Government notifies textile PLI: 30-60% value add, introduces ‘Smart TextilesThe government on Monday notified the Rs 10,683 crore Production Linked Incentive (PLI) scheme for textiles that covers 10 technical textile products, 14 manmade fibre (MMF) products and 40 MMF apparel. The textiles ministry said that only those companies would be selected for the incentive under the programme which contribute 60% value addition in integrated fibre/yarn to fabric, garment & technical textiles and 30% in case of independent fabrics processing house.The scheme outlines two categories with different incentives based on minimum investment of Rs 300 crore and Rs 100 crore and covers products such as jackets, jerseys, trousers, overcoats, polyester fabric and nylon furnishing fabrics.Technical textiles include safety airbags, shade nets, bullet proof jackets, surgical sutures, Personal Protective Equipment for medical use and carbon fibre.The government has also included Smart Textiles embedded with active devices for medical, defence and special use in the list of products eligible for the benefits.Smart Textiles is a new generation niche product that is a combination of varieties of wearable materials embedded with electronics.“The description does not fit into any particular HSN Code at present. A suitable HSN Code at 8-digit need to be created afresh for this product,” the textiles ministry said.As per the notification, incentives under the scheme will be available for five years period i.e. during FY26 to FY30 on incremental turnover achieved during FY25 to FY29 with a budgetary outlay of Rs 10,683 crore.However, if a company is able to achieve the investment and performance targets one year early then, they will become eligible one-year in advance starting from FY25 to FY29.As per the notification, any person, which includes firm/company willing to invest a minimum Rs 300 crore in Plant, Machinery, Equipment and Civil Works (excluding land and administrative building cost) to produce products of the notified lines, will be eligible to participate but they would have to form a separate company under Companies Act, 2013, before commencement of investment under this scheme.“Thus, for getting incentive, both the conditions of minimum investment and minimum turnover should be met,” the ministry said.The companies which invest Rs 300 crore, are expected to achieve a required turnover of Rs 600 crore after a gestation period of two years and a 15% incentive will be provided on attaining the same. Incentive in the subsequent years will be provided on achieving a minimum additional incremental turnover of 25% over the immediate preceding year’s turnover up to year. However, the incentive will be reduced by 1% every year from the second year onward till the final year and would become 11% in the year 5.Only such sales will be counted, which are transacted through normal banking channel, according to the notification.Similarly, those who apply for the Rs 100 crore category, would have to achieve a turnover of Rs 200 crore and the benefits will start from 11% and end at 7% in the last year.
Clothing Is About to Get More Expensive With Cotton Prices at 9-Year HighsHigh cotton prices are shaking up futures markets, igniting a short squeeze in the New York exchange and signaling higher costs for makers of T-shirts and other apparel.Heavy rains are threatening crops in major U.S. growing regions including Texas and the Mississippi Delta, according to Maxar Technologies Inc.’ senior meteorologist Donald Keeney. The U.S. is the world’s biggest cotton exporter. At the same time, overseas shipments are flowing with demand rising in China, the top user, and buyers like Turkey and Pakistan are looking for product as well.Futures are on a tear, nearly touching $1 a pound, a level not seen since 2011. The higher prices mean that the costs to make clothing are on the rise, which retailers may try to pass to consumers. In the U.S. at least, that will be difficult, with discretionary spending constrained by the pandemic and stagnant wages, said Peter Egli, the Chicago-based director for Plexus Cotton Ltd. Higher clothing prices may curb demand.The rising futures are also catching some traders with substantial short positions on ICE U.S. exchange, pushing up prices even more. “This is a classic short squeeze,” said Egli. “The trade is short.”Cotton for December delivery rose as much as 4% to 99.86 cents a pound in New York, before paring gains. The commodity is up for a fifth session and has surged 48% in the past year amid projections for two straight world deficits through 2021-22.More gains could be in store with more large outstanding short positions in the market, according to O.A. Cleveland, a Mississippi State University economics professor emeritus, and consultant. Short mills should have fixed prices when futures dropped earlier this month, he said. Their short positions “continue to keep a fire burning under prices.”In the shorter term, shipping constraints are also helping cotton’s rally. The U.S. had a small crop last year, and “it is not easy to get cotton to mills in short order,” said Jon Devine, economist for North Carolina-based researcher Cotton Inc.China has been buying more American supplies recent weeks and the “raw-fiber equivalence of cotton estimated to be contained in U.S. apparel imports has been occurring at the highest rate since the 2010-11 price spike” when futures reached record highs, he said.
