This evening, the rupee closed at 83.06 against the dollar without any change.Today Sensex closed at 72186.09 with a rise of 454.67 points or 0.63 percent and NIFTY 50 also closed at 21929.40 with a rise of 157.70 points or 0.72 percent.
*Take action against traders buying cotton below MSP: Fadnavis*Nagpur: Deputy Chief Minister Devendra Fadnavis has issued instructions to register crimes if traders do not buy cotton at the minimum support price (MSP). The mandate is not new but during the cabinet meeting on Monday, Fadnavis again stressed on its implementation besides strict monitoring of cotton procurement.Cotton growers of Vidarbha, who had held back their crop in the hope of getting better prices, are now disappointed.Needing cash, farmers have started selling cotton, but they are getting rates below the MSP, which is Rs 7,020 per quintal for the long staple grade.If the cotton is taken to the ginning mill, the market rates range between ₹6,800 to ₹6,500. Some farmers TOI spoke to said that if the producer sells directly from the farm, the rate is ₹6,100 to ₹6,000.According to farmers, private ginners are paying less by saying that the quality is inferior. A group of farmers in Yavatmal had submitted a memorandum to the district collector seeking his intervention in ensuring fair price of cotton.Manish Jadhav of Swabhimani Shetkari Paksha said that the memorandum states that the government should take action against traders who are paying less than the MSP. It was also demanded that the Cotton Corporation of India(CCI) should open more centers in the area.Sources in the state agricultural marketing department said that even though farmers have to sell cotton at MSP to CCI, it has to be of a certain grade called Fair Average Quality (FAQ). CCI does not buy cotton below FAQ. He said that even traders should buy only FAQ grade at MSP.FAQ There are basic minimum requirements such as mature cotton in bolls, staple length and moisture. The farmer said that the quality has been affected due to unseasonal rains, which has led to rejection.According to a state government source, a large quantity of cotton is still of FAQ grade and should be purchased at MSP by traders. “However, farmers are not getting a fair deal from traders,” the source said.This year, Maharashtra State Cotton Producers Marketing Federation has not entered into MSP procurement. The federation buys cotton and sells it to CCI. However, now only CCI has procurement centres, which may lead to reduced reach, sources said.Meanwhile, a senior CCI official said 120 procurement centers have been opened across the state and 11 lakh quintals of cotton has been purchased so far. “There is not much crowd of farmers at the centres. The quantity purchased is not unprecedented. The quality has been affected due to rain in some parts of the state. Some farmers with additional superior grades are getting prices above the MSP,” the official said.
This evening, the rupee closed at Rs 83.06 with a weakness of 14 paise against the dollar.Today Sensex closed at 71731.42 points with a fall of 354.21 points. Whereas Nifty closed at the level of 21771.70 points with a fall of 82.10 points.
Cotton prices dip below MSP; CCI acquires 6 lakh quintals in Madhya PradeshCotton procurement by the Cotton Corporation of India (CCI), a nodal agency set up under the ministry of textiles for trade and procurement of cotton, has procured around 6 lakh quintal in Madhya Pradesh till date from the start of the new cotton season.CCI has set up 21 procurement centers in MP and this is the highest procurement in the last two years.Cotton arrivals picked up from October in spot markets and as cotton prices slipped below govt set Minimum Support Prices (MSP), CCI intervened and started procurement from the spot markets.“We have procured around6 lakh quintal cotton so far in MP since October. We will continue purchases until farmers bring their produce to the spot markets. Market prices have improved and ruling around MSP,” said a senior official involved in the procurement exercise in MP wishing anonymity.The nodal agency is procuring cotton from leading cotton cultivating states in the country The government has fixed MSP for medium staple cotton at Rs 6,620 per quintal and for long staple cotton at Rs 7,020 per quintal.Cotton arrivals have gradually dropped in the spot markets and are expected to slip further in coming weeks, said traders.“Flow of arrivals from farmers was very high in November but now daily supplies are gradually coming down. Going ahead there will be further drop in supplies but until we get supplies as per our parameters, we will continue purchases. Last year, we did not enter the market because prices were well above the MSP,” said the official.The trade body Cotton Association of India in January had said that the season was depressing for farmers as cotton rates were trading under MSP by 5 to 20 per cent. Though a jump in supplies lately, aided processing in spinning mills with mills in north India and central India running at almost 100 per cent capacity and in south India at around 80 per cent capacity.source : TOI
The rupee opened with weakness against the dollar today.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 12 paise at Rs 83.04 against the dollar. At the same time, on Friday, the rupee strengthened by 5 paise and closed at Rs 82.92 against the dollar. Today BSE Sensex opened with a decline.Today, BSE Sensex opened at 72028.13 points with a fall of about 57.50 points. Whereas NSE's Nifty opened with a fall of 3.10 points at the level of 21850.70 points. Today, trading started in a total of 2,545 companies on BSE.
