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Today the Sensex closed with a rise.Today the Sensex closed with a gain of around 1383.93 points. Whereas Nifty closed at the level of 20,686.80 points with a gain of 418.90 points. Apart from this, a total of 4,018 companies were traded in BSE today, out of which about 2,392 shares closed with gains and 1,449 shares closed with decline. There was no difference in the share prices of 177 companies. Today, 436 stocks have closed at their 52-week high.This evening, the rupee closed at Rs 83.36 against the dollar with a weakness of 8 paise.

Global cotton production likely to exceed consumption for second consecutive yearGlobal cotton lint production is estimated at 25.4 million metric tons (MT) in the 2023-2024 season, up 3.25% from 24.6 million MT in 2022-2023. But according to the International Cotton Advisory Committee (ICAC), production is projected to decline marginally to 23.4 million metric tons in 2023-2024 from 23.5 million metric tons in 2022-2023.At the 81st Plenary Meeting in Mumbai, ICAC projected that in 2023-2024, India's share in global production will fall by 2% to 21%, but will remain at second position in the top list of cotton producers.Meanwhile, India's share in consumption is projected to be as high as 21% by 2023-2024. Consumption in top producer China will fall by 2% to 30%.The area under cotton in India is estimated to decline marginally. However, globally the trend is likely to reverse from 32 million hectares in 2022–2023 to 33 million hectares in 2023–2024. It was said, that the role of price volatility is affecting the cotton plantations across the world to a great extent.It was further said that world trade will reach 8 million metric tons in 2022-23 and is estimated to increase to 9.2 million metric tons in 2023-2024. In 2023-2024, the top exporting country – the United States – is likely to see its share of exports globally decline to 29% – from 34% in 2022-23.Additionally, long-staple (LS) and extra-long-staple (ELS) production in the US is expected to grow from 72,000 MT last year to 1,03,000 MT in 2022-2023. This growth will be driven by top producers in the category such as Egypt, India and China. India is likely to dominate consumption in this category even as demand declines – from 1,59,000 MT last year to 1,50,000 MT in 2022-2023.

November rains brought trouble for cotton farmers, rates fellAfter rains in late November affected standing crops in parts of Vidarbha, rates of cotton, the region's main agricultural produce, have fallen below the minimum support price (MSP). Sources said the rates were barely above the MSP since the start of the season in October.Now, because there has been rain on the standing crops, there has been moisture in the cotton seeds, causing a decline in prices.Against the MSP of ₹7,020 per quintal, open market rates are now between ₹6,800 and ₹6,700, sources said. Traders say that this is a temporary incident caused by rain.Sudhir Kothari, director of Agricultural Produce Market Committee (APMC) in Hinganghat, said the rates have fallen due to cotton seeds taking up moisture. This is because the weight of cotton bolls increases due to water content. To compensate for the extra weight, ginners adjust prices downwards. However, if the sun shines again, prices are expected to improve in a week. Farmers will get lower prices only for existing offtake, Kothari said.Manish Jadhav, an activist of Shetkari Sangathan (Swabhimani) in Yavatmal, said the low prices have added to the problems of farmers as the rains are likely to affect their produce.Soybean yield has also seen a major decline due to yellow mosaic pest, but despite lower yields, rates for the crop are slightly higher than the MSP, activist Vijay Javandhia said.Once the market prices fall below the MSP, the government steps in to support the prices. Cotton is procured by the Cotton Corporation of India (CCI) which sets up MSP procurement centres. Traders said CCI centers have not yet started in Vidarbha as the rates are above the MSP.A survey is being conducted to assess the damage caused by rain in the state.

The rupee strengthened by 11 paise to close at Rs 83.29 against the dollar this evening.Today, the Sensex closed at 67481.19 points with a gain of around 492.75 points. At the same time Nifty closed at the level of 20267.90 points with an increase of 134.70 points. Apart from this, a total of 3,872 companies traded on the BSE today, out of which around 2,133 shares closed with gains and 1,606 shares closed with declines. There was no difference in the share price of 133 companies. Today, 373 stocks closed at 52-week highs.