Rupee opens 4 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 4 paise at Rs 73.80 against the dollar. At the same time, on Monday, the rupee closed at Rs 73.84 with a weakness of 15 paise against the dollar.Sensex opened at record high with a gain of 208 pointsToday the stock market opened with a record high. Today the BSE Sensex rose by about 208.01 points to open at a record level of 60285.89 points. On the other hand, the Nifty of NSE opened with a gain of 51.40 points at a record level of 17906.50 points.
*All India Weather Forecast for September 28, 2021**Weather systems made across the country*Cyclone Gulab has weakened into a deep depression over South Chhattisgarh and adjoining areas.The Deep Depression will move westwards and turn into a low pressure area over Maharashtra.The Monsoon Trough is passing through Jaisalmer, Kota, Sagar, center of deep depression and then moving eastwards across East Central Bay of Bengal.The Cyclonic Circulation lies over East-central and Northeast Bay of Bengal adjoining Myanmar Coast.Weather movement across the country during the last 24 hoursDuring the last 24 hours, heavy to very heavy rainfall occurred over Coastal Andhra Pradesh and Kerala.Light to moderate rain with isolated heavy falls occurred at isolated places over Lakshadweep, Telangana, Gujarat region and Madhya Pradesh.Light to moderate rain at isolated places over rest of Madhya Pradesh, southeast Rajasthan, Gangetic West Bengal, remaining parts of Odisha, Jharkhand, Chhattisgarh, Konkan & Goa, Karnataka, Andaman & Nicobar Islands and Uttarakhand, Jammu and Kashmir and Assam rained out.Light rain occurred over Uttarakhand, Uttar Pradesh, parts of Bihar, rest of Northeast India and South Interior Karnataka.*Probable weather activity during next 24 hours*During the next 24 hours, light to moderate rain with isolated heavy falls at isolated places over Telangana, South Chhattisgarh, Vidarbha, Marathwada, North Madhya Maharashtra, Konkan & Goa, Gujarat, Coastal Andhra Pradesh, North Interior Karnataka and Andaman & Nicobar Islands Might be possible.Light to moderate rain is possible over parts of Meghalaya, Sikkim, West Bengal, Kerala, Coastal Karnataka, Lakshadweep, East Rajasthan, Madhya Pradesh, Jharkhand, Uttarakhand, Uttar Pradesh and Bihar.*Light rain is possible over rest of Northeast India, Tamil Nadu and Jammu and Kashmir.*
PAKISTAN COTTON MARKET UPDATE**Upward trend persists on cotton market**The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by RS 100 per maund and closed it at Rs 13300 per maund.**The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by RS 100 per maund and closed it at Rs 13300 per maund. The rate of Polyester Fiber was increased by Rs 3 per Kg and was available at Rs 225 per kg.**The local cotton market on Monday remained bullish and trading volume remained a little bit low. Cotton Analyst Naseem Usman told Business Recorder that positive aspects of news of ending of trade war between China and America beginning to be seen in cotton markets of the world including Pakistan.**The rate of cotton in Sindh is in between Rs 12000 to Rs 13500 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13700 per maund.**The rate of the new crop of Phutti in Sindh was in between Rs 5400 to Rs 6000 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5400 to Rs 6100 per 40 kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1800 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1850 per maund. The rate of cotton in Balochistan is in between Rs 13400-13700 per maund. The rate of Phutti in Balochistan is Rs 6200- 6700 per maund.*
