Cotton prices fall as farmers start selling stocked cottonMay arrivals at nine-year high; Daily arrivals above 1 lakh balesCotton prices have declined by nearly nine per cent in the past two weeks as growers have started bringing back their produce held over the past few months to Agricultural Produce Marketing Committee (APMC) yards.“Farmers in various states have changed their mind and want to sell their stocked cotton (seed cotton). Cotton arrivals are at a new high in May and are expected to continue till the end of June.“The daily arrival of cotton has increased to one lakh bales (170 kg each) in the last few days. The demand for yarn is negligible and its exports have been affected by the bearish trend. Fabric demand is also sluggish,” said Ramanuja Das Bubb, who sources cotton from Raichur, Karnataka, for spinning mills, multinationals and exporters.Panic?Cotton arrivals so far this month are at a nine-year high of 1,82,572.67 tonnes (10.73 lakh bales), according to data from Agmarknet, a unit of the agriculture ministry. In 2014, when India produced a record high crop of 398 lakh bales, arrivals during the same period were 2,36,800.48 tonnes (13.93 lakh bales)."The daily arrival of cotton last week was 90,000-110,000 bales per day, taking the total arrival to 7 lakh bales," Popat said.“Panic has spread in the market. There is no demand for yarn or cloth. No one is buying cotton either. Production seems high,” said Sachin Jhanwar, a yarn processor.Indian Texpreneurs Federation (ITF) convenor Prabhu Dhamodharan said, "Cotton prices are softening in line with the same trend, due to continued sluggish demand across the value chain."expect moreProcessed cotton (lint) is currently priced at Rs 56,900 per candy (356 kg) as compared to Rs 62,200 two weeks back. On the Multi Commodity Exchange, the June cotton contract is currently trading at ₹58,120 per candy.Cotton prices at Rajkot APMC are trading at Rs 7,175 per quintal, down from Rs 7,950 two weeks back. On the Intercontinental Exchange (ICE), New York, cotton July contracts were trading at 84.27 US cents per pound (₹56,625 a candy).Cotton growers had held on to their produce this year and stored it in backyards and on rooftops in anticipation of a rise in prices. Even when the prices were at Rs 8,000 per quintal against the minimum support price of Rs 6,080, they were not ready to sell as they got more than Rs 10,000 in the previous season.Growers in Karnataka and Maharashtra held back their produce for the first time, apart from farmers in Gujarat, who usually hold back their produce for the short arrival season that begins in April."Cotton prices in India have come down to Rs 57,000, while in China it is Rs 67,000," Jhanwar said.difficult to predict“There is some parity in prices for exports. It will now accelerate. So far 11.50 lakh bales of cotton have been exported and from this season till September, exports are expected to fall to a 19-year low of 23 lakh bales.“Since last week, the ICE market is consolidating despite the fall in Indian cotton prices on a daily basis. Bearish trend remains on MCX as well.Jhanwar said, “If the situation has to be changed, we will have to try to increase the export to 30-35 lakh bales.”“Across the value chain, textile companies are operating at low capacity utilization levels. Thereafter, cotton prices will align with real demand factors such as apparel exports," Dhamodharan said.“Given the current arrival trends, it is difficult to judge the crop based only on arrivals in APMC yards and cotton held back by farmers in Maharashtra and Gujarat,” Das Bub said.He said this would also make it difficult to estimate the quantity of cotton coming in as ginners and traders have a huge stock of 30-35 lakh bales.MNCs manufacture goodsThe Committee on Cotton Production and Consumption, a body of all stakeholders, has estimated the current season (October 2022-September 2023) at 327.23 lakh bales, but a section of the trade pegs it at over 340 lakh bales. Is. However, the Cotton Association of India, a body of traders, pegged it at less than 300 lakh bales in its latest estimate done this month.Jhanwar said many had stock of cotton and yarn which was more than a year old. “Since last year, I have a good amount of yarn and one lakh bales of cotton,” he said.Das Bub and Popat said that at present multinational trading companies are buying cotton. “Spinning mills have cotton stock for 45 days. Cash-rich mills have a stock of 70-90 days.“Situation looks favorable for these trading firms who had sold in the futures market and are now covering the stock. The fall in prices is also helping them.sowing can increase"In the next three months, we can see some volumesCotton is being imported from Australia, Brazil and the US," said Das Bub.Jhanwar said, "This week the market movements will be important and then the focus will be on the US."Despite falling prices, cotton sowing will increase this year, although millers are likely to see a reduction in production in the coming months, Das Boob said.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/newsdetails/2438
Pakistan: Lack of purchase is being seen in the cotton marketLAHORE: The local cotton market remained stable on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that trading for the new crop of 2023-24 has started. 400 bales of new cotton crop from Shahdadpur were sold at Rs 20,000 per head on the condition of delivery between June 6 and June 10.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. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.Mir Pur Mathelo sold 400 bales at Rs 21,500 per head (condition) and Khair Pur sold 800 bales at Rs 20,500 per head.318 bales of Rahim Yar Khan were sold at Rs.20,000 per head. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/newsdetails/2435
Rupee opens 3 paise lower at 82.83 against US dollarThe Indian rupee opened 3 paise lower on Wednesday as the US dollar strengthened on safe-haven demand amid an impasse over US debt ceiling negotiations. The local unit opened at 82.83 a dollar against previous close of 82.80.
