Recent News

Global Traders in India Dispose of Cotton Stocks Due to weak Demand and Global Price DeclineMultinational traders in India are selling off their cotton stocks amidst a global decline in prices due to weak demand and expectations of improved crops in countries like Australia. The May cotton futures contract on ICE, which peaked at 103.80 cents on February 28, has since dropped to 85.89 cents by April 10. This represents a decrease of around 17-18 percent, with domestic prices also down by 8-9 percent from recent highs.Ramanuj Das Boob, a sourcing agent and vice president of the All India Cotton Brokers Association, notes that multinational companies such as Viterra, COFCO International, and Louis Dreyfus Company are among those selling cotton, with prices ranging from ₹60,000 to ₹62,000 per candy, about 3 percent lower than a month earlier.Despite ample stocks held by entities like the Cotton Corporation of India, ginners, and traders, market arrivals of raw cotton have slowed in states like Maharashtra and Gujarat. Daily arrivals across various states stand at around 50,000-60,000 bales, with Maharashtra seeing 25,000 bales, Gujarat around 20,000 bales, and Karnataka around 3,000 bales.Pradeep Jain, President of the Khandesh Gin Press Factory Owners Association, notes negligible arrivals and poor demand, suggesting that farmers may be holding back stocks anticipating better prices. Meanwhile, Boob mentions that North Indian cotton mills have secured their needs for the next six months, purchasing cautiously due to sluggish demand for yarn.Sushil Phutela, Director of the Indian Cotton Association Ltd in Punjab, highlights a supply shortfall in the North Indian market despite the domestic price decline. The Committee on Cotton Production and Consumption (COCPC) has revised its crop production estimates upward for the 2023-24 season to 323.11 lakh bales, indicating potential market shifts in the cotton industry.Read More :> Key Projections and Trends for India's Cotton Industry in 2024-25

The rupee closed at Rs 83.19 versus the US dollar, up 12 paise.At the end of trading, BSE Sensex closed at 75,038.15, up 354.45 points or 0.47%. NSE's 50-share index Nifty closed at 22,735.05, up 92.30 points or 0.41%.Read more :- TN Textiles Department and SITRA Launch Training Program for Textile Workers

Rupee rises 11 paise to 83.20 against US dollar in early tradeThe Sensex was up 186.18 points, or 0.25 percent, at 74,869.88, and the Nifty was up 57.70 points, or 0.25 percent, at 22,700.5. The market breadth was in favour of gainers as around - 1,484 shares advanced, 705 declined and 102 were unchanged.Read More :> Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year

This evening, the rupee closed at 83.32 against the dollar without any change.At the end of trading, BSE Sensex closed at 74,683.70, down 58.80 points or 0.079%. Sensex close to 450 points from day's highThere was a decline of. NSE's 50-share index Nifty slipped 23.55 points or 0.10% and closed at 22,642.75.Read more :- Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year

Today rupee opened at Rs 83.32 against the dollar without any movement.Sensex crosses 75,000 for the first time, Nifty above 22,700The Indian stock market achieved another milestone today as the benchmark BSE Sensex hit the 75,000 mark for the first time. The frontline indices traded at record-high levels with the Nifty 50 surging above the 22,700 level. The 30-share index Sensex opened 381.78 points, or 0.51%, higher at 75,124.28, while the NSE’s Nifty 50 surged 98.8 points, or 0.44%, to open at 22,765.10. The Bank Nifty index also opened at a record high level of 48,810.80, up 229.10 points, or 0.47%.Read More :> Key Projections and Trends for India's Cotton Industry in 2024-25

The rupee weakened by 2 paise to close at Rs 83.32 against the US dollar.At the end of trading, BSE Sensex closed at 74,742.50, up 494.28 points or 0.67%. During trading it reached a new all-time high of 74,869.30. Whereas NSE's 50-share index Nifty closed at 22,666.30 with a gain of 152.60 points or 0.68%. Nifty also touched a new peak of 22,697.30 points during trading.Read more :- Key Projections and Trends for India's Cotton Industry in 2024-25

Key Projections and Trends for India's Cotton Industry in 2024-25The USDA's latest forecast on India's cotton industry for the 2024-25 season highlights several significant trends and projections:Projected Decline in Cotton Production a decline of 2% is anticipated in India's cotton production for the upcoming season, attributed to farmers favoring higher-yielding crops like pulses and maize.Shift in Crop Preferences Farmers are expected to shift away from cotton towards crops such as pulses, maize, and paddy due to their potentially higher returns, impacting cotton production.Cotton Sowing Area The estimated cotton sowing area for the upcoming season is projected to be 12.4 million hectares in India.Improvement in Yield Normal monsoon rains are anticipated to improve the yield by 2% to 446 kilograms per hectare in the upcoming season.Cotton Consumption Despite the projected decline in production, cotton consumption in India is expected to increase by 2% to 24.5 million bales.Export Recovery Exports of value-added cotton products have shown significant recovery in the first six months of 2023-24, indicating a rebound in mill consumption.Price Trends Farmgate prices for seed cotton have improved from the previous month but remain nearly 6% lower than the previous year, potentially influencing farmer decisions.Export Outlook Cotton exports for the upcoming season are expected to reach 2.4 million bales, supported by higher carryover stocks and a depreciating rupee.Import Prediction Following the revocation of import duty on extra-long staple (ELS) cotton, imports are predicted to increase by 20% to 2.4 million bales.In conclusion, while India's cotton industry faces challenges such as a projected decline in production and fluctuating prices, there are positive indicators such as rising consumption, export recovery, and anticipated improvements in yield. These factors suggest resilience in the sector and provide opportunities for navigating uncertainties and maintaining competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year

The rupee rose 14 paise to close at 83.30 against the US dollar.At the end of trading, BSE Sensex closed at 74,248.22, up 20.59 points or 0.03%. Whereas NSE's 50-share index Nifty closed at 22,525.50 with a gain of 10.85 points or 0.048%.Read more....👇🏻👇🏻👇🏻👇🏻Textile Industry Set for Rebound : CRISIL SME Tracker Analysis

Rupee declines 6 paise to 83.45 against US dollar in early trade todayThe rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision.Nifty below 22,450, Sensex slips over 200 pointsThe benchmark equity indices opened Friday’s trading session on a negative note. The NSE Nifty 50 opened 75 points or 0.33% lower at 22,439.65, while the BSE Sensex opened 224.79 points or 0.30% lower at 74,002.84. Bank Nifty index opened 151 points or 0.31% lower at 47,909.85.Read More....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year

Rupee remained stable against US dollar.The rupee closed steady at 83.44 against the US dollar on Thursday amid a strong trend in domestic markets and better macroeconomic data.Sensex, Nifty closed on gainsIndian benchmark indices closed higher, Nifty crossed 22,500 mark amid volatile trading. At the close, the Sensex rose 350.81 points or 0.47 per cent to 74,227.63, while the Nifty closed at 22,514.70, up 80.00 points or 0.36 per cent.👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year

This evening, the rupee weakened by 5 paise and closed at Rs 83.44 against the dollar.At the end of trading, BSE Sensex closed at 73,876.82, down 27.09 points or 0.037%. Whereas NSE's 50-share index Nifty It slipped 18.65 points or 0.083% to 22,434.65.Read more....👇🏻👇🏻👇🏻👇🏻Myanmar Aims for Significant Expansion in Cotton Cultivation for 2024-25 Fiscal Year