*ICE COTTON SUMMARY**Cotton futures hit contract-high**ICE cotton futures gained for a fifth straight session on Monday, climbing as much as 4% to a contract-high as funds stepped up purchases and demand from China, the biggest natural fiber consumer, remained steady.**Earlier, the December contract jumped 4% to hit a contract-high of 99.86 cents per lb.**"You've probably got a good bit of fund buying, the volume is pretty heavy today," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton, adding buying from China was also a factor.**"These merchants have a lot of positions open with mills, so they are buying against those using December futures... the market is telling us that you need cotton right now."**On Thursday, the US Department of Agriculture's weekly export sales report showed net sales of 345,400 running bales for 2021/2022, were up 21% from the previous week, with increased buying primarily from China.**Nunn added cotton farmers were very happy with prices at these levels and that some grain farmers would "wish that they'd planted a little bit more cotton."**The December contract climbed for a fifth session in a row, its longest gaining streak since early August. Prices have risen around 5.7% so far this month, having gained in the previous three months as well.**Total futures market volume fell by 2,538 to 59,983 lots. Data showed total open interest rose 8,283 to 271,571 contracts in the previous session.*
Today evening, the rupee depreciated by 15 paise to close at Rs 73.85 against the dollar.Sensex closed flat, closed only 29 points higherToday the stock market closed sharply. Today, where the Sensex closed at the level of 60077.88 points with a gain of about 29.41 points. On the other hand, Nifty closed at the level of 17855.10 points with a gain of 1.90 points.
Pak-China cooperation to revive cotton fields in PakistanPak-China cooperation to revive cotton fields in Pakistan, Gwadar Pro reported on Sunday.Last season, Pakistan harvested 5.6 million bales of cotton, which is the lowest point in the past 30 years.Meanwhile, Pak-China cotton-related cooperation is in full swing. “We are mixing the advantages of China cotton and Pakistan cotton to create new cotton varieties,” said Shahid Iqbal, PhD scholar of Cotton Research Institute in Henan, China, who has been working for a Pak-China cottonseed program in Henan for 4 years.This is one of the microcosms of the ongoing China-Pakistan cotton collaboration.“Last year, we had to import more than 50% of cotton,” said Muhammad Abdullah, executive director of Sapphire Fiber, one of the largest textile companies in Pakistan.He complained that low production and quality force the local industry to choose imports. “Presently, the domestic consumption of cotton is 14 million bales. However, Pakistan harvested 5.6 million bales of cotton in the last season only.” He added.Cotton production in Pakistan is in a vicious circle. According to the research of Central Cotton Research Institute (CCRI), low production of cotton lead to the low profitability of cotton planting. Cotton farmers turn to grow sugarcane in cotton-growing areas for better income. Sugarcane plants robbed water from cotton plants and humidified the whole area.The high humidity leads to more insects which are deadly to the cotton plants and farmers have no technology to deal with them.What makes it worse is the climate change in the past few years, which is also weakening cotton’s strength and staple elongation. Another quality problem is the impurity which is caused by 100% manual picking.As pickers picked the cotton, stored and transported it, contamination is entering in the cotton, which may causes spots on the final product. Kamran Razaq, cotton field supervisor of Sapphire Fiber pointed out that the impurity content of imported cotton is 4.5%, while the counterpart in Pakistan cotton is 8-9%, which is below the criteria of the textile mills.To break the vicious circle of low cotton production, higher quality seed is the top demand, which can also help in quality improvement.
