Rupee recovered from all time low closing, strengthened by 12 paise todayThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 83.03 against the dollar with a strength of 12 paise. On the other hand, on Thursday, the rupee closed at a level of Rs 83.15 against the dollar with a weakness of 20 paise. This was the biggest fall of the rupee against the dollar on the basis of closing.Share Market: Global signals are weak, the beginning may be volatileToday i.e. on Friday, there is a possibility of fluctuating atmosphere in the Indian stock markets. GIFT Nifty, however, is trading with a slight uptrend, indicating a positive opening for Sensex and Nifty.
Global cotton production likely to decline next seasonGlobal cotton production is expected to decline by three percent next season, while consumption may remain stable and ending stocks may be low.However, analysts said China holds the key to prices as any drop in demand from the communist nation could limit further upside.As a result, global cotton prices are expected to hover around US cents 80 per pound (₹52,600 per 356 kg candy) for the remainder of 2023.According to the US Department of Agriculture (USDA), cotton production could decline to 114.1 million (US) bales (217.7 kg) next season due to lower crops in the US and Uzbekistan. Indian crop is also being estimated to be less. However, production this season is estimated to be higher at 118.3 million bales, with larger harvests in Brazil and Argentina.Last month, the International Cotton Advisory Committee (ICAC) said production for the next season is estimated at 24.51 million tonnes (112.58 million US bales).Research agency BMI, a unit of Fitch Solutions, said global cotton production next season is expected to be 116.5 million bales, down 0.9 percent from this season's 117.6 million bales."The decline in global output will be driven by year-on-year declines in Brazil (3.3 per cent), mainland China (12.1 per cent) and India (1.9 per cent)," BMI said.3 reasons for the decline in productionThis is because cotton acreage in these three countries is down due to “weak global prices, poor margins compared to other crops and concerns over fertilizer supply”.Also, consumption is likely to pick up as mills are expected to replenish their low cotton stocks."Consumption rose to 116.9 million bales, largely due to strong consumption prospects in China more than offsetting lower utilization in Uzbekistan," the USDA said.ICAC said consumption in the next season is likely to be 23.79 million tonnes (109.27 million bales). BMI said global consumption is expected to grow 5 percent annually to 116.4 million bales in 2023-24.A slower year-on-year recovery in the US will be offset by a weaker economic outlook, with China's latest import data from June 2023 down 49 percent year-on-year due to production declines in Brazil, China and India and a reduction in planting area decline is observedThe USDA has projected the carryover stock for the next season to increase from 94.13 million bales to 91.59 million bales in view of the rising consumption.In light of these developments, BMI said it is maintaining its 2023 cotton price outlook at 86.5 cents per pound (₹56,900 per candy), up from the year-to-date average of 82.7 cents (₹54,400)."The US season-average farm price for 2023-24 is projected to be 79 cents per pound (₹52,000)," the USDA said.Current priceICAC forecasts the season-average A index for 2022-23 to range from 96.36 cents to 106.47 cents, with a midpoint of 100.78 cents per pound.Currently, cotton futures are quoted at $85.10 cents (₹56,000 per candy) on the Intercontinental Exchange, New York. In India, export benchmark Shankar-6 cotton currently stands at ₹61,300, while raw cotton (cotton) at the Rajkot agriculture terminal market is at ₹7,925 per quintal. As far as Indian production is concerned, the USDA estimates that it will come down to 326.58 lakh bales (170 kg) in the next season as against the production estimate of 333 lakh bales this season. Pakistan's cotton crop, battered by unprecedented floods last year, is expected to rise sharply to 6.5 million US bales next season, BMI said.Import demand, especially from China, Vietnam and Bangladesh, will increase by 172 per cent to 43.4 million bales this season from 37.1 million bales.
