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This evening, the rupee strengthened by 2 paise and closed at Rs 83.24 against the dollar.Today the stock market closed with a decline. Today the Sensex fell by about 247.78 points and closed at the level of 65629.24 points. Whereas Nifty closed at the level of 19624.70 points with a fall of 46.40 points.

*Pakistan: Stable trend visible in cotton market*LAHORE: The local cotton market remained stable on Tuesday with low trading volume.Cotton analyst Naseem Usman said that the cotton rate in Sindh is Rs 14,000 to Rs 16,500 per maund. The rate of footi in Sindh is between Rs 6,000 to Rs 7,800 per 40 kg. The rate of cotton in Punjab is Rs 14,000 to 16,400 per maund and the rate of cotton in Punjab is Rs 6,500 to 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 15,000 to Rs 15,500 per maund while cotton rates range between Rs 7,000 to Rs 8,200 per 40 kg.Naseem also said that according to the data released by Pakistan Cotton Ginners Association, about 60 lakh bales reached cotton factories till October 15.Approximately, 200 bales of Mir Pur Khas were sold at the rate of Rs 13,700 per maund, 200 bales of Fort Abbas were sold at the rate of Rs 15,300 per maund, 200 bales of Chichjawatni were sold at the rate of Rs 14,900 per maund, Rahim Yar Khan 400 bales were sold. 200 bales of Chishtian were sold at Rs 16,200 per maund, 200 bales of Chishtian were sold at Rs 15,300 per maund, 200 bales of Tundsa Sharif were sold at Rs 15,200 per maund, 200 bales of Murid Wala were sold at Rs 14,800 per maund, 200 bales of Laiya were sold at Rs 14,800 per maund. 200 Lodharan were sold at Rs 15,700 per maund and 200 Lodharan were sold at Rs 15,800 per maund.Spot rate remained unchanged at Rs 16,000 per maund. Polyester fiber was available at Rs 350 per kg.

Today the stock market closed with a huge fall.This evening, the rupee closed at Rs 83.26 against the dollar without any movement.  Today Sensex fell by about 551.07 points and closed at the level of 65877.02 points. Whereas Nifty closed at the level of 19671.10 points with a fall of 140.40 points.

Pakistan Prices firm amid improved activity on cotton marketThe local cotton market on Tuesday remained steady and the trading volume remained satisfactory.Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is Rs 13,500 to Rs 16,000 per maund. The rate of Phutti in Sindh is in between Rs 5,500 to Rs 7,000 per 40 kg. The rate of cotton in Punjab Rs 14,500 to Rs 16,200 per maund and the rate of Phutti in Punjab is in between Rs 6,000 to Rs 7,200 per 40 kg. The rate of cotton in Balochistan is Rs 13,500 to Rs 14,500 per maund while the rate of Phutti is in between Rs 6,500 to Rs 7,500 per 40 kg.The Spot Rate remained unchanged at Rs 16,000 per maund. Polyester Fiber was available at Rs 360 per kg.

Poor rains to affect production of pulses, oilseeds and cottonThe biggest dip in area under cultivation was seen in pulses, at 0.54mn hectares, followed by oilseeds at 0.33mn hectares and cotton by 0.41mn hectares.  Deficient monsoons in the North East and South of India are likely to affect the production of crops such as pulses, oilseeds, cotton and coarse cereals like ragi from these regions, said an analyst report“The impact of this will probably affect the output in key crops like sugarcane, rice and some coarse cereals,” said a report by IIFL Securities.  “In the South Peninsula, Rabi sowing is at risk, as the reservoir levels at 50% are down sharply 46% YoY. Reservoir levels in Maharashtra too, are down 15% YoY,” they added.  Rice sowing was down 14.4% in Karnataka and 13.1% in Tamil Nadu. In Andhra Pradesh, it was down 6.7%, while it was stable in Telangana.  This is despite the fact that a sharp increase in area under rice cultivation in Bihar and Jharkhand increased the area under rice by 0.77 mn hectares. In Bihar, area under rice jumped 15.9%, while it increased by 36% in Jharkhand.On a pan-India level, the biggest dip in acreage was seen in pulses, at 0.54mn hectares, followed by oilseeds at 0.33mn hectares and cotton by 0.41mn hectares.  The southwest monsoon this year saw a dip of 6% on a pan-India level, with 26 out of the 36 subdivisions in India receiving normal or better rains.  “Reservoir levels in South and East India are at a large deficit to average levels - which could impact sowing patterns during Rabi,” they added in a note to clients.  Sowing during the monsoon season was also affected by price fluctuations. It skewed towards remunerative crops like coarse cereals, sugar cane – whose prices rose by 4%-22% during the kharif season. Sowing moved away from cotton and oilseeds, with prices correcting by 16%-21%.SOURCE : The New Indian Express

This evening, the rupee strengthened by 2 paise and closed at Rs 83.26 against the dollar.Today the stock market closed with a rise. Today Sensex closed at 66428.09 points with a rise of 261.16 points. Whereas Nifty closed at the level of 19817.70 points with a gain of 85.90 points.