Channi announces every cotton cultivator will be duly compensated for loss due to pink bollworm attackPunjab Chief Minister Charanjit Singh Channi on Sunday announced that every cotton cultivator who has suffered loss due to attack of Pink Bollworm attack will be duly compensated by the government.The Chief Minister, accompanied by Deputy Chief Minister Sukhjinder Singh Randhawa, undertook whirlwind tour of the cotton belt in the Malwa region of the state today to assess the loss.At village Nasibpura and Kataar Singh Wala, Mr Channi asked the officers of Agriculture and farmers welfare department to set up various labs across the state to test and certify seed quality so as to prevent recurrence of such pest attacks.The Chief Minister asked the officers to pump in all the resources in terms of best available insecticides and pesticides to save the precious crop of the farmers from these attacks.He unequivocally said that the state government is solidly behind the farmers in this hour of crisis. He said that every single penny of the loss incurred by the farmers will be credited directly into their accounts by the Punjab government. He asked the officer to complete the survey of the loss at the earliest so that farmers can be duly compensated.Mr Channi said that the first target is to check the further spread of this attack by taking the necessary preventive measures. He asked the officers to pull all the plugs and ensure the loss to farmers is minimised.The Chief Minister assured the farmers that the state government is fully committed for safeguarding their interests in this hour of crisis.
Rupee depreciates against dollar, loses 3 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 3 paise at Rs 73.72 against the dollar. At the same time, on Friday, the rupee closed at Rs 73.69 with a weakness of 5 paise against the dollar.Sensex's new record opened up by 255 pointsToday the stock market opened again with a record high. Today the BSE Sensex rose by about 255.32 points to open at a record level of 60303.79. On the other hand, the Nifty of NSE opened at a record level of 17932.20 points with a gain of 79.00 points.
*India Weather Forecast for September 27, 2021** Weather systems made across the country *A cyclonic storm Gulab, over Northwest and adjoining West Central Bay of Bengal, has progressed with a speed of 10 kmph during the last 6 hours. At 5:30 on 26 September, it was approximately 18.3 degrees latitude and 87.3 longitudes, 270 km east southeast of Gopalpur and 330 km east of Kalingapatnam. It will move westwards and cross north Andhra Pradesh and south Odisha coast between Kalingapatnam and Gopalpur around midnight. At the time of landfall, the wind speed can range from 75 to 85 kmph to 90-100 kmph.*The cyclonic circulation is over Northeast Arabian Sea.*The Monsoon trough is passing through Jaisalmer, Kota, Raipur, Puri and then east-southeastwards towards the center of Cyclone Gulab.*A cyclonic circulation is persisting over northern parts of Madhya Pradesh.*Another cyclonic circulation is very likely over northeast and adjoining east-central Bay of Bengal around September 27, which may influence the formation of a low pressure area.*Weather movement across the country during the last 24 hours*During the last 24 hours, isolated heavy to very heavy falls at isolated places over Madhya Pradesh, parts of North Gujarat, Telangana, isolated parts of North Gujarat, North Interior Karnataka, Coastal Andhra Pradesh, Tamil Nadu .Light to moderate rain occurred over parts of Uttar Pradesh, East Rajasthan, Gujarat region, parts of Chhattisgarh, isolated parts of Haryana, Coastal Odisha, Andaman and Nicobar Islands and Lakshadweep.Light rain occurred over parts of Uttarakhand, parts of West Bengal, Sikkim, isolated parts of Northeast India, Interior Odisha and Kerala.*Probable weather activity during next 24 hours*During the next 24 hours, light to moderate rain with some heavy to very heavy rain is likely over Coastal Odisha and Coastal Andhra Pradesh.Light to moderate rain with isolated heavy falls at isolated places over Interior Odisha, parts of Chhattisgarh, Vidarbha, Marathwada, Telangana, parts of Madhya Pradesh, southeast Rajasthan and Gujarat, Kerala and Andaman & Nicobar Islands it might rain.Light to moderate rain may occur over West Bengal, parts of Jharkhand, Bihar, Uttar Pradesh, Karnataka, Lakshadweep, Konkan & Goa, Madhya Maharashtra and Northeast India.