Textile and apparel shipments continued to decline in July '23Textiles and apparel exports declined by 1.9% and 17.37% respectively in July this year as compared to the same period last year.Cumulative exports of textiles and apparel declined by 13.74% year-on-year for the period April-July 2023.Data shared by the Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabric and made-ups registered a growth of 6.62% ($1,009 million) in July 2023 as compared to July 2022 ($946.48 million). However, negative growth was registered in shipments of man-made yarn, fabric & made-ups, jute products, carpets, handicrafts and apparel items.A total of $1,663 million worth of textile products were shipped last month, compared to $1,695 million worth in the previous July. Apparel exports stood at $1,381 million in July 2022 and $1,141 million in the previous month.Sanjay Jain, president of the Indian Chamber of Commerce on the textile industry and managing director of TT Ltd, said apparel exports have been at a "sustained low" for over a year. In terms of volume, the decline was sharp. In the US market, retailers are clearing stocks and demand is expected to pick up again. "Inquiries are being taken for the clothing for spring/summer 2024, with shipments to begin early next year." Cotton yarn exports usually peak in September-October. “India is expecting a good cotton crop in the next season. If cotton prices remain competitive, exports will revive,” he said.Siddhartha Rajagopal, executive director, Cotton Textiles Export Promotion Council, said, “With respect to cotton textile exports, the mood is cautiously optimistic. Demand from China is looking up and if Indian cotton prices remain reasonable, yarn and fabric exports will pick up. India's strength lies in cotton textiles and the challenge is to sustain the growth in cotton exports.Ravi Sam, president of the Southern India Mills Association, said that in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. Indian cotton prices were higher than international prices on Wednesday, 16 August.
Rupee weakens by 20 paise against dollarThis evening, the rupee closed at a level of 83.15 against the dollar with a weakness of 20 paise.Sensex dropped 388 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65151.02 points with a fall of about 388.40 points.On the other hand, Nifty closed at 19365.30 points with a fall of 99.70 points.
Pakistan: spot price strong amid busy trading in cotton marketLAHORE: The local cotton market remained firm on Wednesday with excellent trading volume.Cotton analyst Naseem Usman told PTI that the rate for the new crop of cotton in Sindh is between Rs 18,000 and Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is between Rs 18,200 to Rs 18,600 per head and the rate of foot is between Rs 7,300 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,000 to Rs 18,200 per head, while footy rates range from Rs 7,500 to Rs 9,000 per 40 kg.Around 600 bales of Mir Pur Khas were sold between Rs 18,100 to Rs 18,200 per head, 400 bales of Dor were sold between Rs 18,000 to Rs 18,075 per head, 600 bales of Shahdad Pur, 800 bales of Mehrab Pur were sold at Rs 18,000 to Rs 18,075 per head. 18,100 per head, 800 bales of Tando Adam at Rs.18,200 per head, 1000 bales of Sanghar, 200 bales of Kotri at Rs.18,000 per head, 1400 bales of Rohri at Rs.18,000 to Rs.18,050 per head, Rs.1200 per head. Bales of Saleh Pat Rs 18,000 to Rs 18,200 per head, 400 bales of Akari, 400 bales of Rani Pur Rs 18,000 per head, 1400 bales of Lodharan sold at Rs 18,100 to Rs 18,500 per head, 600 bales of Haroonabad sold at Rs 18,500 per head Mind, Vehari 1200 bales were sold for Rs 18,300 to 18,500 per head, 800 bales of Laya were sold for Rs 18,100 to 18,500 per head, 200 bales of Miyan Channu were sold for Rs 18,450. 18,500 per head, Chichavatni 1600 bales at Rs 18,300 per head, Mamo Kanjan 400 bales at Rs 18,450 per head, Fort Abbas 800 bales at Rs 18,400 per head, Haasil Pur 400 bales were sold. Mongi Bangla 400 bales, Pir Mahal 400 bales Rs 18,300 per head, Shujabad 400 bales, Marot 400 bales, Yajman Mandi 200 bales Rs 18,400 per head, Samundari 400 bales 400 bales per head. Jhang, Toba Tek Singh for 400 bales were sold at Rs.18,100 per head, Khair Pur Tami Wali for 200 bales at Rs.18,450 per head and Dera Ghazi Khan for 400 bales at Rs.18,200 to Rs.18,300 per head.The spot rate remained unchanged at Rs 18,000 per head. The rate of polyester fiber increased by Rs 2 and is available at Rs 360 per kg.