The spinning mills in Tamil Nadu are facing a severe crisis, jeopardizing the employment prospects of lakhs of workers. Here are the main points:1. The spinning sector is an important part of the textile value chain and is the most capitalization-intensive industry after agriculture.2. It plays an important role in providing employment opportunities in rural areas for women and migrant workers.3. Spinning serves as the core industry of the entire textile industry, therefore it is the core industry that functions across the value chain.4. Due to the global economic slowdown, yarn and fabric exports are declining, as a result of which exporters are selling their surplus yarn in the domestic market.5. The excess supply of yarn has created a mismatch of demand and supply, due to which the spinning mills are forced to sell their products at very low prices.6. As a result, spinning mills are suffering economic losses and are operating at low utilization as profitability has come down.7. Also, traders are not tempted to buy yarn from Tamil Nadu factories due to very low prices for importing yarn and fabric from countries like China, Vietnam and Bangladesh.8. Factories are finding it difficult to meet monthly financial concepts, complying with legal restrictions such as payment of loan to bank lenders, payment of interest, electricity charges, worker wages, payment of GST and eligibility norms Used to be.9. Due to these adverse factors, there has been huge cash loss, in which the price of yarn has come down by about Rs.20 to 25 per kg.10. To mitigate the crisis, factory owners have taken a tough decision, they have decided to run their factories only at 50% capacity.11. Also, the general increase in interest rates in banks from 7.75% to 10.75%, increases the burden on the spinning mills.12. The recent Tamil Nadu power tariff hike has increased the production cost by Rs 6 per kg of yarn.13. Other factors driving higher production costs include inflation, machinery expenses, electricity prices, labor migration, and other indirect costs.14. The ongoing conflict between Ukraine and Russia has also impacted production costs, adding to the strategic challenges of Pivot factories and their inability to service bank loans.15. In light of these critical circumstances, a humble request is made that the Government of India may take necessary steps to safeguard and support the security of the Axis region.It is clear from the above points that the spindle factories in Tamil Nadu are facing difficult conditions, which clearly shows the urgency of government intervention, to protect the industry and protect the jobs of countless workers.
Rupee strengthens for the first time in 5 sessions: Rupee up 3 paise to close at 82.80 against US dollarThe Indian rupee ended marginally higher against the US dollar on Tuesday, gaining for the first time in five sessions. The rupee gained 3 paise to close at 82.80 against the US dollar as compared to its previous close of 82.83.Sensex, Nifty close flat amid volatilityDomestic indices edged marginally higher on Tuesday in range-bound trade amid US debt ceiling talks, aided by fresh foreign inflows. The 30-share BSE benchmark Sensex closed 18 points or 0.38% higher at 61,981, while the blue-chip Nifty index climbed 33 points to 18,348.