One-third of cotton area in Punjab under pink bollworm pest attackCotton pest pink bollworm spreading its tentacles rapidly as it is above economic threshold level in many Punjab districts, especially Mansa and Bathinda, says agriculture departmentNearly one-third (33%) of a total of 3.25 lakh hectares of area under cotton cultivation in Punjab is presently under attack of the pink bollworm pest, officials of the state agriculture department said.Adding to the worries of cotton growers and the agriculture department, the pest is spreading its tentacles rapidly as it is above economic threshold level in many districts, especially Mansa and Bathinda. It means there are more than six adult pink bollworm insect present in a leaf.Economic threshold is a level at which monetary returns remain higher than the cost of controlling the pest. The state government has ordered special girdwari (assessment) to ascertain the damage to the cotton crop after the pest attack.Agriculture experts fear that the pest attack has entered a phase wherein it would not only reduce the crop yield but will also result in huge financial losses to farmers.Several farmers in Bathinda and Mansa have ploughed their standing crop as it got completely damaged due to the pest attack.State agriculture commissioner BS Sidhu said the department will provide all logistical and technical support to the farmers to control further infestation of pink bollworm. “We are monitoring the situation closely,” he said.Agriculture director Sukhdev Singh Sidhu said the exact damage could be ascertained only after special girdwari ordered by the state government. “The pest attack is scattered. For instance, it has largely affected health of the crop in a village, but there is minimal impact in adjacent areas,” Sidhu said.Officials are carrying out field surveys on a regular basis to gather first-hand information on the pest attack impact so that corrective measures could be taken, he added.Sangrur chief agriculture officer Jaswinderpal Singh Grewal said 2,600 hectare area in Sunam and Lehragaga sub-divisions is under cotton cultivation. “The pest has not crossed economic threshold here as yet. But it is spreading from one field to other at a rapid speed which is a cause of worry,” he said.First major attack since 2015An official said it is the first major pest attack on cotton crop in the state since 2015 when a severe whitefly attack was reported.The crop had witnessed extensive damage as nearly 75% of total area faced pest attack. The cotton yield had reduced to 197kg per hectare than 544kg per hectare in 2014.The cotton production witnessed a steep fall from 13.47 lakh bales to 3.86 lakh bales.
PAKISTAN COTTON MARKET UPDATESpot rate improves slightly in process of tradingThe Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday increased the spot rate by RS 100 per maund and closed it at Rs 12800 per maund. The Spot Rate Committee of the Karachi Cotton Association on Friday increased the spot rate by RS 100 per maund and closed it at Rs 12800 per maund. The Polyester Fiber was available at Rs 222 per kg.The local cotton market on Friday remained stable and trading volume remained a little bit low. Cotton Analyst Naseem Usman told Business Recorder that due to rains in the cotton areas of Sindh and Punjab may effect the quality of Phutti. The rate of cotton in Sindh is in between Rs 11700 to Rs 13200 per maund and the rate of cotton in Punjab is in between Rs 13200 to Rs 13500 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 5300 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5500 to Rs 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1500 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1600 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 12300- 12400 per maund. The rate of Phutti in Balochistan is Rs 6000- 6500 per maund.Khurram Shahzad MNA argued that cotton yarn worth $ 1 billion could manufacture cloth of $14billion which could be exported instead of exporting only cotton yarn.
All India Weather Forecast for September 25, 2021Weather systems made across the countryThe Monsoon Cyclonic Circulation is persisting over Western parts of Madhya Pradesh, another Cyclonic Circulation is persisting over Gujarat. A Low Pressure Line is extending from Rayalaseema to Comorin area, which is passing through Interior Tamil Nadu.Weather movement across the country during the last 24 hoursDuring the last 24 hours, parts of Himachal Pradesh, Punjab, parts of Haryana, parts of Rajasthan, many parts of Gujarat, parts of Andaman and Nicobar Islands, Chhattisgarh, Marathwada, Sikkim and 1-2 parts of South-West Madhya Pradesh and Light to moderate rain with isolated heavy falls occurred over parts of East Uttar Pradesh. Light to moderate rain occurred over remaining parts of Madhya Pradesh, Konkan & Goa, remaining parts of Chhattisgarh, parts of Jharkhand, Gangetic West Bengal, parts of Nagaland, Mizoram, Coastal Andhra Pradesh, parts of Telangana, Tamil Nadu and Coastal Karnataka .Light rain occurred over western parts of Uttar Pradesh, Odisha, Kerala, Lakshadweep, isolated parts of Bihar and rest of Northeast India.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with isolated heavy rain is likely over Uttar Pradesh, Madhya Pradesh, Southeast Rajasthan, parts of Vidarbha, Marathwada, Andaman and Nicobar Islands and Gujarat.Light to moderate rain in some parts of Manipur, Mizoram, Tripura, Nagaland, South Assam, parts of Odisha, Chhattisgarh, Telangana, parts of Rayalaseema, Tamil Nadu, Kerala, Uttarakhand, Himachal Pradesh and Sikkim and Sub-Himalayan West Bengal Light rain is possible in one or two parts of Jammu and Kashmir, Ladakh, Madhya Maharashtra, Karnataka, West Rajasthan, Haryana and Punjab.