Pakistan is likely to export record cotton this seasonPakistan has exported at least 125,000 bales of cotton this season and the volume is expected to improve further during the current crop season.Don learns that the cotton consignments are being sent to China, Vietnam and Indonesia and importantly, all these export deals are with only one cotton spinner from Sindh, Dr. As are done by Mal.It is expected that the same quantity of cotton bales will be exported during the rest of the season.Cotton exports have not entered six figures since 2017-18, when exports stood at 207,424 bales.The country exported only 4,900 bales in 2022-23, 16,000 bales in 2021-22 and 70,200 bales in 2020-21.Ginners say better lint quality and booming international markets are attracting foreign buyers to Pakistani cotton.Ihsanul Haq, president of the Cotton Ginners Forum, says the lack of rain in most cotton-growing areas has traditionally helped improve crop quality and has been supported by a record depreciation of the rupee, making local cotton cheaper in global markets. wentHe says cotton exports would have set a record had it not been for the decline in lint yields due to a severe whitefly attack in Punjab, while there were negative effects of environmental pollution.He urged the government to refrain from imposing heavy taxes on the textile sector under pressure from the International Monetary Fund as the sector is already grappling with unprecedented gas and electricity rates as well as mark-up rates.He claims that about 60 percent of the textile mills in the country have become idle due to the issues and it is feared that the local industry will fail to consume even nine million bales of cotton.

Texprocil to use blockchain tech for certifying Kasturi cotton The Cotton Textiles Export Promotion Council has rolled out a blockchain-based technology to enable traceability of garments and fabrics made of Kasturi cotton using QR code.The government has appointed Cotton Corporation of India and Texprocil as the nodal agency to promote Kasturi as the premium cotton brand from India.Texprocil has registered 300 ginners on its platform that certifies the premium 29-30 mm cotton with trash content of 2 per cent and other defined matrix. The Kasturi cotton will fetch a premium price of 5-6 per cent for farmers.Lalit Kumar Gupta, Chairman and Managing Director, CCI, said the industry expects an output of 300 quintals of Kasturi cotton in the first year of production.The quantity will increase in the coming years as the farmers realise the benefit of growing cotton that meets the specification to be branded as Kasturi cotton, he added at the event to announce the 81st plenary meeting of the International Cotton Advisory Committee in Mumbai.Brand promotionRoop Rashi, Textile Commissioner, said the event which is themed as “Cotton Value chain: Local innovations for global prosperity” would serve as a platform for sharing good practices and experiences across the globe on productivity, climate resilience and circularity for a vibrant cotton economy.In a bid to promote Kasturi cotton among global audience, she said textile minister Piyush Goyal will launch a logo and stamp of the cotton brand Kasturi.Siddhartha Rajagopal, Executive Director, Texprocil, said CCI will identify the farmers who want to sell cotton that meets Kasturi specification and the Council will certify the cotton bales after doing the due diligence.Once the cotton is certified, a specific QR code will be generated and it will be updated as it changes hands from ginners, spinners and weavers. The final garment made of Kasturi cotton will have a QR code which can be used to trace back the ginner, he said.Going ahead, he added there are plans to register the farmers who sell Kasturi cotton so that the tracking can be from field to garment

Cotton pilot in 10 states to boost outputThe government has started a pilot in 10 states involving 15,000 farmers to increase production of the best-quality cotton by adopting global agricultural practices, said textiles secretary Rachna Shah on Wednesday.The project, which has been launched by the textile ministry in coordination with the agriculture ministry, comes amid a slump in cotton production.“The outcome of the pilot project is expected in January next year. The data will be evaluated by the Indian Council of Agricultural Research (ICAR) and then we will be able to realise the impact of these technologies," the secretary said.“We are working very closely with the agriculture ministry and other stakeholders to increase cotton productivity. We are using best agronomy practices like quality seeds and high density planting system that will help in enhancing productivity and other local innovations," Shah said at a press conference called to announce the agenda of 81st plenary meeting of the International Cotton Advisory Committee (ICAC) starting 2 December in Mumbai.The 10 cotton growing states where the pilot is going on are Uttar Pradesh, Haryana, Punjab, Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka .As of now, the government has procured around 250,000 bales (170 kg each) after the cotton season started in October.A total 450 procurement centres are operational across 11 cotton growing states, the official said.The government has fixed the minimum support price (MSP) for medium staple cotton at ₹6,620/ quintal and for long staple cotton at ₹7020/quintal.“Cotton is one of the leading sectors for economic activity for livelihood and it plays a pivotal role in the growth of the Indian economy as around 6 million farmers are engaged in cotton production and 35 million farmers grow cotton across the globe," the official said.As per textile ministry data, cotton production came down from in 37 million bales 2017-18 to 33 million bales next year. After a significant growth in 2019-20 (36 million bales), output fell to 35 million bales in 2020-21 and 31 million bales in 2021-22. Total production of the white gold in 2022-23 was 34 million bales.India will showcase its recent innovations, achievements and best practices at the global platform, she said, adding that the country will launch products made of Kasturi Cotton, a premier variety, before the international audience for the first time.Around 400 delegates from 35 countries are expected to participate in the meeting.The plenary meetings of the ICAC provide a forum for discussions on international issues of importance to the world cotton industry, and give an opportunity for the industry and government leaders from cotton producing, consuming and trading countries to deliberate on matters of mutual concern. The ICAC plenary is also very important for promotion of trade, industry and culture.