Rupee down 5 paise at 83.00 against US dollarThe Indian rupee opened lower by 5 paise against the US dollar on Thursday tracking weakness in Asian peers due to a rise in US treasury yields. The local currency opened at 83.00 against Monday's close of 82.95.Share market opened with a slight decline, know the level of SensexToday started with a fall in the stock market. Today, the BSE Sensex opened at a level of 65509.03 points with a fall of 30.39 points. On the other hand, the Nifty of NSE opened at a level of 19445.60 points with a fall of 19.40 points.
If the demand for withdrawal of BIS law is not accepted, the cotton ginning factory will be closedCotton Ginning Associations of Haryana, Punjab and Rajasthan have come out in protest against the Government of India's law to get certified by the Bureau of Indian Standards for making, processing and trading cotton bales. More than 100 ginners from all the three states gathered in Hisar today and raised their voice against this law of the government. In the meeting of Ginners, it was unanimously decided that this black law of the government will not be allowed to be implemented under any circumstances. If the government does not step back from implementing this law, then all the ginners will shut down their factories and will not even buy cotton from the farmers.The meeting was organized by the Haryana Cotton Ginning Association.Talking to reporters after a meeting held at a private restaurant, Haryana Cotton Ginning Association President Sushil Mittal said that the government is working against farmers, traders and industrialists. There is no justification for applying the rules of the Bureau of Indian Standards on cotton processing and bale making.BIS norms are applicable to the products manufactured in the factory. Cotton is an agricultural product and it is a raw material. Cotton ginners only process cotton in their factory and sell cotton further, so BIS rules should not be applicable in this whole process. Earlier, the government wanted to implement it from 27th August itself, but now the government is talking about implementing this law from 27th November. The decision to implement this law has been postponed for three months due to the opposition of the ginners. But, the ginners of the whole country want this law to be repealed and if the government does not repeal this law, the ginners will shut down their factories.Aditya Chitangalia, President of Upper Rajasthan Cotton Association, said on the occasion that BIS rule is not applicable anywhere in the business to business model. In such a situation, the central government is doing wrong by implementing this law. At present there are 500 cotton ginning units in Haryana, Punjab and Rajasthan and all of them process 60 lakh bales or say 30 million quintals of cotton in a year. If the government does not withdraw its decision, lakhs of people associated with all these factories will become unemployed and the country's economy will be badly affected. Farmers, laborers, businessmen all will be affected by this decision.Kuldeep Gupta, president of the Lower Rajasthan Cotton Association, said that anywhere in the world, Bureau of Standards regulations are not applicable to cotton processing or other agricultural production. In such a situation, instead of taking the country forward, why is the government doing the work of pushing back. If the government also wants to implement the rule, it can make it optional instead of mandatory. But what does the government want to declare the ginners as criminals by imposing heavy fines and jail term for not meeting the BIS standards.Suresh Bansal, president of the Punjab Cotton Factories Association, said that the government was acting like a puppet in the hands of the corporate sectors. The cotton industrialists are doing the work of cotton processing and are not committing crimes. The association cannot allow this wrong decision of the government to be implemented at any cost because what the government wants is not possible. If the government does not agree, they will be left with no option but to shut down the factories.Patron of Haryana Cotton Ginners Association Sumer Chand, cashier, Shyamsundar Badheria Bhuna, Bhagwan Bansal from Punjab, Kuldeep from Alwar, Ravindra from Hanumangarh, Balwant Khairtal Rajasthan, etc. were mainly present in this meeting.The decision taken in the North Cotton Ginning Association, as told by Mr. Sushil Mittal, the newly elected President.1. No generator will fill CCI tender.2. All Indian ginners will go on strike from 1st November 2023. No buying, no processing and no selling.
Rupee closes flat against US dollartracking a stronger dollar which led to losses across Asian currencies, but likely dollar sales by the country's central bank capped losses.Sensex up 137 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65539.42 points with a gain of about 137.50 points.At the same time, the Nifty closed at the level of 19465.00 points with a gain of 30.50 points.