Due to the release of stocked cotton by the farmers, the prices declined.Cotton prices have declined by 8% and 12%, respectively, in futures trade and at the farm gate in the past fortnight as farmers, who were expecting prices to return to last year's record-high levels, started selling Is. their produce.Daily arrivals of cotton in the markets increased five-fold to 100,000 bales (each weighing 170 kg) in May from the historical average of 20,000 bales per day. Ravi Sam, president of the Southern India Mills Association (SIMA), said, "I have not seen such a high arrival in May. 100,000 bales a day is something that used to get over by January/February."The June cotton contract on MCX was down 3.05% on Monday. In the spot trade, cotton prices in Maharashtra declined from ₹62,000/candy (each candy 356 kg) to ₹57,000, while raw cotton with seeds sold by farmers to ginners fell to ₹8,000/quintal a fortnight ago. 7,000-7,200 on Monday.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/newsdetails/2420
Rupee opens flat at 82.83 against US dollarThe Indian rupee opened flat against the US dollar on Tuesday at 82.83 as compared to the previous close of 82.83.The dollar index gained against most Asian currencies with the offshore Chinese yuan slipping to 7.0630 to the dollar.Rupee opens flat at 82.83 against US dollarThe Indian rupee opened flat against the US dollar on Tuesday at 82.83 as compared to the previous close of 82.83.The dollar index gained against most Asian currencies with the offshore Chinese yuan slipping to 7.0630 to the dollar.
Light trading on cotton market in PakistanLAHORE: The local cotton market remained stable on Monday with satisfactory 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. Mir Pur Mathelo sold 400 bales at Rs 21,500 per head (condition) and Khair Pur sold 800 bales at Rs 20,500 per head.400 bales of Mir Pur Mathelo were sold at Rs.21,500 (condition) per head, 800 bales of Khan Pur were sold at Rs.20,500 per head.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee weakens by 17 paise against dollarThis evening, the rupee closed at a level of Rs 82.83 against the dollar with a weakness of 17 paise.Sensex up 234 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61963.68 points with a gain of about 234.00 points.On the other hand, the Nifty closed at the level of 18314.40 points with a gain of 111.00 points.
Weekly Cotton Review: Rates steady amid low trading volumeKarachi: Stability was observed in cotton prices last week. trading volume; However, little continued to happen. The New York cotton rate was increased. Finance Minister Ishaq Dar has directed the concerned officials to solve the problems of the textile sector on priority basis to address the long standing grievances of the textile sector.All Pakistan Textile Mills Association (APTMA) is planning to start a pilot project for research and development to develop activated cotton seed and increase cotton production. Cotton sowing is in full swing. The condition of cotton crop is satisfactory. The concerned institutions are actively working.Cotton prices remained steady in the local cotton market during the last week but trading volumes were thin as textile mills continued to face severe distress.Textile sector leaders are complaining of 'step-motherly treatment'. They are also complaining about not being heard by the government.There is uncertainty in the local textile sector after the government withdrew incentives given to the textile sector, including gas and electricity at subsidized rates, issuance of sales tax refunds, abnormal increase in interest rates. The deepening financial crisis and recession in the US and European markets are also adversely affecting the textile sector. In this way, the textile sector is in serious trouble, which also affects the cotton market.Cotton production in the country this year is less than 50 lakh bales compared to previous years, yet farmers have a stock of more than 1.5 lakh bales till the coming of the new season. Some textile mills are finalizing deals of 100 or 200 bales on credit basis.The new season is about to start and in fact the arrival of the new cotton crop has partially started. As per the information received, cotton sowing is satisfactory. Experts believe that if weather conditions are favourable, cotton production is expected to exceed one crore bales, though the official target has been fixed at one crore twenty-seven lakh seventy thousand bales. Concerned government agencies are actively working to increase cotton production.The rate of cotton in Sindh ranged from Rs 18,000 to Rs 20,500 per head. The rate of footi available in limited quantity was Rs 6700 to 8000 per 40 kg. The rate of cotton in Punjab ranged between Rs 19,000 to Rs 21,000 per head. rate of khal, banola and oil; Stay still though.The spot rate committee of the Karachi Cotton Association kept the cotton rate unchanged at Rs 20,000 per head.Naseem Usman, president of Karachi Cotton Brokers Forum, said that the futures trading rate of New York cotton continues to be in an uptrend, while the market in India remains bearish.According to USDA's weekly export and sales report, one lakh thirty two thousand bales were procured for the year 2022-23.China topped the list by purchasing 62,000 tonnes of bales. Vietnam bought 24,000 bales and finished second. Pakistan bought 18,900 bales and stood third. Twenty eight thousand one hundred bales were procured for the year 2023-24. Bangladesh topped the market by purchasing 12,000 bales. South Korea was second with 6,600 bales. Turkey