Rains hit tur, cotton crop in Buldhana, rabi may benefitRecent rains have hit farmers from Buldhana district who grow tur — a major crop in Vidarbha after cotton and soyabean.Unlike other districts of western Vidarbha — cotton is not the main crop in Buldhana. “Tur is grown along with soyabean, which was harvested recently. The tur crop is standing, but rains have damaged the crop at many places,” said Vallabh Deshmukh, director of Mahabeej, a state seed production entity, and also a farmer from Chikli tehsil in Buldhana.Cotton, which is grown in certain pockets of Buldhana, too suffered damages.Another Buldhana farmer, Samadhan Supekar, said that chana (gram) and vegetable crops have suffered as well. In Yavatmal, Manish Jadhav, an activist of Swabhimani Shetkari Sangathana, said the cotton — grown with tur as intercrop — was ready for picking but the changed weather conditions have dimmed growers’ hopes.The main damage to the tur crop was in the form of flower dropping. However, there is hope that fresh flowering may happen eventually. In cotton too the fresh balls that are formed later can make good for the loss as the crop is harvested after December. Crop damage survey continues in other parts of Vidarbha region, a state agriculture department official said.The rain may prove to be a blessing in disguise for the rabi crop, giving it the much-needed water. However, if erratic weather conditions continue, damages may increase.Meanwhile, cotton rates have slipped below the MSP of Rs 7020/quintal, which is given for the best grade.

This evening, the rupee strengthened by 1 paise and closed at Rs 83.32 against the dollar.Today the Sensex closed at 66901.91 points with a gain of about 727.71 points. Whereas Nifty closed at the level of 20096.60 points with a gain of 206.90 points. Apart from this, a total of 3,841 companies were traded in BSE today, out of which about 1,931 shares closed with gains and 1,773 shares closed with decline. There was no difference in the share prices of 137 companies. Today, 318 stocks have closed at their 52-week high.

This evening, the rupee strengthened by 4 paise and closed at Rs 83.33 against the dollar.Today Sensex closed at 66174.20 points with a rise of 204.16 points. Whereas Nifty closed at the level of 19889.70 points with a gain of 95.00 points.

Cotton prices drop in several marketsThe price of Gujarat Shankar - 6 variety on today was ₹55, 800 a candy (356 kg of ginned cotton) as against ₹66,000 a candy an year ago.With the cotton prices remaining subdued due to lack of demand, the Cotton Corporation of India (CCI) has purchased nearly two lakh bales of cotton at Minimum Support Price since the beginning of the current cotton season (October 1, 2023 to September 30, 2024).Lalit Kumar Gupta, Chairman and Managing Director of the CCI, said the organisation is buying cotton at MSP price in nine States. It is active in most of the growing States, except Gujarat and Odisha (The MSP for seed cotton is ₹6,620 a quintal for medium staple and for long staple cotton it is ₹7,020 a quintal).The current daily arrivals are over 1.5 lakh bales. Since the beginning of the season, 47 lakh bales have arrived at the market compared with 35 lakh bales for the same period last year. “We buy 8 % - 10% of the arrivals at MSP. We will not permit the prices to fall below the MSP. When we buy at MSP, the price is stimulated. Our presence in the market matters.” There are uncertainties now and if the demand picks up, the market will improve, he said.A cotton farmer in Telangana, Jaipal, said, “For the last one year, there is no international demand for cotton. Farmers who want immediate cash are selling at less than MSP price too. Some are holding back cotton, and some others are selling to CCI at MSP,” he said.source : the hindu