The cotton crop in North India is facing the threat of pink bollworm attack. Cotton crop in North India is under threat of Pink Bollworm (PBW) attack and the intensity of pest attack has been observed more this year as compared to last two years. While PBW in cotton was seen only at the end of the season during Kharif 2022-23 in the north, this year the pest has appeared early in the season, posing a major threat to farmers. Because the arrivals in Punjab have been recorded almost one-third as compared to the previous year, 2021-22. Cotton arrivals in Punjab have been recorded at 8.7 lakh quintals in the 2022-23 marketing season so far this year, as against 28.89 lakh quintals for the entire 2021-22 season.The USDA's weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with growth mainly attributed to China. During this kharif season, cotton cultivation in Gujarat has achieved a remarkable feat surpassing the record of the last eight years. Farmers in the state have successfully sown cotton in an area of 26.64 lakh hectares, in sharp contrast to the decline seen in other major cotton growing states. Gujarat, known as India's largest cotton producer, has completed cotton sowing in a total of 26,64,565 hectares (ha) till July 31, according to official data from the state agriculture directorate. In the main spot market Rajkot, the price closed at Rs 29267.85 with a gain of 0.05 per cent.Technically the market is in fresh buying phase as the market has seen an increase of 0.52% in Open Interest and closed at 383 while the price is up by Rs 320, now cottoncandy is taking support at 60280 and below it Testing of 59790 level can be seen, and resistance is now likely to be seen at 61080, on the upside the price could test 61390.
*Pakistan: Stable trend in cotton market*LAHORE: The local cotton market remained firm on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,900 to Rs 18,200 per head. The rate of footi in Sindh is between Rs 7,300 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is between Rs 18,200 to Rs 18,500 per head and the rate of foot is between Rs 7,200 to Rs 8,700 per 40 kg. Cotton rates in Balochistan range from Rs 17,900 to Rs 18,100 per head, while footy rates range from Rs 7,400 to Rs 8,200 per 40 kg.Tando Adam 1600 bales, Shahdad Pur 1800 bales Rs 18,100 to Rs 18,300 per head, Gupchani 200 bales, Sarkand 200 bales Rs 18,000 per head, Khair Pur Tami Wali 200 bales Rs 18,000 per head. 18,450 per head, Harunabad 1600 bales Rs 18,450 to 18,500 per head, Fakir Wali 200 bales Rs 18,100 per head, Lodharan 200 bales Rs 18,500 per head, Layya 600 bales, Yazman Mandi 400 bales 18,1 Rs.00 per head, Vehari 1600 bales of Mian Channu were sold at Rs.18,400 to Rs.18,500 per head and 600 bales of Miyan Channu were sold at Rs.18,450 to Rs.18,650 per head.The spot rate remained unchanged at Rs 17,900 per head. Polyester fiber was available at Rs 350 per kg.