This evening, the rupee strengthened by 5 paise and closed at Rs 82.92 against the dollar.Whereas today the Sensex closed at the level of 72,085.63 with a gain of 440.33 points or 0.61 percent. Nifty closed at 21853.80 with a gain of 156.35 points or 0.72 percent.
Higher budgetary support for cotton procurement by the Cotton Corporation of IndiaRoSCTL extended for garment exports, which will provide the stable policy regime essential for long-term planning in the textile sectorThe Interim Budget 2024 presented on Thursday saw ₹1,000 crore higher allocation for the textile and apparel sector. Of the total allocation of ₹4,392.85 crore compared with ₹3,443.09 crore last year, the Budget provided ₹600 crore for the procurement of cotton by the Cotton Corporation of India (CCI) under the price support scheme, though there was almost no allocation for this in the previous financial year. With a slump in cotton prices, the CCI is buying cotton from farmers in several parts of the country at the minimum support price (MSP) since the beginning of the cotton season in October 2023.The Budget also increased the allocations for schemes for handicraft development, the National Technical Textiles Mission, and the PM MITRA scheme.Also read: Central govt. wants to create 75 textile hubs across India, says Piyush GoyalThough textile and apparel exports have been declining for more than a year, allocations for export promotion studies and activities was reduced to ₹5 crore from ₹59 crores in 2023-2024.Meanwhile, in a separate press release, the Ministry of Textiles said the Union Cabinet chaired by Prime Minister Narendra Modi had approved the continuation, till March 31, 2026, of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for the export of apparel and garments. This will provide the stable policy regime essential for long-term planning in the textile sector.The Cabinet had approved the scheme till the end of March 2020 and extended it till March 31, 2024. Now, it will continue for another two years. The Budget allocation for the scheme this year is ₹9,246 crore.Welcoming the extension of the RoSCTL, the textile industry hoped the full Budget would address the need for changes in customs duties. Source : The Hindu
The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today.Today, the rupee opened 9 paise stronger at Rs 82.87 against the dollar. At the same time, on Thursday, the rupee strengthened by 8 paise and closed at Rs 82.96 against the dollar.Today BSE Sensex opened with a rise.Today, BSE Sensex opened at the level of 72200.96 points with a gain of about 555.66 points. Whereas NSE's Nifty opened with a gain of 171.30 points at the level of 21868.80 points. A total of 2,137 companies started trading in BSE today.
This evening, the rupee strengthened by 7 paise and closed at Rs 82.97 against the dollar.Whereas today the Sensex closed at the level of 71,645.30 with a fall of 106.81 points or 0.15 percent. Whereas Nifty closed at the level of 21697.45 with a fall of 28.25 points or 0.13 percent.
Telangana : Sangareddy Cotton farmers protest as CCI closes purchasing centreFarmers led by CPI (M) activists staged a protest as the Cotton Corporation of India has decided to close the cotton purchasing centre at Sadasivapet town from February 1While a few lorries and tractors carrying the cotton lined up at the CCI purchasing centre, the CCI officials have decided to close the Centre for five days informing the farmers that the jinning mill was filled with the cotton due to increased arrivals during the last few days.However, the farmers have alleged that the CCI was planning to close it down permanently for this year though a huge number of farmers have not yet sold their produce this year.