Pakistan: Slow business activity in cotton marketLAHORE: The local cotton market remained stable on Monday with low trading volume.Cotton analyst Naseem Usman said that the rate of cotton in Sindh is Rs 13,500 to 16,500 per maund. The rate of footi in Sindh is between Rs 5,500 to Rs 7,000 per 40 kg.The rate of cotton in Punjab is Rs 15,500 to 16,300 per maund and the rate of cotton in Punjab is Rs 6,500 to 7,500 per 40 kg. Cotton rates in Balochistan range from Rs 14,000 to Rs 14,500 per maund while cotton rates range between Rs 6,500 to Rs 8,000 per 40 kg.1400 bales of Shahdad Pur were sold at Rs 13,500 to Rs 14,500 per maund, 1600 bales of Tando Adam were sold at Rs 13,000 to Rs 14,500 per maund, 200 bales of Khair Pur were sold at Rs 15,000 to Rs 15,100 per maund, 400 bales were sold at Rs. Dharki (Primark) sold at Rs 16,400 per maund, Ghotki (Primark) 400 bales sold at Rs 16,400 per maund, Obero (Primark) 200 bales sold at Rs 16,400 per maund, Quote 200 bales of Sabzal (Primark) were sold at Rs 16,400 per maund and 600 bales of Yazman were sold at Rs 14,800 per maund.Spot rate remained unchanged at Rs 16,000 per maund. Polyester fiber was available at Rs 360 per kg.

This evening, the rupee closed at Rs 83.28 against the dollar with a weakness of 2 paise.Today the stock market closed with a decline. Today the Sensex fell by about 115.81 points and closed at the level of 66166.93 points. Whereas Nifty fell by 19.20 points and closed at the level of 19731.80 points.

Punjab: Rain bigger concern for cotton growers in MalwaFarm experts say inclement weather likely to cause more damage to cotton crop, where second picking in sizeable area is underway Rain accompanied with high-velocity wind lashed most parts of southwest Punjab on Monday morning, raising concerns of delayed harvesting and procurement of kharif crops.Harvesting of ‘parmal’ rice in most of the seven districts of the region has yet to gain momentum. Rice growers said while harvesting of basmati fields has yet to begin, the rain would impact paddy procurement as lifting was already at a slow pace due to the ongoing strike by rice-millers.Farm experts said the inclement weather was likely to cause more damage to the cotton crop, where the second picking in a sizeable area is underway.At a few places in the region, where paddy had arrived in grain markets, workers struggled to cover the crop to avoid it from getting soaked in the rain.A cotton grower from Abohar, Arvind Setia, said the second picking of cotton bolls was at the initial stage and the rains have dashed hopes of a good yield. “Rains will hit the quality of bolls and the traders will pay less for low-quality cotton. Showers at this juncture have hit cotton growers worse,” said Setia.However, kinnow growers in Fazilka and Muktsar districts are elated as the rains will improve the quality of fruits.