CAI maintains cotton crop estimate of 311.18 lakh bales in FY2023The Cotton Association of India (CAI) on Monday announced that it has retained the cotton crop forecast for the 2022-23 season at 311.18 lakh bales of 170 kg.President Atul S. The association, headed by Ganatra, on Monday released the July estimate of cotton crop for the season 2022-23 beginning October 1, 2022.According to the press release, the crop committee of the association has estimated this in its meeting held on Saturday.Based on key numbers and inputs received from members of all the 11 cotton growing state associations and other trade sources, the committee estimated the cotton crop for the 2022-23 season and prepared the cotton balance sheet.The total cotton supply for the months of October 2022 to July 2023 is estimated at 332.30 lakh bales of 170 kg each. each (equivalent to 348.71 lakh running bales of 162 kg each), including arrivals of 296.80 lakh bales of 170 kg each. Import of 11.50 lakh bales of 170 kg each (equivalent to 311.46 lakh running bales of 162 kg).Further, CAI has projected cotton consumption of 265 lakh bales of 170 kg each for the months of October 2022 to July 2023. each (equivalent to 278.09 lakh running bales of 162 kg each) while the export shipments till 31st July 2023 have been estimated by CAI at 14.00 lakh bales of 170 kg each. each (equivalent to 14.69 lakh running bales of 162 kg. each).It has retained its overall cotton supply forecast for the end of cotton season 2022-23 i.e. 30 September 2023 at the same level as earlier forecast i.e. 350.18 lakh bales of 170 kg. each (equivalent to 367.47 lakh running bales of 162 kg each).CAI has estimated cotton consumption at 311.00 lakh bales of 170 kg each for the current crop year 2022-23. each (equivalent to 326.36 lakh running bales of 162 kg each). Last year's consumption was estimated at 318 lakh bales of 170 kg. each (equivalent to 333.70 lakh running bales of 162 kg each).By July 31, 2023, 265 lakh bales of 170 kg are estimated to be consumed.CAI has retained its production forecast for 2022-23 season at the same level as earlier forecast i.e. 311.18 lakh bales of 170 kg.The committee members will keep a close watch on the cotton pressing numbers and arrivals in the coming months and if any increase or decrease in the production estimate needs to be done, the same will be done in the CAI report.India's cotton import forecast has been retained at 1.5 million bales (170 kg) and cotton exports at 1.6 million bales (170 kg).
Rupee weakens by 10 paise against dollarThis evening, the rupee closed at a level of 82.95 against the dollar with a weakness of 10 paise.Sensex up 79 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65401.92 points with a gain of about 79.27 points.On the other hand, the Nifty closed at a level of 19434.50 points with a gain of 6.20 points.
The arrival of cotton in Punjab has been recorded 1/3 of that of last year.The arrivals in Punjab have been recorded almost one third as compared to the previous year 2021-22. Cotton arrivals in Punjab have been recorded at 8.7 lakh quintals in the 2022-23 marketing season so far this year, as against 28.89 lakh quintals for the entire 2021-22 season. The USDA's weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with growth mainly attributed to China.During this kharif season, cotton cultivation in Gujarat has achieved a remarkable feat surpassing the record of the last eight years. Farmers in the state have successfully sown cotton in an area of 26.64 lakh hectares, in sharp contrast to the decline seen in other major cotton growing states. Gujarat, known as India's largest cotton producer, has completed cotton sowing in a total of 26,64,565 hectares (ha) till July 31, according to official data from the state agriculture directorate. USDA data showed that the projected 2023 US crop remained unchanged at 16.5 million bales. However, adjustments were made in other areas as acreage sown decreased, abandonment decreased, and expected yields decreased. In addition, exports were cut by 100,000 bales for the soon-to-end 2022 crop year, and by 250,000 bales for the 2023 crop. In the main spot market, Rajkot, the price closed at Rs 28824, up by 0.11 per cent.Technically the market is under short covering as the market has seen 0% fall in Open Interest and closed at 381 while the price is up by Rs 220 now cottoncandy is taking support at 60120 and below it is 59810 The level can be seen testing, and resistance is now likely to be seen at 60620, on the upside the price could test 60810.
Rupee falls 16 paise to 10-month low of 83.01 against US dollarThe Indian rupee on Monday opened at a 10-month low, depreciating 16 paise against the US dollar on pressure from a stronger American currency amid a rise in US treasury yields. The local currency opened at 83.01 per dollar as compared to its previous close of 82.85.Further fall in the stock market, the Sensex opened with a fall of 396 points.Today started with a fall in the stock market. Today the BSE Sensex opened at a level of 64926.47 points with a fall of 396.18 points. On the other hand, the NSE's Nifty opened at a level of 19302.50 points with a fall of 125.80 points.