Recycled yarn: Mills’ new spin on sustainability goalsAhmedabad: Cotton spinning mills in Gujarat are taking a sustainable approach by recycling old clothes into recycled yarn. This eco-friendly initiative is gaining traction, with global brands actively retailing clothes made from recycled yarn. Typically, these recycled yarns consist of 70% of fresh cotton and 30% of recycled cotton yarn. Five spinning mills in the state have adopted this practice.Dr Bharat Boghra, chairman of the Spinners’ Association Gujarat (SAG), said, “The trend of recycling can be seen in various sectors. Five spinning mills have embraced this initiative due to growing demand, and more mills will follow suit if the concept proves successful.”Sources reveal that spinning mills reduce their reliance on the market by recycling old clothes. Omax Cotspin Pvt Ltd in Dhrangadhra, for example, recycles around 500 tonnes of old garments a month, producing recycled yarn to blend with virgin cotton yarn for global and domestic brands. Jayesh Patel, director of Omax Cotspin, said, “International consumers are aware about the usage of water, energy and manpower needed to produce clothes. Many global brands have set different goals for sustainability by 2030 and have increased focus on recycling to achieve their targets. We have installed a shredding machine in our factory and recycle around 500 tonnes of old garments every month. A number of global and domestic brands encourage the use of recycled yarn and we supply to them. We supply fresh yarn and recycled yarn based on demand.”Vaibhavlaxmi Spinning Mills Pvt Ltd in Kadi has also joined the initiative. Niranjan Patel, the company’s director, said, “We recycle waste generated during yarn-making and old fabric to turn it into fibre again. Increasing awareness of sustainability and steady demand for recycled yarn are driving factors.” The company incorporates 5-7% recycled yarn in its total production.
The rupee strengthened by 7 paise to close at Rs 83.04 against the dollar this evening.Today, the Sensex closed at the level of 71752.11 points with an increase of about 612.21 points. At the same time Nifty closed at the level of 21725.70 points with an increase of 203.60 points.
Cotton Dropped As World Consumption Is Forecast Lower Than Last MonthMCX Cotton faced a decline of -0.42%, settling at 57380, influenced by changes in global consumption and production forecasts. World consumption for the 2023/24 season is projected to be 1.3 million bales lower than the previous month's estimates, with reductions for countries including India, Indonesia, Pakistan, Uzbekistan, and Turkey. However, ending stocks are forecast to be 2.0 million bales higher, driven by increased beginning stocks and production along with lower consumption. Technically, the cotton market is undergoing fresh selling, with a 2.54% gain in open interest, settling at 283. Prices have decreased by -240 rupees. Cotton finds support at 57260, with the potential for a test of 57150 levels on the downside. On the upside, resistance is expected at 57540, and a breakthrough could lead to a test of 57710 levels.
Arrivals flood local markets even as global rates rise to near 3-month high India’s domestic cotton prices are still stuck at the bottom despite volatile movements while global cotton prices have surged to near three-month highs. Textile industry players and traders say they have not seen the market fluctuate in such a volatile manner.According to Anand Popat, a Rajkot-based cotton, yarn and cotton waste trader, prices moved down on an hourly basis on Monday with any change in the fundamentals. “We are witnessing a short-term fluctuation with prices going up quickly and then taking a sharp u-turn,” said an industry insider, who did not wish to be identified. On Tuesday, prices of Shankar-6, the benchmark for exports, declined to ₹55,150 per candy of 356 kg. Prices are the lowest since January 18, when it ruled at this level before rising to ₹56,050 on January 25. Open interest upOn the InterContinental Exchange (ICE), New York, cotton March contracts quoted at 84.34 US cents a pound (₹55,450/candy) early on Tuesday. Over the past two sessions, prices on China’s Zhengzhou for March contracts have increased to 16,050 yuan a tonne (₹66,875/candy), up from 15,855 yuan (₹66,425) during the weekend.The open interest on ICE has increased to 0.46 million US bales (62 lakh Indian bales (170 kg each) signalling some bullishness, according to traders. “Currently, arrivals exceed demand. They are about two lakh bales (170 kg each) on a daily basis. Mills are buying some 1.25 lakh bales, additionally about 25,000 bales, while the Cotton Corporation of India (CCI) 25,000 bales and multinational companies (MNCs) 15,000-25,000 bales,” said Popat.MNCs are providing support to the cotton market with their purchases making up 40 per cent of the arrivals, said Ramanuj Das Boob, a sourcing agent for multinationals in Raichur, Karnataka.Last year stocks“Their purchases