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Southern India Mills' Association Advises Caution to Textile Mills Amidst Cotton Price SurgeIn response to a recent surge in domestic cotton prices, the Southern India Mills' Association (SIMA) has cautioned textile mills in the southern states against panic buying. S.K. Sundararaman, the Chairman of SIMA, emphasized the need for prudence in procurement decisions as cotton prices experienced a notable increase of 10% to 12% in the last 15 days.The widely-used Shankar-6 variety of cotton, in particular, witnessed a substantial rise, reaching nearly ₹62,000 per candy from ₹55,300 just two weeks prior. Sundararaman urged mills to exercise caution and not succumb to panic buying tendencies in light of these price fluctuations.The Committee on Cotton Production and Consumption has estimated the current cotton season's production to be 316.57 lakh bales, with imports at 12 lakh bales and domestic consumption at 310 lakh bales. The surge in prices comes amid increased capacity utilization at mills, rising from 70% to 75% to a current range of 80% to 90%. Additionally, approximately 20 lakh bales have already been contracted for export.Sundararaman pointed out that the demand for cotton export may decrease as domestic prices approach international levels. The global cotton market is anticipated to experience increased availability post-July 2024, attributed to enhanced production in countries like Australia and Brazil. The Intercontinental Exchange (ICE) cotton future is also expected to undergo a significant inverse post-July 2024, potentially leading to a softening of domestic cotton prices in India.In light of the comfortable global cotton supply position and stock-to-use ratios in major consuming countries, Sundararaman advised spinning mills to resist panic buying. He stressed the importance of mills disregarding rumors and adopting a cautious approach to cotton procurement, considering the favorable global cotton supply conditions. As the situation remains dynamic, textile mills are encouraged to stay informed and make informed decisions to navigate the current cotton market fluctuations.Read More...👇🏻👇🏻👇🏻👇🏻Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"

This evening, the rupee strengthened by 1 paise and closed at Rs 82.90 against the dollar.Stock market drunk on GDP, Sensex and Nifty at record levelsToday Sensex closed at 73745.35 points with a gain of about 1245.05 points. Whereas Nifty closed at the level of 22338.80 points with a gain of 356.00 points.read more...👇👇👇👇Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units

*Ministry of Agriculture and Farmers Welfare Unveils Second Advance Estimates for 2023-24 Agricultural Crops**The Ministry of Agriculture and Farmers Welfare has recently disclosed the Second Advance Estimates for major agricultural crops, covering both Kharif and Rabi seasons, for the agricultural year 2023-24. Notably, this year's estimate distinguishes between the summer season and the Rabi season, providing a comprehensive overview of the country's crop production.**Crop Production Highlights (Kharif & Rabi):*Kharif Foodgrains: 1541.87 LMTRabi Foodgrains: 1551.61 LMTKharif Rice: 1114.58 LMT; Rabi Rice: 123.57 LMTWheat: 1120.19 LMTKharif Maize: 227.20 LMT; Rabi Maize: 97.50 LMTKharif Shree Anna: 128.91 LMT; Rabi Shree Anna: 24.88 LMTTur: 33.39 LMTGram: 121.61 LMTKharif Oilseeds: 228.42 LMT; Rabi Oilseeds: 137.56 LMT*Soybean: 125.62 LMT**Rapeseed & Mustard: 126.96 LMT*Sugarcane: 4464.30 LMT*Cotton: 323.11 Lakh Bales (170 Kgs. each)*Jute: 92.17 Lakh Bales (180 Kgs. each)Foodgrain and Sugarcane Production:Kharif Foodgrain Production: 1541.87 LMTRabi Foodgrain Production: 1551.61 LMTSugarcane Production: 4464.30 LMTCaveats and Future Adjustments:*Kharif crop production estimates are based on Crop Cutting Experiments (CCEs) with ongoing compilation of results. Certain CCEs for crops like Tur, Sugarcane, and Castor are still in progress.**Rabi crop production relies on preliminary area sown reports and average yield, subject to potential adjustments in successive estimates based on better yield estimates from CCEs.**The forthcoming third advance estimates will encompass production details for various summer crops.**The release of these estimates provides valuable insights into the current agricultural landscape, supporting stakeholders in planning and decision-making. As the agricultural sector remains dynamic, ongoing adjustments and updates are expected as more comprehensive data becomes available in subsequent estimates.*read more 👇👇👇👇....Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units

The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 5 paise stronger at Rs 82.86 against the dollar. At the same time, on Thursday, the rupee strengthened by 1 paise and closed at Rs 82.91 against the dollar. Today BSE Sensex opened with a rise.Today BSE Sensex opened with a gain of about 376.76 points at the level of 72877.06 points. Whereas NSE's Nifty opened at 22118.90 points with a gain of 136.10 points. Today, trading started in a total of 1,948 companies on BSE.read more👇👇👇👇....Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"

