotton-supplying region. Enforcement measures have led to approximately $3 billion in flagged shipments at the border since the act's implementation in June 2022.Goods originating from Xinjiang are automatically assumed to involve forced labor under the UFLPA unless "clear and convincing evidence".The Entity List identifies specific companies whose products or components thereof are to be blocked from entering the United States. Particular sectors, such as cotton, tomatoes, and polysilicon (an essential raw material for solar panels), are under extra scrutiny.A significant challenge faced by the U.S. government is the lack of transparency in domestic supply chains within China, notes researcher Adrian Zenz. He underscores the importance of monitoring intra-Chinese supply chains to counter labor transfers to other provinces."Xinjiang itself doesn't export much of what it produces," he explains. "The greatest risk arises through intermediaries, and the Entity List is well-suited to address this issue."Zenz's research reveals an escalated use of cross-provincial labor transfers by Chinese authorities last year, complicating U.S. Customs' enforcement of the UFLPA.He estimates a 38% increase in the number of laborers transferred under the "pairing assistance" program from 2022 to 2023. However, he cautions that the understanding of labor transfer programs may diminish due to the Chinese government's cessation of statistical publication.While the UFLPA aims to combat forced labor, it presents challenges for companies outside China. U.S. Customs and Border Protection data indicates that over 5,500 of the roughly 8,500 flagged shipments originated from Malaysia, Vietnam, Thailand, and India.Read more :- Monsoon to hit Kerala coast on May 31, says IMD
Rupee opens on flat note at 83.50 against US dollar in early tradeSensex declines 185.42 points to 73,478.30 in early tradeThe Sensex declined 185.42 points to 73,478.30 in early trade on Friday morning, while the Nifty dipped 50.35 points to 22,353.50.Read More :> Monsoon to hit Kerala coast on May 31, says IMD
The rupee ended the day unchanged against the dollar, closing at 83.50. At the end of trading, BSE Sensex closed at 73,663.72, up 676.69 points or 0.93%. Whereas NSE's 50-share index Nifty closed at 22,403.85 with a gain of 203.30 points or 0.92%.Read more :- Telangana Government Aims to Expand Cotton Cultivation to 60.53L Acres
Government Reaction to Rebranding Vidarbha Cotton as Kasturi Is Prompted by Ginners' ConcernsOnce again, Vidarbha's ginners are expressing apprehension over the central government's move to designate Vidarbha cotton as Kasturi, citing the imposition of stringent quality compliance standards introduced since February this year.A joint effort between The Central Institute for Research on Cotton Technology (CIRCOT), The Cotton Textiles Export Promotion Council (TEXPROCIL), and the Vidarbha Cotton Association, a national workshop titled 'Branding Vidarbha Cotton as Kasturi,' convened at the regional Ginning Training Centre on Amravati Road on Thursday.While the government's goal is to enhance quality and support farmers, ginners remain uneasy about factors they feel are beyond their control.Their concerns echo those raised during the previous implementation of quality control measures for cotton bales by the Bureau of Indian Standards (BIS) last year. Following opposition, the government postponed the initiative until August this year.Given the potential legal consequences of adhering to BIS standards, ginners are particularly troubled by issues such as variations in seed varieties available to farmers, climatic conditions, pest infestations, suboptimal picking practices, improper handling and storage, and multiple picking cycles throughout the year.Government officials have assured to address these doubts. They clarified, "Indian cotton has not been marketed under a specific brand name thus far. Hence, the government has introduced the designation of Kasturi Cotton Bharat to confer a distinct identity. While certain quality benchmarks must be met, ginners remain hesitant."A representative of the ginning community emphasized, "Ginners are processors, not producers. Many among us are still unfamiliar with the concept of Kasturi, which bears similarities to BIS norms."Dilip Thakre, a farmer from Akola and a prominent cotton expert representing Vidarbha on various committees, provided insights into the Kasturi initiative. "Kasturi entails the premium purchase of cotton by the Cotton Corporation of India (CCI) from ginners. Approximately 300 ginners from the cotton belt will be selected to supply high-quality cotton to the CCI. These bales will be marketed under the Kasturi brand. Presently, Indian cotton is primarily sold as bales."Thakre explained that Indian bales often fail to command favorable prices due to the absence of a recognized brand name and concerns regarding the potential mixing of inferior cotton. "Under the Kasturi scheme, ginners will be required to supply cotton from the first picking, as trash content tends to increase in subsequent pickings. Furthermore, yarn and designer fabric will also be manufactured under the Kasturi brand."Each bale will undergo geo-tagging, encompassing parameters such as moisture content, staple length, and trash content, ensuring traceability and quality assurance throughout the supply chain.Read More :> Monsoon to hit Kerala coast on May 31, says IMD