are providing liquidity in the market. They seem to be hedging by selling on ICE and buying here,” said Das Boob. A MNC official, who did not wish to be identified, said MNCs cannot go flat and need to hedge their positions on ICE. Das Boob said the Indian cotton crop was good and spinning mills were buying, though slowly. “Arrivals have been higher and they could be 170-175 lakh bales by January end and they are likely to be good in February too. Prices may rise once the arrivals drop to a trickle,” he said. Arrivals gave the impression that cotton production may be higher this year but they are faster than last year, said the MNC official. “In Telangana, arrivals are a shocking 35,000-40,000 bales daily. It has to drop to around 4,000 bales for prices to pick up. Popat said farmers are bringing to the market the stocks they held up last year, mixing with this year’s crop. “It is possible that the crop is good and last year’s held up stocks are also being brought to the market,” said the MNC official.Short-term swingsAccording to the Cotton Association of India, arrivals on Tuesday were 2.02 lakh bales with Maharashtra accounting for 60,000 bales, Gujarat 48,000 bales and Telangana 34,000 bales. But Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation (ITF), said, “In this volatile environment, textile markets are behaving with short-term swings, both upside and downside. This leads to mills taking very careful and calibrated steps in cotton buying decisions.” Mills are buying cotton based only on their “own yarn and fabric order visibility,” he said. Yarn movement in the domestic market is better than on the export front. “This means, garment manufacturers are getting orders,” said Poppat. However, he said the higher arrivals trend will likely not continue for long. The MNC official said the higher arrivals may end soon.Cotton output estimateHowever, Dhamodharan said, “Yarn spreads continue to be at lower levels in major products with compressed margins and this factor also makes mills more careful in their buying decisions.”The industry insider said the trade would like to be bullish though several factors, including speculation, decide on the price behaviour. Traders such as Popat are pegging cotton production at 315 lakh bales this season, despite a section pegging it lower. According to the Committee on Cotton Production and Consumption, the production this season (October 2023-September 2024) is estimated at 317.57 lakh bales against 336.60 lakh bales the previous season. source : businessline
The rupee opened with weakness against the dollar today.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 1 paise at Rs 83.11 against the dollar. At the same time, on Tuesday, the rupee strengthened by 3 paise and closed at Rs 83.10 against the dollar.Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 194.24 points at the level of 70945.66 points. Whereas NSE's Nifty opened with a fall of 39.40 points at the level of 21482.70 points. Today, trading started in a total of 2,102 companies in BSE.
This evening, the rupee strengthened by 2 paise and closed at Rs 83.11 against the dollar.This evening the Sensex fell 802 points and closed at 71,140. Nifty fell 216 points and closed at 21,522.
| title | Created At | Action |
|---|---|---|
| This evening, the rupee closed at 83.06 against the dollar without any change. | 06-02-2024 23:29:48 | view |
| *Take action against traders buying cotton below MSP: Fadnavis* | 06-02-2024 18:19:03 | view |
| This evening, the rupee closed at Rs 83.06 with a weakness of 14 paise against the dollar. | 05-02-2024 23:15:48 | view |
| Cotton prices dip below MSP; CCI acquires 6 lakh quintals in Madhya Pradesh | 05-02-2024 18:03:28 | view |
| The rupee opened with weakness against the dollar today- | 05-02-2024 17:16:09 | view |
| This evening, the rupee strengthened by 5 paise and closed at Rs 82.92 against the dollar. | 02-02-2024 23:14:23 | view |
| Higher budgetary support for cotton procurement by the Cotton Corporation of India | 02-02-2024 17:27:15 | view |
| The rupee opened strongly against the dollar today. | 02-02-2024 17:11:41 | view |
| This evening, the rupee strengthened by 7 paise and closed at Rs 82.97 against the dollar. | 01-02-2024 23:25:04 | view |
| Telangana : Sangareddy Cotton farmers protest as CCI closes purchasing centre | 01-02-2024 18:11:26 | view |
| Recycled yarn: Mills’ new spin on sustainability goals | 01-02-2024 17:32:51 | view |
| The rupee strengthened by 7 paise to close at Rs 83.04 against the dollar this evening. | 31-01-2024 23:02:03 | view |
| Cotton Dropped As World Consumption Is Forecast Lower Than Last Month | 31-01-2024 17:55:12 | view |
| Arrivals flood local markets even as global rates rise to near 3-month high | 31-01-2024 17:39:02 | view |
| The rupee opened with weakness against dollar today | 31-01-2024 17:21:30 | view |
| This evening, the rupee strengthened by 2 paise and closed at Rs 83.11 against the dollar. | 30-01-2024 23:20:11 | view |
