ZCE increased the limit of cotton, what is the reason?On June 1, the ZCE flagship cotton contract, the September contract, soared above 900 yuan/MT, and the spread between the September and January contracts narrowed unexpectedly sharply. The rise of the September contract was clearly higher than that of the January contract. Soon rumors started spreading in the market. There are mainly two rumors: 1. The commercial cotton stock issued by an institution is not consistent with the actual stock, and some enterprises believe that the actual commercial cotton stock is relatively tight; 2. A large spinning mill bought a large quantity of cotton. There were good orders in some markets and there were rumors that orders may be completed by the end of October in some markets.From the first rumours, different opinions are coming out regarding the stock data. Each enterprise and institution has its own investigation, and may have its own way of calculating the difference data on the stock data between the respective institution and the real market. As per our views from the market position, the stock may not get as tight as the rumors saying below 2 MT. Some enterprises keep the stock till now and the sales are low. Nevertheless, with sales from October 2022 to May 2023 at low prices spot cotton supplies gradually reduced, especially when ZCE cotton futures declined on May 25-26, sales have markedly improved, And mainstream bases climbed rapidly. Some vendors who offer higher prices also start selling. Subsequently, with a gradual reduction in cotton inventories, the base is expected to strengthen gradually. In addition, monthly cotton imports have been consistently below 100kt this year, and cotton inventories may gradually reduce through August and September, 2022/23. However, no clear supply gap is currently observed.For the second rumour, we have confirmed with relative spinning mill, it has not bought cotton in large quantities this week, and the major buying happened during last week, when ZCE cotton futures declined during May 25 and May 26 Was. For downstream demand, the downstream market is in a sluggish mood, and sales in May are thinner than in April. Nevertheless, the situation is different in different markets, and the Guangdong market is the weakest this year, while the previously hot Nantong market also cooled down somewhat. But the operating rates of spinning mills have not slowed down and cotton consumption has actually been consistently high this year.The sharp jump in ZCE Cotton on June 1 is further rooted in medium to long term bullish expectation. Although 2022/23 Chinese cotton production is high, cotton imports are largely down year-on-year, and from the demand side, monthly cotton consumption has been consistently above 700kt or 750kt since March, 2023. With the digestion of available cotton stocks, cotton supplies are believed to tighten gradually in the period leading up to the end of the 2022/23 cotton 2022/23 season. In terms of the market in the 2023/24 season, weather conditions in Xinjiang remain unfavorable from late April to late May, and still expect a large reduction in 2023/24 Xinjiang cotton production and seed cotton harvesting in the second Are. half a year. On 21st May, when Xinjiang faced bad weather again, ZCE Cotton tried to climb again on 22-23rd May, but the macro environment is overshadowed and most of the commodity prices fell on 22-23rd May declined, so ZCE Cotton failed to rise. During May 24 and May 31, ZCE Cotton futures declined following the trend of the commodity market. The open interest of the ZCE September contract declined by around 100,000 lots during May 24 and May 26. On May 31, after the release of China's manufacturing PMI, bearish sentiment retreated from time to time, and bulls re-entered the market, and ZCE cotton futures rose significantly on June 1 based on rumors. The bullish outlook for the cotton market in the medium to long term never changes.
Rupee strengthened by 10 paise against dollarThe rupee strengthened by 10 paise to close at Rs 82.30 against the dollar this evening.Sensex closed up by 119 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62547.11 points with a gain of about 118.57 points.On the other hand, the Nifty closed at a level of 18534.10 points with a gain of 46.30 points.
Pakistan: The trading volume in the cotton market remained satisfactory.LAHORE: The local cotton market remained stable on Thursday with satisfactory trading volume.Cotton analyst Naseem Usman told that the Karachi Cotton Association has officially released the spot rate of the new cotton crop for the year 2023-24.He also informed that the rate of new crop of cotton in Sindh and Punjab is Rs 20,000 per head. The rate of footi in Sindh and Punjab ranges from Rs 9,000 to Rs 9,200 per head.Tando Adam was sold for Rs.20,000 per head in 200 bales, Sanghar in 600 bales at Rs.20,000 to Rs.20,300 per head, Hyderabad in 200 bales at Rs.20,100 per head and Burewala in 100 bales at Rs.20,000 per head. 20,000 per head. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.
Rupee opens 9 paise higher at 82.32 against the US dollarThe Indian rupee opened 9 paise higher on Friday as the US dollar weakened amid mounting hopes that the US Federal Reserve will not hike rates in June, undermining demand for the US currency. The local currency opened at 82.32 a dollar as compared to the previous close of 82.41.
