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Rupee falls 3 paise to close at record low of 83.37 against US dollarThe Indian rupee fell 3 paise against the US dollar on Friday and closed at a record low in view of weakness in Asian competitors and demand for dollars from foreign banks. The local currency closed at a new low of 83.37 per dollar compared to the previous close of 83.34.Sensex falls 48 points, Nifty closes below 19,800Stock market indices closed marginally lower on Friday as global cues remained subdued and the global rally in information technology stocks faded.

Cotton Corporation to procure premium Kasturi cotton this seasonState-run Cotton Corp. of India (CCI) is set to procure over one million bales of premium Kasturi cotton in the current season that began in October. Union Textile Minister Piyush Goyal is scheduled to unveil products crafted from this high-grade fiber on 2 December, as a part of the government's initiative to promote it in global markets.India's cotton output for the 2023-24 season is projected at 36 million bales of 170 kg each, Lalit Kumar Gupta, chairman and managing director, CCI. Last year, output stood at an estimated 34.2 million bales.Despite a marginal decrease in area under cotton to 12.6 million hectare from 12.9 million hectare, Gupta does not expect a hit to output.Currently, around 300 ginning and pressing factories registered with the Cotton Textiles Export Promotion Council (TEXPROCIL) are equipped to process Kasturi cotton. Gupta highlighted that unlike India, which has only recently branded its cotton despite being a major producer with the largest area under the cash crop, Egypt has successfully positioned its Giza cotton brand internationally with an annual output of a modest one million bales.He emphasized that Kasturi Cotton Bharat is produced to stringent standards, with a strict 2% cap on trash content to ensure its premium quality and 100% traceability.The textile ministry, meanwhile, is slated to organize a three-day global textile event, BharatTex, from 26 February in New Delhi.

This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 2 paise.Today the Sensex fell by about 5.43 points and closed at the level of 66017.81 points. Whereas Nifty closed at the level of 19802.00 points with a fall of 9.80 points.

This evening, the rupee strengthened by 4 paise and closed at Rs 83.32 against the dollar.Today Sensex closed at 66023.24 points with a gain of 92.47 points. Whereas Nifty closed at the level of 19811.80 points with a gain of 28.40 points. Apart from this, a total of 3,830 companies were traded in BSE today, out of which about 1,637 shares closed with gains and 2,049 shares closed with decline. There was no difference in the share prices of 144 companies. Today, 304 stocks have closed at their 52-week high.

Pakistan Cotton market: Mills show little interest in fresh buyingThe local cotton market on Tuesday remained steady and the trading volume remained low.Cotton Analyst Naseem Usman told the rate of cotton in Sindh is in between Rs 15,500 to Rs 18,000 per maund.The rate of Phutti in Sindh is in between Rs 5,000 to Rs 7,200 per 40 kg. The rate of cotton in Punjab Rs 16,000 to Rs 18,000 per maund and the rate of Phutti in Punjab is in between Rs 6,500 to Rs 8,400 per 40 kg.The rate of cotton in Balochistan is Rs 17,000 to Rs 17,500 per maund while the rate of Phutti is in between Rs 6,500 to Rs 8,000 per 40 kg.200 bales of Tando Adam were sold at Rs 16,000 to Rs 16,500 per maund, 200 bales of Lodhran were sold at Rs 17,300 per maund, 1000 bales of Sadiqabad were sold at Rs 17,800 per maund, 600 bales of Donga Bonga and 400 bales of Haroonabad were sold at Rs 17,200 per maund.The Spot Rate remained unchanged at Rs 17,500 per maund. Polyester Fiber was available at Rs 360 per kg.

This evening, the rupee closed at Rs 83.36 with a weakness of 2 paise against the dollar.Today the Sensex closed at 65930.77 points with a gain of about 275.62 points. Whereas Nifty closed at the level of 19783.40 points with a gain of 89.40 points.

