Pakistan: "Increase in spot rate by Rs 100 per head, effect of rising demand"LAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday hiked the spot rate by Rs 100 per head and closed it at Rs 17,800 per head.He also told that the rate of new crop of cotton in Sindh is between Rs 17,800 to Rs 18,000 per head. The rate of footi in Sindh is between Rs 7,300 to Rs 8,000 per 40 kg.The rate of cotton in Punjab is between Rs 17,900 to Rs 18,400 per head and the rate of cotton is between Rs 7,600 to Rs 9,000 per 40 kg. Cotton rates in Balochistan range from Rs 17,800 to Rs 17,900 per head, while footy rates range from Rs 8,000 to Rs 8,500 per 40 kg.600 bales of Mehrab Pur were sold at Rs.17,800 to Rs.17,900 per head, 200 bales of Chowdagi at Rs.17,950 per head, 800 bales of Sarkand at Rs.17,800 to Rs.17,850 per head, 600 bales of Saleh Pat were sold. 17,750 to Rs 17,800 per head, 2200 bales of Shahdad Pur were sold for Rs 17,900 to 17,950 per head, 1200 bales of Mir Pur Khas, 600 bales of Sarhari were sold for Rs 17,800 per head, 1800 bales of Sanghar were sold. Rs 17,600 to Rs 17,900 per head, 2400 bales of Tando Adam sold for Rs 17,750 to Rs 18,000 per head, 600 bales of Khanewal, 200 bales of Miyan Channu sold for Rs 18,500 per head, 800 bales of Vehari sold for Rs 18,250 to Rs 18,300 per mind , Harunabad 800 bales was sold at Rs.18,100 to Rs.18,300 per head, Fakir Wali 600 bales at Rs.18,100 to Rs.18,200 per head, Haasil Pur 800 bales at Rs.18,200 per head. 17,900 to 18,050 per head, 800 bales of Burewala at Rs.18,050 per head, 1400 bales of Chichavatni at Rs.18,050 to 18,200 per head and 400 bales of winder were sold at Rs.17,700 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 100 per head and closed it at Rs 17,800 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls against dollar, breaks 3 paiseThe rupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.74 against the dollar with a weakness of 3 paise. On the other hand, on Thursday, the rupee strengthened by 10 paise to close at Rs 82.71 against the dollar.Stock market declines, Sensex opens 96 points downToday started with a fall in the stock market. Today, the BSE Sensex opened at a level of 65591.85 points with a fall of 96.33 points. On the other hand, NSE's Nifty opened at a level of 19513.40 points with a fall of 29.70 points.
Monsoon surplus reached 7% in the last week of July.Monsoon onset over Kerala was delayed by 8 days. Soon after, Cyclone Biperjoy stalled the progress of the monsoon over the south peninsula and further into northeast India. June ended with a rainfall deficit of 10%.In the last week of June, the monsoon advanced rapidly and covered the entire country on July 2, much ahead of schedule. A persistent low pressure area and depression developed over west central Bay of Bengal and moved inland. Heavy rain was witnessed in parts of Rajasthan, Gujarat and Mumbai.Monsoon rains remained high during July. Monsoon surplus reached 7% in the last week of July. The ongoing rain activities over the northwest and central parts of the country have reduced considerably during the last 10 days. The 7% surplus has now been consumed. Going forward, we expect monsoon rains to turn negative.The effect of El Nino will be seen during August and September. The axis of the Monsoon trough has shifted towards the foothills of the Himalayas, causing obstruction in the Monsoon conditions. We do not expect any significant rain activity over Northwest Central and South Peninsula for at least next week. There is no sign of any significant development over the Arabian Sea or the Bay of Bengal. This is a matter of concern for many states in the North West, Central and South Peninsula.Models are indicating a positive IOD during the second half of August and September. This can reduce the harsh effect of El Nino to some extent. Monsoon is looking very likely to end with below normal rainfall.
Rupee strengthened by 11 paise against dollarThe rupee strengthened by 11 paise to close at Rs 82.71 against the dollar this evening.Sensex dropped 307 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65688.18 points with a fall of 307.63 points.On the other hand, the Nifty closed at a level of 19543.10 points with a fall of 89.40 points.