Plea of Tamil Nadu textile millsHigh tension (HT) electricity consumers in the textile industry, Chief Minister M.K. Stalin requested the Tamil Nadu Electricity Regulatory Commission (TNERC) to issue directions to allow collection of 20% of billable demand or recorded demand as monthly maximum demand (MD) charges.The Southern India Mills Association and the Tamil Nadu Electricity Consumers Association, in separate memoranda submitted to Mr. Stalin, said that Section 108 of the Electricity Act should be invoked. % of their sanctioned demand or up to the recorded demand alone instead of claiming demand fee at 90% level.Due to Ukraine-Russia war, inflation in western countries and reduction in purchasing power of consumers, capital, labor and power consuming textile mills have been affected by the drop in demand for the past one and a half years. Most of the mills in these countries are operating at only 50% or less of capacity and are therefore not utilizing the full sanctioned load.But, they will have to pay 90% of the accepted demand as MD fee. The tariffs are adding to the financial burden of textile units that are already finding it difficult to operate.In such exceptional circumstances, the licensee (Tamil Nadu Generation and Distribution Corporation) may reduce the MD charges collected if TNERC allows it to do so. The unions appealed to the Chief Minister to issue necessary guidelines and provide relief to textile units.
Rupee strengthened by 32 paise against dollarThe rupee strengthened by 32 paise to close at Rs 82.40 against the dollar this evening.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62428.54 points with a fall of about 193.70 points.On the other hand, the Nifty closed at a level of 18487.80 points with a fall of 46.60 points.
Pakistan: Cotton spot rate remains stableLAHORE: The local cotton market remained steady on Wednesday with low trading volume. Cotton Analyst.Cotton analyst Naseem Usman said that the price of cotton in Sindh ranges from Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head.The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 grams. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.
Rupee appreciates 39 paise to 82.36 against US dollarThe rupee appreciated by 39 paise to 82.36 against the US dollar in early trade on Thursday as positive macroeconomic data boosted investor sentiment. At the interbank foreign exchange, the domestic unit opened at 82.54 against the dollar and then recovered to 82.36, registering a gain of 39 paise from its previous close.Nifty jumps above 18560, Sensex up 80 pointsDomestic indices opened flat on Thursday. The NSE Nifty 50 was up 13.20 points or 0.07% at 18,547.60 and the BSE Sensex was up 26.46 points or 0.04% at 62,648.70.
Rupee weakens by 1 paise against dollarThis evening, the rupee closed at Rs 82.72 against the dollar with a weakness of 1 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62622.24 points with a fall of 346.89 points.On the other hand, Nifty closed at the level of 18534.40 points with a fall of 99.40 points.
Rupee opened down 6 paise against dollarThe rupee depreciated 6 paise to 82.73 against the US dollar in early trade on May 31.Today the stock market opened with a fall.Today the BSE Sensex opened at a level of 62714.71 points with a fall of 254.42 points.On the other hand, the Nifty of NSE opened at a level of 18564.80 points with a fall of 69.00 points.
Pakistan: There was no movement in the cotton market. LAHORE: The local cotton market remained stable on Monday with steady trading volume.Cotton analyst Naseem Usman said that the business of new cotton crop 2023-24 has started. 2400 bales of new cotton crop of Tando Adam, Sanghar and Hyderabad were sold at Rs.20,300 to Rs.20,500 per head. The rate of new fruit is 9400 to 9800 rupees per 40 kg.He also informed that the price of cotton in Sindh ranges between Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head. The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg.200 bales of Mir Pur Mathelo were sold at Rs.21,500 per head (Condition).The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.
Seed industry expects short supply of some branded Bt cotton this seasonWhile cotton acreage in the upcoming kharif season is likely to be higher than last year, sellers said the Bt cottonseed market is short on branded hybrid supplies, mainly in the central and south regions, because of excess rains last year. Due to which seed production was affected.Unseasonal rains in April and May this year have triggered early sowing of cotton in the major producing states of Gujarat and Maharashtra, while sowing is nearing completion in the northern states of Punjab, Haryana and Rajasthan.M Ramasamy, chairman, Rasi Seeds, said, “The movement of branded cotton hybrid seeds is fast and the market feels that there will be some tight supply situation in the central and southern regions.” As a result, all carry forward stock will be liquidated this year.Ramasamy said the government in Maharashtra does not allow the sale of Bt cotton seeds before June 1. However, the sale has been happening for the past few days.The area under cotton this season is higher by 130.49 lakh hectare (LH) and the yield is estimated at 439.34 kg/ha as against 445 kg/ha in the previous season.Why has cotton prices come down in recent times?minimum stockThe Bt hybrid cotton market in the country is estimated to be around 4-45 million packets of 450 grams and the industry usually has a carry-forward stock of 1-15 million packets."This year the carry-forward stock of last year's Bt hybrid was minimal and last year's seed production was affected by excess rains," Ramasamy said.Despite the recent fall in cotton prices due to heavy arrivals in the market, seed traders are hopeful that the fiber crop will retain the interest of growers as other competing crops like maize and soybean show a bearish trend.“There was good demand for maize last year around this time. Now that it is not there and it is expected that soya may also come down, cotton may be a preferred crop in the areas of Maharashtra bordering Madhya Pradesh.Ram Kaundinya, director general of the Federation of Seed Industry of India (FSII), confirmed that the supply situation for Bt cotton seeds is tight.“Cotton hybrids, especially popular products are in a tight spot due to increase in demand. Last year, production was affected due to rain and other reasons. Production has not happened as expected. He said Kaundinya estimates that the area under cotton may increase by about 8-10 per cent this year.Cotton was sown in 130.49 lakh hectares in the Kharif 2022 season, which is higher than last year's 123.72 lakh hectares.Satyendra Singh, CEO, Seed Business, Crystal Crop Protection Ltd, said the sentiment is good for cotton this year. "Last year there was a positive sentiment because of the price. This year it is not negative," he said.no negative emotion“The prices of competing crops have come down significantly. Cotton still has good returns compared to other crops. There is no negative sentiment, neither from business nor from farmers. Overall, the area may remain the same. Sowing has happened earlier in Gujarat as compared to last year, while in some parts of Maharashtra people have started sowing before June, he said. “There is a shortage of branded seeds. In particular, deficiency can be seen in specific hybrids," Singh said, adding that it was difficult to assess the deficiency.Mithun Chand, ED, Kaveri Seed Company Ltd, expects cotton acreage to remain stable this year."I don't see much increase in acreage this year as compared to last year because other crops are doing well," Chand said in the post-earnings conference call.
Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 82.71 against the dollar with a weakness of 8 paise.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 62969.13 points with a gain of about 122.75 points.On the other hand, the Nifty closed at the level of 18633.80 points with a gain of 35.10 points.
Monsoon in India has advanced in many parts after a pause of 11 days.India's monsoon rains have reached some other parts of the southwest Bay of Bengal after stalling over the remote islands for the past 11 days, the Meteorological Department said on Tuesday.The monsoon, the lifeline of the country's $3 trillion economy, provides about 70% of the rainfall that India needs to irrigate farms and recharge reservoirs and aquifers.About half of India's agricultural land, without any irrigation cover, depends on the annual June-September rains to grow many crops.The India Meteorological Department (IMD) said that monsoon rains occurred in the Andaman and Nicobar Islands on May 19, but there was no further progress till May 30.The IMD said monsoon advanced over parts of South West Bay of Bengal on Tuesday and conditions are favorable for it to advance over other parts of the region during the next 2-3 days.Rains usually occur in mainland Kerala around June 1 and cover the entire country by mid-July. Timely rains enable sowing of crops like rice, soybeans and cotton.This year, the onset of monsoon in Kerala is likely to be slightly delayed. The onset of Monsoon rains in the southern Indian state is likely on June 4, with a model error of plus/minus 4 days.
Rupee depreciates 4 paise against US dollarThe rupee depreciated 4 paise to 82.67 against the US dollar in early trade on Tuesday tracking a stronger American currency against key rivals overseas. Forex traders said fall in crude oil prices and inflow of foreign funds capped the fall in the Indian currency.In early trade, the BSE Sensex was trading at a level of 62,863.02 points with a gain of 16.64 points, or 0.03 per cent.The Nifty was trading at a level of 18,609.45 points with a gain of 10.80 points, or 0.06 per cent.
Pakistan: Cotton prices held steady amid thin tradeLAHORE: The local cotton market remained stable on Monday with low trading volume.Cotton analyst Naseem Usman told that the rate of cotton in Sindh is 17 thousand to 20 thousand rupees per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head.The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg. 200 bales of Tando Adam's new crop of 2023-24 were sold at Rs.20,500 per head.The spot price remained unchanged at Rs 20,000 per head. The rate of polyester fiber was increased by Rs 10 and was available at Rs 365 per kg.
| title | Created At | Action |
|---|---|---|
| ZCE increased the limit of cotton, what is the reason? | 03-06-2023 00:50:09 | view |
| Rupee strengthened by 10 paise against dollars | 02-06-2023 23:30:34 | view |
| Pakistan: The trading volume in the cotton market remained satisfactory. | 02-06-2023 19:08:42 | view |
| Rupee opens 9 paise higher at 82.32 against the US dollar | 02-06-2023 17:12:25 | view |
| Plea of Tamil Nadu textile mills | 02-06-2023 00:23:37 | view |
| Rupee strengthened by 32 paise against dollar | 01-06-2023 23:53:44 | view |
| Pakistan: Cotton spot rate remains stable | 01-06-2023 20:35:17 | view |
| Rupee appreciates 39 paise to 82.36 against US dollar | 01-06-2023 17:40:36 | view |
| Rupee weakens by 1 paise against dollar. | 31-05-2023 23:33:13 | view |
| Rupee opened down 6 paise against dollar | 31-05-2023 17:53:34 | view |
| Pakistan: There was no movement in the cotton market. | 31-05-2023 17:43:18 | view |
| Seed industry expects short supply of some branded Bt cotton this season | 31-05-2023 01:21:41 | view |
| Rupee weakens by 8 paise against dollar . | 30-05-2023 23:28:34 | view |
| Monsoon in India has advanced in many parts after a pause of 11 days. | 30-05-2023 21:55:40 | view |
| Rupee depreciates 4 paise against US dollar | 30-05-2023 18:37:23 | view |
| Pakistan: Cotton prices held steady amid thin trade | 30-05-2023 18:21:08 | view |