Today evening, the rupee depreciated by 5 paise to close at Rs 73.70 against the dollar.Closed above 60,000 mark for the first timeToday the stock market closed with a record high. Today the Sensex was successful in closing above the 60,000 mark for the first time. The Sensex closed at a record level of 60048.47 points, up by about 163.11 points.
Extra long staple cotton prices surge on fears of supply shortageRaw cotton prices are ruling between ₹11,000 and ₹13,000 per quintal this year as against ₹5,500-6,500 per quintal last year.Prices of the extra long staple Dharwad Hybrid Cotton-32 (DCH-32) have almost doubled over the past year on fears of a shortfall in production due to lower planting of the crop. Also, the global rally in varieties such as Pima and Giza has influenced domestic prices, trade sources said.DCH kapas (raw cotton) prices are ruling between ₹11,000 and ₹13,000 per quintal in markets such as Chitradurga and Ranebennur in Karnataka, said Shantilal P Ostawal of Cotseeds Corporation, a ginner in Hubballi. Ostawal said the prices were ₹5,500-6,500 per quintal last year.Advantage KarnatakaCotton with fibre length of over 33 mm are considered as ELS and DCH-32 is mainly grown in parts of Mysuru, Shimoga, Haveri, Chitradurga, Dharwad and Belgaum districts in Karnataka. It is also grown in regions around Ratlam in Madhya Pradesh, Ostwal said.ELS varieties such as Surabhi and Suvin are grown in Tamil Nadu, but the area is less. DCH grown in Mysuru region finds it way to Tamil Nadu for ginning and pressing, Ostwal said.Karnataka accounts for 50-60 per cent share of the ELS cotton produced in the country, followed by Madhya Pradesh with around 30 per cent and Tamil Nadu accounting for the rest, Ostwal said.Overall production for DCH 32 stood at 2.35 lakh bales last year, with production in Karnataka estimated at 1.10 lakh bales. “This year the crop is estimated lower in Karnataka at around 75,000 bales, Madhya Pradesh at 60,000-70,000 bales and Tamil Nadu 5,000 bales,” Ostwal said.Growers’ problemsOver the past 3-4 years, the ELS cotton has been witnessing an uptrend, said Appuswamy Lakshmanan, Director, Sri Santhalakshmi Mills in Pollachi. However, due to difficulties faced in growing ELS cotton, more farmers are shifting to the regular Bt varieties.“The period of ELS cultivation is pretty long compared to the short or medium staple cotton. The ELS crop cycle takes a minimum of six months and farmers, not wanting to take any risks, are shifting to Bt cotton and that’s the reason the area is coming down,” Lakshmanan said. Moreover, the minimum support price for ELS is not remunerative, he said, adding that concerted efforts were required to bring back farmers to cultivating the premium cotton.In India, Bt cotton accounts for over 97 per cent of the cotton acreage.Susceptible to pink bollwormM Ramaswami, Rasi Seeds Managing Director, said yields are lower by 25 per cent in ELS compared to Bt cotton. Also, DCH is susceptible to the pink bollworm.Pima and Giza cotton prices have flared up in the US on crop shortage and are ruling at around 230 cents per pound, double the 110-115 cents last year, said Ramanuj Das Boob, a sourcing agent for domestic mills and multinational companies. DCH cotton prices, which ruled at Rs 1.03-1.04 lakh per candy of 356 kg last week, have now increased to Rs 1.07 lakh. ELS cotton is used for blending in yarn to add strength and exported, Boob said. Besides, higher count cotton is also used for clothing and linen. The imported price of ELS cotton into India with a 10 per cent duty costs around Rs 1.30 lakh a candy