Gujarat's textile industry sees low demand, layoffsTextile businesses in Gujarat are facing high costs and low demand as the effects of the recession in Europe and the US. This has caused many businesses in the state to lay off employees or put them on unpaid leave.Naresh Sharma, owner of a Narol-based processing unit, told TNN, "Due to low demand and high cost of raw materials, the units are facing liquidity crunch." “We have been forced to reduce shifts and cut down on labor costs. We are currently operating with 60% of our actual workforce. Some businesses are using labor contractors to find workers and paying them on a pro rata basis as per attendance. As many clothing businesses are either downsizing or replacing at least 30% of their workforce, about a third of employees will find themselves out of work at any given time. This will also affect the purchasing power of a large section of Gujarat's population.ET Bureau reported that inventory storage has become more expensive for apparel businesses. High costs and low demand have led to a pile-up of inventory, further depressing demand. Since Gujarat's textile industry directly and indirectly employs around 70 lakh people, lakhs of people are being affected by the layoffs. Due to the decline in demand for textiles, there has also been a decline in the demand for dyes and chemicals used in the textile manufacturing process.
*India defers cotton quality control order for 3 months*The Government of India has postponed its decision to implement the Cotton Bales (Quality Control) Order, 2023 by three months.A gazette order issued by the Ministry of Textiles late on Tuesday said the order would be implemented from November 27 instead of August 28.The decision to postpone the implementation was taken following a request from textile organizations and trade unions during a meeting with textile ministry officials over the weekend.The order, known as the Cotton QCO (Quality Control Order), was notified by the Union Ministry of Textiles on February 28 and was to come into force 180 days after its publication in the Gazette. This applies to processed cotton (counted) and unprocessed or raw cotton (cotton).The QCO specifies 8 percent moisture content for cotton bales, orders ginning mills to test at least 5 percent of bales, and restricts garbage content in bales to below 3 percent.The QCO will also apply to imported cotton. The Tamil Nadu Spinning Mills Association (TASMA) had urged the Center to postpone the order till a consensus is reached among all stakeholders.The Cotton Association of India (CAI) urged Commerce and Textiles Minister Piyush Goyal to postpone the QCO for "minimum one or two years".CAI president Atul Ganatra said ginners would find it difficult to ensure 8 per cent moisture in cotton bales as it would be 10-12 per cent in lint (processed cotton) and 15-25 per cent in cotton (raw cotton) during October-December . ,He pointed to the lack of adequate infrastructure to test cotton bales, and also expressed the difficulty in meeting the limits on waste content in cotton.The Karnataka Cotton Association (KCA) demanded a meeting between the Ministry of Textiles and ginners to clear and clarify "all confusion" around QCO.It wanted the QCO to be postponed till proper testing infrastructure is available, as few laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).It called for enforcement of quality standards in Agricultural Produce Marketing Committee (APMC) yards, which are procurement centers for cotton.
*Pakistan: Strong trend in cotton market*LAHORE: The local cotton market remained firm on Wednesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,800 to Rs 18,000 per head. The rate of footi in Sindh is between Rs 7,300 to Rs 8,000 per 40 kg.The rate of cotton in Punjab is between Rs 17,900 to Rs 18,400 per head and the rate of cotton is between Rs 7,600 to Rs 9,000 per 40 kg. Cotton rates in Balochistan range from Rs 17,800 to Rs 17,900 per head, while footy rates range from Rs 8,000 to Rs 8,500 per 40 kg.About 200 bales of Sanghar, 400 bales of Chowdagi, 200 bales of reed at Rs.17,800 per head, Tando Adam 2800 bales at Rs.17,800 to Rs.17,900 per head, 1400 bales of Shahdadpur were sold at Rs.17,800 per head. 18,000 per head, 200 bales of Badin, 600 bales of Mirpur Khas, 400 bales of Sarhari, 1000 bales of Daur at Rs.17,800 per head, 2300 bales of Fakir Wali at Rs.17,900 to Rs.18,100 per head. 1800 bales of Vehari were sold at the rate of Rs.18,200 to Rs.18,400 per head, 200 bales of Kacha Kaho were sold at the rate of Rs.18,100 per head, 1400 bales of Chichavatni were sold at the rate of Rs.17,900 to Rs.18,250 per head, Layya 1400 bales were sold. Selling at Rs.17,900 to Rs.18,000 per head, 200 bales of Pir Mahal, 200 bales of Toba Tek Singh, and 200 bales of Mungi Bangla were sold at Rs.18,250 per head.The spot rate remained unchanged at Rs 17,935 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls against dollar, breaks 1 paiseThe rupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.81 against the dollar with a weakness of 1 paise. On the other hand, on Wednesday, the rupee strengthened by 1 paise and closed at Rs 82.82 against the dollar.The stock market opened down before the RBI credit policyToday RBI will issue its credit policy. This time the stock market opened with a fall due to the possibility of increasing interest rates. Today, the BSE Sensex opened at a level of 65791.63 points with a fall of 204.18 points. On the other hand, NSE's Nifty opened at a level of 19574.80 points with a fall of 57.70 points.
Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 82.82 against the dollar this evening.Sensex up 149 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65995.81 points with a gain of about 149.31 points.On the other hand, the Nifty closed at the level of 19632.50 points with a gain of 61.70 points.
Rupee opens flat at 82.82 against the US dollarThe Indian rupee opened flat against the US dollar on Wednesday amid strength in the American currency and weak risk appetite. The local currency opened at 82.82 a dollar as compared to the previous close of 82.84.Stock market decline, Sensex opened down 188 pointsToday started with a fall in the stock market. Today, the BSE Sensex opened at a level of 65658.23 points with a fall of 188.27 points. On the other hand, the Nifty of NSE opened at a level of 19532.00 points with a fall of 38.80 points. A total of 2,631 companies opened for trading on BSE today.
Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 82.83 against the dollar with a weakness of 8 paise.Sensex dropped 106 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65846.50 points with a fall of 106.98 points.On the other hand, the Nifty closed at the level of 19570.80 points with a fall of 26.50 points.
Punjab: There may be a major reduction in cotton yield due to pest attackBathinda: With the cotton marketing season for 2022-23 almost over, cotton (raw cotton) arrives. Nearly a third have been recorded in Punjab. Previous year, 2021-22. Both record the advent of the Punjab State Agricultural Marketing Board (PSAMB), which Various crops in the mandis, and cotton-trading body the Indian Cotton Association Limited (ICAL), have also reported the same.According to PSAMB, cotton arrivals in the 2022-23 marketing season till August 5 this year have been recorded at 8.7 lakh quintals, while for the entire 2021-22 it was 28.89 lakh quintals. ICAL records arrival of 2.52 lakh bales (1 bales 170 kg as against 7.19 lakh bales till August this year, cotton area in Punjab to remain almost the same in 2021-22 at around 2.5 lakh ha, usually cotton arrivals 31 July By almost ends August and September are negligible.In the past, there has been an outbreak of pests like white fly and pink bollworm. This was cited as the main reason behind the big drop in production. Poor seed and fertilizer quality is also being seen as a reason. Farmers also claim that the pesticides supplied to them are of poor quality and have failed to control the pest attacks. In view of the transition, the sowing of the crop has come down from below 2 lakh hectares in the last few years to 1.75 per cent, reported consistently for two lakh hectares in the 2023-24 season. This also happened when the state government was giving more emphasis on the crop. Diversification and cotton was being looked at as an option. The bad days for water-drinking paddy co-cotton really began in 2015, when a whitefly attack was first reported on the crop, destroying nearly half the crop. Thereafter, the acreage of cotton began to decline and farmers' production continued. Some people are facing miseries with few exceptions. years thereafter. Even cotton prices are crashingPsychological barrier of Rs 10,000 per quintal (very high). minimum support price) failed to enthuse growers. “We were growing cotton for a long time, but frequent pest attacks forced us to switch to paddy.The cotton belt which includes Bathinda, Mansa, Fazilka and. Muktsar is the major cotton producing district of Punjab. To make matters worse, even the latest cotton crop on 1.75 lakh hectares faced problems of its own kind. Firstly, there was an attack of pests on the crop at an early stage of the season. Parts of Bhathida, Mansa and Fazilka later caused problems for the farmers due to heavy rains. An official in the Punjab agriculture and farmers' welfare department, who did not wish to be named, said efforts were being made to protect the crop from the pest attack. Farmers are being advised to use the spray when needed.
Pakistan: Cotton market remains stable with low volumesLAHORE: The local cotton market remained stable on Monday with low trading volumes. Cotton analyst Naseem Usman told Business Recorder that the rate of new cotton crop in Sindh is between Rs 17,700 and Rs 17,800 per head.The rate of footi in Sindh is between Rs 7,200 to Rs 7,800 per 40 kg. The rate of cotton in Punjab is between Rs 17,900 to Rs 18,300 per head and the rate of foot is between Rs 7,500 to Rs 9,000 per 40 kg. Cotton rates in Balochistan range from Rs 17,700 to Rs 17,800 per head, while footy rates range from Rs 7,500 to Rs 8,300 per 40 kg.Tando Adam was sold for 2600 bales, Shahzadpur 1800 bales at Rs.17,750 to Rs.17,800 per head, Sanghar 200 bales, Nuabad 200 bales, Laiya 800 bales at Rs.17,700 per head, Maqsood Rind 200 bales were sold. 17,600 per head and 200 bales of Burewala were sold at Rs.18,100 per head.The spot rate remained unchanged at Rs 17,935 per head. Polyester fiber was available at Rs 350 per kg.