Pink bollworm threatens cotton crop in northern IndiaDespite the downpour in Punjab, early rains caused by Cyclone Biperjoy in the upper part of the north helped the growersCotton crop in North India is under threat of Pink Bollworm (PBW) attack and the intensity of pest attack has been observed more this year as compared to last two years.While PBW in cotton during kharif 2022-23 in the north was observed only towards the end of the season, this year the pest has surfaced at the beginning of the season, posing a major threat to farmers, said Bhagirath Chowdhary, director, Jodhpur. -based South Asia Biotechnology Center (SABC).Generally, PBW affects the crop in the middle and late stages leading to reduction in yield and quality. Till 2017-18, India's northern cotton-growing region was free of PBW infestation, but in 2018-19 and the following years, pest attacks were reported from Jind and Bathinda above the Economic Threshold Level (ETL).cut coverageDespite the decline in coverage in Punjab, the area under cotton has increased to 16.17 lakh hectares (LH) from 15.44 lakh hectares in the northern region comprising Punjab, Haryana and Rajasthan. Badly hit by attacks from pests such as whiteflies and pink bollworm in recent years, farmers in Punjab have reduced the area to 1.7 lakh per hour from 2.54 lakh last year.In Haryana, farmers have increased the coverage of cotton to 6.65 lakh hours from 6.45 lakh hours a year ago. This year, early rains caused by Cyclone Biparjoy have helped farmers in Rajasthan increase acreage to 7.82 lakh hectares, up 21 per cent from 6.45 lakh hectares a year ago. As on August 11, the total area under cotton stood at 121.28 lakh hours, marginally lower than 122.53 lakh hours a year ago.According to the ICAR-Central Institute for Cotton Research, in early sown areas like Bhatinda and Faridkot in Punjab, the cotton crop is at flowering and boll formation stage and the incidence of PBW was close to ETL of 5-12 per cent.lowering the key causes damageOutbreaks of white fly and cotton leaf curl virus were observed at some places. In Hisar and Sirsa of Haryana, pink bollworm infestation in flowers and green bolls was observed above ETL level at many places. In other cotton-growing areas, the crop is at the vegetative stage.The SABC through its Project Bandhan has been regularly surveying cotton fields in the north and found that the pink bollworm is more prevalent in green bolls. “It is a matter of great concern that the incidence of pink bollworm has been observed across the Northern Territory this season. We should take necessary steps for the management of pink bollworm at the earliest so that the damage caused by pink bollworm in cotton can be reduced.
Rupee weakens by 14 paise against dollarThis evening, the rupee closed at a level of 82.85 against the dollar with a weakness of 14 paise.Sensex dropped 365 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65322.65 points with a fall of 365.53 points.On the other hand, the Nifty closed at a level of 19428.30 points with a fall of 114.80 points.
| title | Created At | Action |
|---|---|---|
| Rupee recovered from all time low closing, strengthened by 12 paise today | 18-08-2023 16:20:58 | view |
| Global cotton production likely to decline next season | 18-08-2023 01:32:22 | view |
| Textile and apparel shipments continued to decline in July '23 | 17-08-2023 23:26:12 | view |
| Rupee weakens by 20 paise against dollar... | 17-08-2023 23:16:26 | view |
| Pakistan: spot price strong amid busy trading in cotton market | 17-08-2023 17:48:17 | view |
| Rupee down 5 paise at 83.00 against US dollar | 17-08-2023 16:36:04 | view |
| If the demand for withdrawal of BIS law is not accepted, the cotton ginning factory will be closed | 17-08-2023 00:42:46 | view |
| Rupee closes flat against US dollar | 16-08-2023 23:36:40 | view |
| The cotton crop in North India is facing the threat of pink bollworm attack. | 16-08-2023 18:14:06 | view |
| *Pakistan: Stable trend in cotton market* | 16-08-2023 17:40:28 | view |
| CAI maintains cotton crop estimate of 311.18 lakh bales in FY2023 | 14-08-2023 23:57:05 | view |
| Rupee weakens by 10 paise against dollar. | 14-08-2023 23:31:28 | view |
| The arrival of cotton in Punjab has been recorded 1/3 of that of last year. | 14-08-2023 22:10:15 | view |
| Rupee falls 16 paise to 10-month low of 83.01 against US dollar | 14-08-2023 16:43:16 | view |
| Pink bollworm threatens cotton crop in northern India | 12-08-2023 18:39:26 | view |
| Rupee weakens by 14 paise against dollar.. | 11-08-2023 23:46:17 | view |