Cotton farmers make rich pickings, potato growers in perilWhile cotton growers in Karnataka are reaping a bounty, with the price of raw cotton soaring to a record high, the price of raw cotton, which used to be in the range of Rs 5,000-6,000 per quintal, has more than doubled to between Rs 11,500 and Rs 13,000 per quintal in different parts of the state. The minimum support price for the crop is Rs 5,500 per quintal.After a couple of lacklustre years, this season has been a blockbuster for cotton growers with agents and traders from neighbouring states making a beeline to villages in HD Kote, Saragur, Nanjangud, Hunsur and Gundlupet taluks in the Old Mysuru region where farmers are commanding the prices.Most of the buyers are from Tamil Nadu as a majority of textile industries are situated in Tirupur and Erode where raw cotton is processed and the yarn exported to Bangladesh. Cotton trader Cheluvaraju said they have orders from dealers in Tamil Nadu and other states too. Villages in HD Kote region witness early monsoon and hence, sowing and harvest start early. Usually, about 47,000 hectares comes under cotton cultivation in the region, but it had dropped to about 30,000 hectares this season.According to progressive farmer Kariyappa, the scanty rains and the truant monsoon in early April and May has had an impact on sowing activity, which has also contributed to the high demand for cotton.Many farmers opt for BT cottonKariyappa said that many farmers shifted to maize this time as the cost of cultivation is also less. Concurring with him, Ashoka, a farmer from Hanchipura, pointed out that those who stuck with cotton cultivation are getting bumper yields and good returns.Most of them have bid goodbye to traditional cotton varieties and opted for the hybrid BT cotton as it is disease-resistant and yields sooner. Traders in some parts like Chitradurga are buying raw cotton at Rs 13,000 per quintal, but middlemen are taking farmers for a ride in Saragur taluk, he rued.Referring to the shortage of farm labour, he said cotton growers are struggling to complete harvesting early as they fear that the prices may drop once cotton from Telangana and Maharashtra arrives in the market.
Rupee depreciates against dollar, loses 11 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 11 paise at Rs 73.76 against the dollar. At the same time, the rupee on Thursday closed at Rs 73.64 with a gain of 26 paise against the dollar.Sensex's new record, crosses 60000 mark for the first timeToday the stock market made a new record of bullishness. Today, the BSE Sensex rose by about 331.64 points to open above the record level of 60217.00 points for the first time. On the other hand, the Nifty of NSE opened with a gain of 90.50 points at the level of 17913.50 points. This rise of Nifty is also a record.
*All India Weather Forecast for September 24, 2021**Weather systems made across the country*A cyclonic circulation lies over North Chhattisgarh and adjoining Madhya Pradesh. It will move in North East direction towards North MP.Another Cyclonic Circulation is persisting over Gujarat.The North South Trough is extending from the cyclonic circulation over Chhattisgarh to Telangana.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred at isolated places over parts of Haryana, Punjab, East Rajasthan, Konkan and Goa, Andaman and Nicobar Islands and parts of Tamil Nadu. Lightly isolated over Western Himalayas, parts of Uttar Pradesh, Bihar, remaining parts of West Bengal, parts of Assam, Chhattisgarh, parts of Madhya Pradesh, Marathwada, Madhya Maharashtra, Gujarat, Karnataka, Lakshadweep, Kerala and Telangana It rained moderately.*Possible weather activity during next 24 hours*During the next 24 hours, parts of Andaman and Nicobar Islands, Coastal Andhra Pradesh, isolated parts of Chhattisgarh, parts of Madhya Pradesh, Vidarbha, Marathwada, Southeast Rajasthan, North Konkan and Goa, parts of Gujarat, Light to moderate rain with isolated heavy rain is likely over parts of East Madhya Pradesh. Light to moderate rain is possible over Bihar, Chhattisgarh, Uttarakhand, Himachal Pradesh, Punjab, Haryana, Delhi, Uttar Pradesh, remaining parts of Rajasthan, parts of Saurashtra and Kutch, Konkan and Goa, Madhya Maharashtra, Karnataka and Telangana. Light rain is possible over Odisha, Coastal Karnataka, Kerala, Tamil Nadu, South India Karnataka and Lakshadweep.