Pakistan Weekly Cotton Review: Fall in rates creates crisis like situation in the marketKARACHI: Due to continuous fall in cotton prices, there is a crisis like situation in the cotton market. Business volume is also low. There is a difference of Rs 2,000 per maund in the rate of cotton according to quality.Cotton prices continued to fall in the domestic cotton market last week. Textile mills are buying cautiously, while ginners are selling cotton without any bargaining, due to which cotton prices are skyrocketing.According to reports, there is going to be a huge increase in the price of gas, which will have a negative impact on the business.APTMA patron-chief Gohar Ijaz has been appointed as the Federal Minister of Commerce and Production. He used to complain to the government that Faisalabad and Lahore had been turned into graveyards of the textile sector. However, now he himself is trying to solve this problem but still the textile sector is not getting any relief.On the other hand, recession continues in foreign countries. Earlier, the markets were affected due to the conflict between Ukraine and Russia. Now the conflict between Palestine and Israel has become worrying.There is a huge recession going on in the local and international markets regarding the demand and rates of cotton. The quality of local cotton is declining day by day, due to which its price is also decreasing.On the other hand, there is a dispute going on between the Pakistan Cotton Ginners Association and the Agricultural Crop Reporting Department of Punjab regarding the cotton production figures in Punjab province. There is a difference of 13 lakh bales in the figures of both the departments.Every year, the Cotton Crop Assessment Committee comprising all the stakeholders sets cotton production targets but surprisingly, not a single meeting of the CCAC has been held so far. CCAC will determine the exact production of cotton in Punjab.However, acting federal Trade and Production Minister Gohar Ijaz has said cotton production in the country is expected to be around 12 million bales this year, while farmers' organization Farmers Etihad says the federal minister is overestimating. Due to cotton production, farmers will get lower price of footi.Depending on the quality, the rate of cotton in Sindh ranges between Rs 13,500 to Rs 16,000 per maund. The rate of footi is around Rs 5500 to Rs 7000 per 40 kg.Cotton rates in Punjab range between Rs 15,000 to Rs 16,000 per maund while cotton rates range between Rs 6,000 to Rs 7,200 per 40 kg.In Balochistan, cotton rate is between Rs 15,500 to Rs 15,700 per maund and cotton rate is between Rs 7,000 to Rs 8,500 per 40 kg.The Spot Rate Committee of Karachi Cotton Association reduced the spot rate by Rs 8,000 per maund and closed it at Rs 16,000 per maund.APTMA has discussed the key challenges with Commerce, Energy Ministers and FBR officials. In its meeting with the Commerce Minister, APTMA appreciated the role of the Minister in managing the exchange rate and controlling volatility.The Commerce and Energy Ministers were apprised of the energy issues faced by the industry. Particularly the high electricity tariff of 16 cents/kWh currently charged from the industry and the uncertainty regarding availability and prices of gas/RLNG.The Ministers informed the Members that a solution is close to be found to ensure availability of gas/RLNG to the industry, and the price disparity is also being addressed.APTMA appreciated the efforts of the Ministers to resolve the industry issues but an acceptable solution to the power related problems faced by the textile industry is still pending.As is always discussed the textile industry has an export potential of $2 billion per month, out of which the industry with export potential of $650 million has been closed. If electricity prices remain high for exporters, a large number of companies will close down.There has been an unprecedented decline in commodity prices in the local cotton market. It is feared that due to this, cotton cultivation will reduce next year.The Federal Committee on Agriculture has reduced the cotton production target from 12.7 million bales to 11.5 million bales.Speaking at a function at the Pakistan Cotton Ginners Association (PCGA) in Multan on Thursday, he highlighted the need for use of modern technology for better production of cotton as well as other crops.He said ginning factories would run on improved cotton and the government had approved new universities. The Governor appreciated the steps of the Punjab Government.

TNAU says cotton prices will remain above MSPPrices of good quality cotton are likely to be around ₹6,800-7,000 per quintal during October-November this year. According to a survey conducted by the Domestic Export and Marketing Intelligence Cell (DEMIC) of Tamil Nadu Agricultural University (TNAU), cotton sown during the current season will fetch ₹7,100 during January-February 2024.This is higher than the minimum support price of ₹6,620 per quintal set by the Center for this season (October 2023-September 2024).The university in a note advised farmers in Tamil Nadu to decide their sales and sowing based on the onset of north-east monsoon and arrival from other states. In Tamil Nadu, cotton is grown under both irrigated and rain-fed conditions. Sowing of rainfed crops continues till October in the southern districts.A survey conducted by the Domestic Export and Marketing Intelligence Cell (DEMIC) of the Tamil Nadu Agricultural University (TNAU) said cotton production in the north has been affected by pink boll worm (PBW) infestation, although the area of the natural fiber crop has increased. In Rajasthan, Punjab and Haryana.The price forecasting scheme is funded by the World Bank supported Tamil Nadu Irrigated Agriculture Modernization Project.Citing the textile ministry, a TNAU press release said cotton was cultivated in 130.61 lakh hectares with a production of 343.47 lakh bales during the 2022-23 season – six per cent more than the previous year. Is. Cotton is cultivated largely in Gujarat, followed by Maharashtra, Telangana, Rajasthan and Karnataka. In Tamil Nadu, cotton cultivation has expanded to 1.62 lakh hectares with a production of 3.56 lakh bales during the 2022-23 season, showing a 10 per cent increase in acres.The price forecasting scheme has analyzed historical cotton prices prevailing in the Salem region over the last 15 years and conducted market surveys to facilitate farmers in making sales and sowing decisions.