This evening, the rupee strengthened by 1 paise and closed at Rs 82.91 against the dollar.Today Sensex closed at 72500.30 points with a gain of 195.42 points. Whereas Nifty closed at the level of 21982.80 points with a gain of 31.60 points.read more....👇👇👇👇Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024

Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"The latest news on cotton prices in India indicates a significant surge to a 9-month high, breaking the Rs 61,000-mark per candy. This increase is attributed to a combination of factors including low crop arrival and high demand. Globally, cotton prices have also experienced a notable uptick, reaching an 18-month high, with a rise of 27% globally and 16% in India during February 2024.The ICE futures, a global exchange index, has observed 65-70 percent Open Interest with Funds and Speculators, reflecting increased interest and activity in cotton futures.Cotton exports from India are estimated to reach a two-year high in February, totaling 400,000 bales, with Gujarat contributing 42,000 bales daily. The Gujcot association report indicates that Indian cotton has maintained competitiveness in global markets, resulting in an estimated 2.5 million bales exported in the 2023-24 period. Key importing countries include China, Bangladesh, and Vietnam.In the 2023-24 season, approximately 215 lakh bales arrived in the country, with 75-80 lakh bales held by farmers, 32 lakh bales with the Cotton Corporation of India (CCI), and trade accounting for 18-20 lakh bales. This data suggests a robust performance in the cotton market, driven by both domestic demand and global export opportunities.

The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today. Today the rupee opened 4 paise stronger at Rs 82.88 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 82.92 against the dollar with a weakness of 2 paise. Today BSE Sensex opened with a decline.Today BSE Sensex opened with a fall of 53.96 points at the level of 72250.92 points. Whereas NSE's Nifty opened with a fall of 25.90 points at the level of 21925.30 points. A total of 1,935 companies started trading on BSE today.

This evening, the rupee closed at Rs 82.92 against the dollar with a weakness of 3 paise.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points.Sensex closed at the level of 72304.88 points with a fall of about 790.34 points. Whereas Nifty fell by 247.10 points and closed at the level of 21951.20 points. Apart from this, a total of 3,921 companies were traded in BSE today, out of which about 889 shares closed with gains and 2,955 shares closed with decline.

Today the rupee opened with a weakness of 1 paise at Rs 82.91 against the dollar.The rupee opened with weakness against the dollar today. At the same time, on Tuesday, the rupee closed at Rs 82.90 against the dollar with a weakness of 1 paise.  Today BSE Sensex is currently at 73133.99 and Nifty 50 is at 22215.25. These are almost flat. A trading day ago, Sensex had closed at 73095.22 and Nifty at 22198.35.read more...👇🏻👇🏻👇🏻👇🏻Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning Units

This evening, the rupee closed at Rs 82.90 with a weakness of 1 paise against the dollar.Stock market recovered from declineToday Sensex closed at 73095.22 points with a gain of 305.09 points. Whereas Nifty closed at the level of 22198.30 points with a gain of 76.30 points.Read more...👇🏻👇🏻👇🏻👇🏻Telangana: CCI procures 12.31 lakh tonnes of cotton

Rising Cotton Prices in India Hit ₹58,000, Posing Challenges for Exports and Spinning UnitsReaching Rs 58,000 per candy (356kg) from Rs 55,000 earlier in the month. The rise is attributed to lower crop arrival and increased demand, impacting the competitiveness of cotton exports. The slower arrival of Indian physical cotton, particularly from Gujarat, has contributed to the price surge.Experts suggest that the fluctuations are influenced by factors such as market demand, supply dynamics, and external conditions. Despite improved demand in the textile market over the past two months, the higher cotton prices are causing challenges for spinning units in maintaining profitability.The senior vice president of the Spinners’ Association Gujarat (SAG), Jayesh Patel, noted that while there was a good demand for exports when cotton prices were stable around Rs 55,000 per candy for almost two months, the recent increase has affected export competitiveness. Cotton yarn prices have also risen from Rs 235 to Rs 255 per kilo in February, making Indian cotton more expensive in the international market.The increase in yarn prices has led to a slowdown in both domestic and international demand. Although new export orders are available at around Rs 253 per kg, inclusive of all costs, the recent spike in prices, coupled with the Rs 20 per kg increase in yarn prices, makes exports less viable even with government incentives.The report indicates that while there is optimism for continued improvement in global cotton prices, the current trend poses challenges for the Indian cotton industry, impacting both domestic and international trade.read more....👇🏻👇🏻👇🏻👇🏻Cotton Payments: Dues of cotton growers are pending with CCI