According to IMD, monsoon will arrive in Kerala on May 31.Southwest monsoon is very likely to advance into South Andaman Sea, some parts of Southeast Bay of Bengal and Nicobar Islands around May 19The India Meteorological Department (IMD) on Wednesday said that monsoon will hit Kerala coast on May 31, which is a day earlier than its normal schedule day of June 1 in the mainland. IMD also said the southwest monsoon is very likely to advance into South Andaman Sea, some parts of Southeast Bay of Bengal and Nicobar Islands around May 19.“This year, the southwest monsoon is likely to set over Kerala on May 31, with a model error of ± 4 days,” IMD said in a statement late evening.The weather bureau also said its “operational forecasts” (inclusive of error margin) of the date of monsoon onset over Kerala during the past 19 years (2005-2023) were proved to be correct, except in 2015.“This is not early. It’s near normal date as the normal date for onset of monsoon over Kerala is June 1,” IMD’s Director General Mrutyunjay Mohapatra said. The weather bureau has predicted this year’s rainfall to be above-normal, quantitatively 106 per cent of its long period average of 87 cm with a model error of (+/-) 5 per cent during the June-September monsoon season. According to IMD, rainfall between 105 and 110 per cent of LPA is considered “above normal” and between 96-104 is categorised as “normal”. Monsoon was above normal in 2019, 2020 and 2022.Six predictors used“Advance of the monsoon over Indian mainland is marked by monsoon onset over Kerala and is an important indicator characterising the transition from hot and dry season to a rainy season,” IMD said. As the monsoon progresses northward, relief from scorching summer temperatures is experienced over the areas. IMD has been issuing operational forecasts for the date of monsoon onset over Kerala from 2005 onwards, based on a statistical model.The six predictors used in the models are -- 1) Minimum Temperatures over north-west India, 2) Pre-monsoon rainfall peak over south Peninsula, 3) Outgoing long wave radiation (OLR) over south China Sea, 4) Lower tropospheric zonal wind over equatorial south-east Indian Ocean, 5) Outgoing OLR over south-west Pacific Ocean and 6) Upper tropospheric zonal wind over equatorial north-east Indian Ocean, IMD said.Read More :> Call for Stable Cotton Prices by Tiruppur Garment Manufacturers
Demanding Stable Prices for Cotton from Tiruppur Garment ManufacturersThe Tiruppur garment manufacturers, represented by the South India Hosiery Manufacturers Association, are calling for measures to stabilize cotton prices. They have urged the Cotton Corporation of India (CCI) to maintain consistent pricing and avoid fluctuations driven by global trends. This stability is crucial to support downstream textile units like spinners and weavers, ensuring they can operate efficiently with predictable costs.The Association's president emphasized the importance of a stable supply chain, where competitive cotton prices benefit garment manufacturers. The CCI's strategy of selling directly to end consumers and not traders is part of this effort to regulate the market and prevent speculative buying that could further drive up prices. Additionally, they've proposed that cotton stocks with traders should prioritize meeting domestic demand before considering exports.These requests highlight the challenges faced by domestic textile producers and the importance of government intervention to maintain a balanced market environment.READ MORE:> Telangana Government Aims to Expand Cotton Cultivation to 60.53L Acres
| title | Created At | Action |
|---|---|---|
| The rupee rose 11 paise to 83.18 against the US dollar in early trade. | 24-05-2024 17:30:08 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 83.28 against the dollar. | 23-05-2024 00:33:54 | view |
| Rupee rises 3 paise to 83.28 against US dollar in early trade | 22-05-2024 16:45:35 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 83.31 against the dollar. | 21-05-2024 23:43:16 | view |
| PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation | 21-05-2024 18:52:39 | view |
| Rupee opened 6 paise higher at 83.31 against US dollar in early trade | 21-05-2024 16:53:54 | view |
| Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible | 21-05-2024 01:32:33 | view |
| Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing | 20-05-2024 18:51:32 | view |
| CAI Maintains Cotton Pressing Estimates, Telangana Sowing Expected to Advance with Early Rains | 18-05-2024 19:59:06 | view |
| This evening, the rupee strengthened by 16 paise and closed at Rs 83.34 against the dollar. | 17-05-2024 23:42:59 | view |
| The United States has expanded its import ban list by adding 26 Chinese cotton companies. | 17-05-2024 18:39:09 | view |
| Rupee opens on flat note at 83.50 against US dollar in early trade | 17-05-2024 17:42:06 | view |
| This evening, the rupee closed at 83.50 against the dollar without any change | 16-05-2024 23:33:38 | view |
| Ginners' Concerns Prompt Government Response to Rebranding Vidarbha Cotton as Kasturi | 16-05-2024 18:51:04 | view |
| Monsoon to hit Kerala coast on May 31, says IMD | 16-05-2024 17:54:27 | view |
| Call for Stable Cotton Prices by Tiruppur Garment Manufacturers | 16-05-2024 17:38:21 | view |