Increase in labour cost in Bangladesh could help Indian garment exporters, say expertWill Indian garment export demand see an upswing due to labour issues in Bangladesh, which has an edge over India in the sector globally? Things look bright but challenges remain.Bangladesh has built a ‘solid’ garment industry in the last one decade. It has an edge over India in the global readymade garments market, which is valued around $1,110 billion in 2023. India’s exports of readymade garments (RMG) including cotton accessories stood at $16 billion in FY23. In comparison, Bangladesh’s RMG exports last fiscal was more $47 billion, according to data on the web.David Birnbaum, Strategic Planner for the Global Garment Export Industry, says garment industries in Bangladesh are in trouble as tens of thousands of workers have taken to the street seeking higher wages. With minimum wage of $75 per month, workers there are demanding now minimum wages of $208. However, the industry has offered $113 on a take-it-or-leave-it-basis, he said.“We are looking at an existential problem. Frankly, a rise to $113 is not enough. Indeed, it is still below wages in neighbouring India and Pakistan,” he said. India’s wages in the garment sector is $168, while it is $142 in Pakistan, he added.Bangladesh’s garment industry is certainly in a state of decline, but so too are Pakistan and Cambodia and the other cheap commodity garment exporters, he told businessline.“India’s advantage is that it is not Bangladesh. India’s strategy is not to become the next Bangladesh but rather the next India. You have special nets and and facilities that customers want and need. Develop those. For instance, India has great fashion and colour sense. You can produce great quality. You can maintain design integrity. However, these are of no value if you plan to be the next Bangladesh,” he said.The Indian garment export demand may see an upswing due to high labour costs in Bangladesh, which is a major competitor, said P Sundararajan, CMD, SP Apparels Ltd, based in Avinashi in Coimbatore, and a large garment exporter.Bangladesh is consuming a wage hike of 35 per cent to 40 per cent. The high inflation there could create an opportunity for India’s apparel players. The situation in Bangladesh presents a significant opportunity for the Indian garment industry to capture a larger share of the global market, he told analysts while discussing the company’s September quarter financial results.Moreover, recent developments in Bangladesh, such as increase in labour costs and worker unrest impacting the industry, have led many retailers to shift their focus away from Bangladesh, he said.Scale & Competitiveness“Indian apparel companies needs to build scale and competitiveness in every aspect of manufacturing, very importantly integration. Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” he said.N Chandran, Chairman of the Tiruppur-based Eastman Exports, said, “there will be no immediate benefits, but we hold a positive outlook for the long term. We will have to monitor events in Bangladesh, including the consideration of duty-free access to the US. The consideration of duty-free access to the US is in the wake of Bangladesh seeking this benefit from the US for its exports.”“Even after the recent wage increase, if we account for the efficiency and low attrition rate at Bangladesh, they will continue to maintain their competitiveness. We can definitely compete by focusing on continuous improvement in process and products,” said Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation, Coimbatore.. “We need to build scale and competitiveness in every aspect of manufacturing, very importantly integration,” he added.

This evening, the rupee closed at Rs 83.34 against the dollar with a weakness of 7 paise.Today Sensex closed at 65655.15 points with a fall of 139.58 points. Whereas Nifty closed at the level of 19694.00 points with a fall of 37.80 points. Apart from this, a total of 3,980 companies were traded in BSE today, out of which about 1,882 shares closed with gains and 1,932 shares closed with decline. There was no difference in the share prices of 166 companies. Today, 413 stocks have closed at their 52-week high.

This evening, the rupee closed at Rs 83.27 against the dollar with a weakness of 4 paise.  Today the Sensex closed at the level of 65794.73 points with a gain of about 187.75 points. Whereas Nifty closed at the level of 19731.80 points with a gain of 33.40 points.

Brazil cotton price market fluctuations in October’23Brazilian cotton price marked fluctuations in October’23, revealing a divergence between cotton qualities and pricing dynamics.According to a report by the Center for Advanced Studies on Applied Economics (CEPEA), moments of stability amid buyer insistence on lower prices and seller demands for higher values.While there was a keen interest in new transactions, purchasers remained inclined to offer reduced prices, resulting in limited trades focused on inventory replenishment or immediate consumption.Particularly for high-quality cotton, some sellers stood firm on their price demands, contributing to market stability.Overall, October experienced decreased in market liquidity, attributed to logistical challenges such as elevated freight costs and transportation difficulties.The Brazilian Association of Cotton Growers (Abrapa) disclosed that, by October 26, cotton processing in Brazil had reached 74% of national production, with Mato Grosso at 68% and Bahia at a 90%.Over the period from September 29 to October 31, the CEPEA/ESALQ Index for cotton reflected a 1.36 percent decrease, closing at BRL 4.0185 per pound on October 30.Besides that, the Cotton Outlook report projected a 4.85 percent global decrease in cotton production for 2023-24 (24.603 million tons) compared to the previous year (2022-23 - 25.857 million tons) on October 27.The estimate for Brazil's cotton production in 2023-24 is 3.05 million tons, indicating a 3.8% decline from the previous year's figure of 3.17 million tons.Earlier this year on March, Brazil cotton price rose by 5.4%, according to the Center for Advanced Studies on Applied Economics (CEPEA).