*Cotton rises on weaker dollar**ICE cotton futures gained on Thursday, supported by a weaker dollar and a strong weekly US export sales report, with risk-on sentiment in the equity markets adding to the upbeat mood.**“The obstacles of the Federal Reserve’s tapering and China Evergrande real estate event are sort of put on hold right now allowing the stock market rise. And the dollar is down today,” said Keith Brown, principal at cotton brokers Keith Brown and Co in Georgia. “And, of course, cotton sales were up, with China being the lead buyer.**All these factors are helping cotton prices today.” The dollar fell 0.5% against its rivals, making cotton less expensive for buyers holding other currencies.**The sentiment in wider financial markets remained upbeat as investors largely brushed off concerns over the Federal Reserve’s plans for tapering.**Meanwhile, the US Department of Agriculture’s weekly export sales report showed net sales of 345,400 running bales for 2021/2022, were up 21% from the previous week, with increases primarily for China.**Total futures market volume fell by 6,446 to 11,197 lots. Data showed total open interest gained 202 to 262,785 contracts in the previous session.**Certificated cotton stocks deliverable as of Sept. 21 totalled 60,976 480-lb bales, unchanged from the previous session.*
| title | Created At | Action |
|---|---|---|
| Government notifies textile PLI: 30-60% value add, introduces ‘Smart Textiles | 28-09-2021 14:14:16 | view |
| Clothing Is About to Get More Expensive With Cotton Prices at 9-Year Highs | 28-09-2021 11:14:17 | view |
| Rupee opens 4 paise stronger against dollar | 28-09-2021 10:55:58 | view |
| All India Weather Forecast for September 28, 2021 | 28-09-2021 07:38:19 | view |
| pakistan cotton market update | 28-09-2021 07:37:42 | view |
| ICE Cotton Summary | 28-09-2021 07:37:09 | view |
| Today evening, the rupee depreciated by 15 paise to close at Rs 73.85 against the dollar. | 27-09-2021 16:22:12 | view |
| Pak-China cooperation to revive cotton fields in Pakistan | 27-09-2021 11:16:27 | view |
| Channi announces every cotton cultivator will be duly compensated for loss due to pink bollworm attack | 27-09-2021 10:31:59 | view |
| Rupee depreciates against dollar, loses 3 paise | 27-09-2021 10:28:29 | view |
| *India Weather Forecast for September 27, 2021* | 27-09-2021 08:51:59 | view |
| One-third of cotton area in Punjab under pink bollworm pest attack | 25-09-2021 11:56:39 | view |
| PAKISTAN COTTON MARKET UPDATE | 25-09-2021 11:02:27 | view |
| All India Weather Forecast for September 25, 2021 | 25-09-2021 11:01:38 | view |
| Today evening, the rupee depreciated by 5 paise to close at Rs 73.70 against the dollar. | 24-09-2021 16:04:22 | view |
| Extra long staple cotton prices surge on fears of supply shortage | 24-09-2021 11:27:57 | view |
| Cotton farmers make rich pickings, potato growers in peril | 24-09-2021 11:25:02 | view |
| Rupee depreciates against dollar, loses 11 paise | 24-09-2021 10:32:19 | view |
| All India Weather Forecast for September 24, 2021 | 24-09-2021 07:33:23 | view |
| ICE Cotton Summary | 24-09-2021 07:32:44 | view |