bought 4,400 bales and came in third.Federal Minister for Finance and Revenue Mohammad Ishaq Dar held a meeting with a delegation of All Pakistan Textile Mills Association (APTMA) at the Finance Department, which was patronized by Dr. Gohar Ejaz. APTMA President Asif Inam, SAPM Finance Tariq Bajwa, SAPM Revenue Tariq Pasha, Punjab Energy Minister Syed M Tanveer, Secretary Finance, Secretary Power, Secretary Petroleum, Chairman FBR, and other representatives of APTMA and officials of Finance Department attended the meeting participated in . Gauhar appreciated the government for supporting the textile sector by fixing the minimum price for cotton.He briefed the Finance Minister on the significant contribution of the textile sector to the country's economic growth and development through revenue generation, generation of employment opportunities and enhancement of Pakistan's exports. He apprised the Finance Minister about the issues being faced by the textile industry with regard to supply chain, regulatory issues with respect to imports and exports, and issues related to energy as well as supplies to various plants in the Punjab province.The delegation also discussed about the existing disparities between the provinces with respect to energy prices and supplies and sought the support of the Minister in this regard.Finance Minister Dar acknowledged and appreciated the contribution of the textile sector in the economic well-being of the country. He committed the government to provide maximum facilitation to the textile sector to strengthen the export sector and enhance Pakistan's export-led growth.In addition, the Finance Minister also directed the concerned officers to resolve these issues on priority basis. The APTMA delegation thanked the Finance Minister for extending support to resolve their issues on time.
Rupee weakens by 6 paise against dollarThis evening, the rupee closed at a level of 82.66 against the dollar with a weakness of 6 paise.Sensex dropped 298 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 61729.68 points with a gain of about 297.94 points.On the other hand, the Nifty closed at a level of 18203.40 points with a gain of 73.40 points.
Bangladesh lifts fumigation requirements on US cotton after CCI-sponsored US cotton tour A Bangladesh Ministry of Agriculture delegation sponsored by the Cotton Council International (CCI) is visiting the United States from October 30 through November. On 5, 2022, with the unrelenting efforts of the Foreign Agricultural Service (FAS) office of the US Department of Agriculture (USDA) in Dhaka, the government of Bangladesh has finally been persuaded to relax its nearly five-decade-long fumigation requirement on US cotton imports. took.The change would remove a significant export barrier for US cotton to Bangladesh, as well as save Bangladeshi mills time and money as they turn to the U.S. to meet their cotton fiber import needs. Bangladeshi mills are paying more than a million dollars annually to cover unnecessary fumigation costs imposed on cotton imported from the US.U.S. exporters will continue to use APHIS-generated phytosanitary certificates, but under the new regulation the certificate will contain additional language confirming that U.S. There are no live boll weevils in belted cotton. APHIS will issue revised instructions to exporters.Bangladesh's agriculture and commerce ministries decided to lift the fumigation requirements after six delegation members from Bangladesh's agriculture ministry coordinated with the National Cotton Council (NCC) to attend a CCI-sponsored U.S. Cotton took part in the tour. The delegation learned why American cotton bales do not harbor live boll weevils, including a review of the US cotton industry's successful boll weevil eradication program and its modern cotton harvesting and standardized ginning techniques.Bangladesh currently ranks as the No. 2 global importer of cotton, according to USDA FAS' global market analysis in May 2023. Although there is some domestic cotton production in Bangladesh, it accounts for 1% or less of the total demand.Bangladesh was a top 10 export market for US cotton in 2022, with an export value of $477.07 million (https://www.fas.usda.gov/regions/bangladesh).The Cotton Council International (CCI) is a non-profit trade association that promotes American cotton fiber and manufactured cotton products worldwide with our Cotton USA mark. Our reach extends to more than 50 countries through 20 offices across the globe. With over 65 years of experience, CCI's mission is to make American cotton the preferred fiber for mills/manufacturers, brands/retailers and consumers, commanding a value-added premium that drives profitability in the American cotton industry and Increases exports of fibre, yarn and other cotton products.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/en/news-details-english/dollar-news-rupee-news-paise-smartinfo-sensex-nifty-news-today-open-dollar-news
Rupee falls 11 paise to open at 82.71 per US dollarThe Indian rupee extended its decline and opened lower on Friday weighed by a rising dollar index amid hawkish comments from Federal Reserve officials. The local currency opened at 82.71 per dollar as compared to its previous close of 82.60, nearing its lowest level in almost two months.Nifty falls below 18100, Sensex dips 90 pts; Bank Nifty below 43700, ITC falls 2%, Infosys gainsShare Market News Today | Sensex, Nifty, Share Prices LIVE: On Friday, the NSE Nifty 50 jumped 46.80 points or 0.26% to 18,176.75 and BSE Sensex rose 102.21 points or 0.17% to 61,533.95.