Bangladesh: Exporters are facing problems in shipment due to continuous blockadeThe blockade, called by the opposition, has disrupted the transportation of import and export goods, causing significant disruption to the country's industrial sector.Stakeholders have raised concerns about the decline in production as imported raw materials are not reaching factories on time. The disruption is affecting the production of all types of industrial goods, including ready-made garments, the major export earner for Bangladesh.Exporters are facing huge challenges in meeting buyer's deadlines due to delays in transportation. These complications are causing disruption to shipments and putting export contracts at risk.Entrepreneurs say freight fares have almost doubled on all routes, including the vital Dhaka-Chattogram corridor, putting huge pressure on businesses.Amid rising political tensions, the readymade garment industry is witnessing a decline in orders, adding to the challenges faced by exporters and manufacturers.Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told Business Standard that the ongoing blockade is hindering timely delivery of imported garments to garment factories. As a result, it has become difficult to meet buyer deadlines.He also highlighted the increase in transport costs, saying that the freight cost of transporting goods from Narayanganj to Chattogram has more than doubled from Tk12,000 to Tk25,000 since the lockdown was imposed.Chattogram C&F Agents Association Port Affairs Secretary Md Liaqat Ali Howlader expressed concern about the transportation crisis caused by the ongoing blockade. He said importers are now paying almost double the previous fare of Tk15,000 to transport goods from Chattogram port to Dhaka.Main Uddin, vice-chairman of the central committee of Bangladesh Truck Workers Federation, blamed the increased fares for the large-scale arson attacks on vehicles during the blockade. This has created fear among truck drivers to drive on the roads, making the situation worse, he said.In recent weeks, the BNP and Jamaat-e-Islami have imposed a series of nationwide blockades demanding the resignation of the current Awami League government and the formation of a non-partisan caretaker government to oversee the next national elections.RMG orders fell in CTG portReadymade garment factory owners have reported a significant decline in orders during the first ten days of November, falling by more than 20% compared to the same period in October. They fear that the decline could reach 30% by the end of November.About 450 textile factories, including 350 BGMEA member factories in Chattogram, contribute to the export of ready-made garments. These companies typically receive orders worth $200 million per month. However, orders fell to $113 million in October.BGMEA vice president Rakibul Alam Chowdhury revealed that BGMEA member factories in Chattogram received orders worth about $44 million in the first ten days of October. The figure fell to $35 million during the same period in November, representing a decline of 20.45%.Container deliveries declined by 50% in CTG portUnder normal circumstances, Chattogram Port usually delivers around 4,000 to 4,500 containers per day, with around 6,000 to 7,000 trucks, covered vans and prime movers transporting these containers.However, due to the ongoing blockade, container deliveries have dropped to just 2,000 per day. This represents a significant decline of about 50% compared to the normal delivery rate.Chattogram port data shows container deliveries have consistently been below normal volumes since October 27. Between October 27 and November 15, container deliveries remained within the 2,000 TEU to 3,000 TEU range on only 10 out of 19 days. For the remaining nine days, container deliveries ranged from 3,000 TEU to 5,000 TEU.Meanwhile, importers are facing additional financial burden due to the blockade as they have to pay penalties for not being able to take delivery of containers on time from the port.Under normal circumstances, importers have a grace period of four days to clear their containers from the port yard without any hire charges. However, after this initial grace period, importers will have to pay $6 per day for a 20-foot container during the first week.The daily fine subsequently doubles to $12 for the second week and increases to $24 starting on the 21st day. For 40-foot containers, charges follow the same doubling pattern.As of November 15, Chattogram Port had 27,665 TEU containers in its yard, which is more than half of its holding capacity of 53,518 TEU.