Rupee falls against dollar, breaks 5 paiseThe rupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.79 against the dollar with a weakness of 5 paise. On the other hand, on Monday, the rupee strengthened by 10 paise to close at Rs 82.74 against the dollar.Flat opening of share market, know the levelToday the stock market had a flat opening. Today, the BSE Sensex opened at a level of 65957.82 points with a gain of about 4.34 points. On the other hand, the NSE's Nifty opened at a level of 19603.40 points with a gain of 6.10 points. A total of 1,744 companies opened for trading on BSE today.
Rupee strengthened by 10 paise against dollarThe rupee strengthened by 10 paise to close at Rs 82.74 against the dollar this evening.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 65953.48 points with a gain of about 232.23 points.On the other hand, the Nifty closed at the level of 19597.30 points with a gain of 80.30 points.
"Garment units in Tiruppur had to be closed due to lack of orders!"President of the South India Hosiery Manufacturers Association, A.C. Easwaran urged the Center to check garment imports from Bangladesh and ban cotton exports when the new cotton season starts from October 1.According to the South India Hosiery Manufacturers Association, about 40% of Tiruppur hosiery manufacturing units supplying the domestic market have shut down due to lack of orders.In the memorandum given to the central government, the president of the association, A.C. Easwaran said several units in Tiruppur are shutting down production due to a drop in orders. The value of clothing imports from Bangladesh has increased 15 times in the last six years. In 2016-2017, apparel worth ₹288 crore was imported and in 2022-2023, it was around ₹4,500 crore. When India signed a free trade agreement with Bangladesh in 2011, there was a 12% duty on imports from Bangladesh. However, there was no duty now and there were unconfirmed reports that goods from China enter India through Bangladesh. In Bangladesh, the textile industry was supported by the government with subsidies. Tirupur's industries were unable to compete with imports from Bangladesh as the cost of production here was high, he said.Mr Easwaran urged the Center to check apparel imports from Bangladesh and ban cotton exports when the new cotton season begins on October 1. He said, only surplus cotton should be allowed for export so that the prices of cotton and yarn remain stable. The domestic textile and apparel industry was expected to consume about 300 lakh bales of cotton. If cotton prices fall below the minimum support price, the Cotton Corporation of India should take steps to buy cotton from farmers. He said that the government should monitor the sale of cotton by the corporation to the industry.
| title | Created At | Action |
|---|---|---|
| Pakistan: "Increase in spot rate by Rs 100 per head, effect of rising demand" | 11-08-2023 17:47:26 | view |
| Rupee falls against dollar break 3 paise | 11-08-2023 16:43:49 | view |
| Monsoon surplus reached 7% in the last week of July. | 10-08-2023 23:43:26 | view |
| Rupee strengthened by 11 paise against dollar.. | 10-08-2023 23:19:31 | view |
| Gujarat's textile industry sees low demand, layoffs | 10-08-2023 20:16:22 | view |
| *India defers cotton quality control order for 3 months* | 10-08-2023 19:17:44 | view |
| *Pakistan: Strong trend in cotton market* | 10-08-2023 18:48:11 | view |
| Rupee falls against dollar, breaks 1 paise. | 10-08-2023 16:38:40 | view |
| Rupee strengthened by 1 paise against dollar... | 09-08-2023 23:10:34 | view |
| Rupee opens flat at 82.82 against the US dollar | 09-08-2023 16:34:16 | view |
| Rupee weakens by 8 paise against dollar.. | 08-08-2023 23:08:21 | view |
| Punjab: There may be a major reduction in cotton yield due to pest attack | 08-08-2023 19:20:28 | view |
| Pakistan: Cotton market remains stable with low volumes. | 08-08-2023 17:52:38 | view |
| Rupees falls against dollar, breaks 5 paise | 08-08-2023 16:38:44 | view |
| Rupee strengthened by 10 paise against dollar. | 07-08-2023 23:32:28 | view |
| "Garment units in Tiruppur had to be closed due to lack of orders!" | 07-08-2023 22:05:37 | view |