Spot rate unchanged in cotton marketLAHORE: The local cotton market remained steady on Thursday with low trading volume. Cotton analyst Naseem Usman told that the price of cotton in Sindh is 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. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.Around 200 bales of Haroonabad were sold at Rs 20,500 per head. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.
Rupee weakens by 22 paise against dollarThis evening, the rupee closed at a level of 82.60 against the dollar with a weakness of 22 paise.Sensex fell 129 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61431.74 points, down by about 128.90 points.On the other hand, the Nifty closed at the level of 18130.00 points with a fall of 51.80 points.
Cotton prices rise, apparel exports downAHMEDABAD: An overall bearish trend in the major worldwide economy and rise in cotton prices have adversely impacted the entire textile value chain and exports.According to the data presented by the Confederation of Indian Textile Industry (City), there has been a decline of 20% in textile exports.Apparel exports in April this year compared to the same period last year up 23%.In April 2023, textile exports fell to $1,540 million in India from $1,942 million while for apparel it fell to $1,210 million from $1,574 million, according to Citi.Total textile commodity exports also declined by 12.69% during the same period.With demand falling in both domestic and international markets, fresh orders have not been placed and as a result, manufacturers are reeling under a liquidity crunch amid rising inflationary pressures."The overall economic scenario across the world has weakened the prospects of exports from India for both apparels and textiles. Since demand is low, fresh orders are not being placed. Also cotton prices have fluctuated. Production The industry was affected in terms of increasing costs," said a senior member of the Clothing Manufacturers Association of India (CMAI).Yarn makers say there is a huge pile of inventory. Besides, the demand has been affected by the volatility in the price of cotton. Textile industry playersGaurang Bhagat, president of Muscati Cloth Market Mahajan, the apex body of cloth traders of Ahmedabad, said, “Our cloth exports have been adversely affected since last one year due to high cotton prices. Cotton crop is good,But the arrival of cotton is slow and hence our cotton is costlier as compared to what is available in the international market."Additionally, export demand is weak due to high inflation in US and European markets. Domestic demand is also weak but we are confident that there will be revival soon as the market gears up for the upcoming festive season."
| title | Created At | Action |
|---|---|---|
| Cotton prices fall as farmers start selling stocked cotton | 24-05-2023 18:39:29 | view |
| Pakistan: Lack of purchase is being seen in the cotton market | 24-05-2023 17:53:37 | view |
| Rupee opens 3 paise lower at 82.83 against US dollar | 24-05-2023 16:53:47 | view |
| The spinning mills in Tamil Nadu are facing a severe crisis, jeopardizing the employment prospects of lakhs of workers. Here are the main points: | 24-05-2023 00:20:46 | view |
| Rupee strengthens for the first time in 5 sessions: Rupee up 3 paise to close at 82.80 against US dollar | 23-05-2023 23:37:05 | view |
| Due to the release of stocked cotton by the farmers, the prices declined. | 23-05-2023 18:20:48 | view |
| Rupee opens flat at 82.83 against US dollar | 23-05-2023 17:54:47 | view |
| Light trading on cotton market in Pakistan | 23-05-2023 17:41:55 | view |
| Rupee weakens by 17 paise against dollars | 22-05-2023 23:40:25 | view |
| Weekly Cotton Review: Rates steady amid low trading volumes | 22-05-2023 17:38:21 | view |
| Rupee weakens by 6 paise against dollar. | 19-05-2023 23:33:13 | view |
| Bangladesh lifts fumigation requirements on US cotton after CCI-sponsored US cotton tour | 19-05-2023 18:14:14 | view |
| Rupee falls 11 paise to open at 82.71 per US dollar | 19-05-2023 17:45:13 | view |
| Spot rate unchanged in cotton market | 19-05-2023 17:32:38 | view |
| Rupee weakens by 22 paise against dollar. | 18-05-2023 23:25:34 | view |
| Cotton prices rise, apparel exports down | 18-05-2023 19:01:03 | view |
