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Rupee opens 15 paise lower at 82.46 against the US dollarThe Indian rupee opened 15 paise lower against the US dollar on Monday tracking broader strength in the greenback and rising crude oil prices. The local currency opened at 82.46 a dollar, down 15 paise as compared to Friday’s close of 82.31 per dollar.

Punjab fails to meet cotton sowing targetThe state has failed to achieve the target of bringing 3 lakh hectares under cotton crop due to inclement weather and farmers earning less than paddy. Cotton crop is mainly grown in Fazilka, Bathinda, Mansa and Muktsar districts.By May 31 (end of sowing season), the crop had been sown on about 1.75 lakh hectares (58 per cent of the target). Last year, the crop was sown in 2.48 lakh hectare against the target of 4 lakh hectare.A senior agriculture department official said, “Initially, May 20 was fixed as the last date for sowing cotton. Later it was extended till 31 May. This year, cotton is being cultivated in about 1.75 lakh hectares. Fazilka is the only district which has performed better.Fazilka Chief Agriculture Officer Jangir Singh said, “More than half the area under cotton crop is in Fazilka district. Cotton crop has been sown in 90,850 hectares against the target of 1.5 lakh hectares in the district. Canal water was made available to the farmers on time.“This year, 33 per cent subsidy on cotton seeds also helped us. Though the weather played spoilsport, we brought maximum area under cotton crop.”Farmers said though cotton fetched higher price than its minimum support price last year, they did not sow it due to whitefly and pink bollworm attack.Gurdeep Singh, a cotton grower, said, “Most farmers are not aware of the latest damage control methods. The weather is unfavorable and some farmers have sown the crop again. Input cost has increased manifold."Muktsar chief agriculture officer Gurpreet Singh said cotton has been sown in about 20,000 hectares against the target of 50,000 hectares in Muktsar district. There are many factors behind this, including rain and insect attack.”“Farmers are opting for the paddy crop because of its higher yield and late-sown varieties. Last year, the average per acre yield of cotton stood at four to six quintals per acre and the price was Rs 7,500 to Rs 8,000 per acre,” he said. However, the yield of paddy reached 30 quintals per acre and the MSP was Rs 2,060 per quintal.

ZCE increased the limit of cotton, what is the reason?On June 1, the ZCE flagship cotton contract, the September contract, soared above 900 yuan/MT, and the spread between the September and January contracts narrowed unexpectedly sharply. The rise of the September contract was clearly higher than that of the January contract. Soon rumors started spreading in the market. There are mainly two rumors: 1. The commercial cotton stock issued by an institution is not consistent with the actual stock, and some enterprises believe that the actual commercial cotton stock is relatively tight; 2. A large spinning mill bought a large quantity of cotton. There were good orders in some markets and there were rumors that orders may be completed by the end of October in some markets.From the first rumours, different opinions are coming out regarding the stock data. Each enterprise and institution has its own investigation, and may have its own way of calculating the difference data on the stock data between the respective institution and the real market. As per our views from the market position, the stock may not get as tight as the rumors saying below 2 MT. Some enterprises keep the stock till now and the sales are low. Nevertheless, with sales from October 2022 to May 2023 at low prices spot cotton supplies gradually reduced, especially when ZCE cotton futures declined on May 25-26, sales have markedly improved, And mainstream bases climbed rapidly. Some vendors who offer higher prices also start selling. Subsequently, with a gradual reduction in cotton inventories, the base is expected to strengthen gradually. In addition, monthly cotton imports have been consistently below 100kt this year, and cotton inventories may gradually reduce through August and September, 2022/23. However, no clear supply gap is currently observed.For the second rumour, we have confirmed with relative spinning mill, it has not bought cotton in large quantities this week, and the major buying happened during last week, when ZCE cotton futures declined during May 25 and May 26 Was. For downstream demand, the downstream market is in a sluggish mood, and sales in May are thinner than in April. Nevertheless, the situation is different in different markets, and the Guangdong market is the weakest this year, while the previously hot Nantong market also cooled down somewhat. But the operating rates of spinning mills have not slowed down and cotton consumption has actually been consistently high this year.The sharp jump in ZCE Cotton on June 1 is further rooted in medium to long term bullish expectation. Although 2022/23 Chinese cotton production is high, cotton imports are largely down year-on-year, and from the demand side, monthly cotton consumption has been consistently above 700kt or 750kt since March, 2023. With the digestion of available cotton stocks, cotton supplies are believed to tighten gradually in the period leading up to the end of the 2022/23 cotton 2022/23 season. In terms of the market in the 2023/24 season, weather conditions in Xinjiang remain unfavorable from late April to late May, and still expect a large reduction in 2023/24 Xinjiang cotton production and seed cotton harvesting in the second Are. half a year. On 21st May, when Xinjiang faced bad weather again, ZCE Cotton tried to climb again on 22-23rd May, but the macro environment is overshadowed and most of the commodity prices fell on 22-23rd May declined, so ZCE Cotton failed to rise. During May 24 and May 31, ZCE Cotton futures declined following the trend of the commodity market. The open interest of the ZCE September contract declined by around 100,000 lots during May 24 and May 26. On May 31, after the release of China's manufacturing PMI, bearish sentiment retreated from time to time, and bulls re-entered the market, and ZCE cotton futures rose significantly on June 1 based on rumors. The bullish outlook for the cotton market in the medium to long term never changes.

Rupee strengthened by 10 paise against dollarThe rupee strengthened by 10 paise to close at Rs 82.30 against the dollar this evening.Sensex closed up by 119 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62547.11 points with a gain of about 118.57 points.On the other hand, the Nifty closed at a level of 18534.10 points with a gain of 46.30 points.

Pakistan: The trading volume in the cotton market remained satisfactory.LAHORE: The local cotton market remained stable on Thursday with satisfactory trading volume.Cotton analyst Naseem Usman told that the Karachi Cotton Association has officially released the spot rate of the new cotton crop for the year 2023-24.He also informed that the rate of new crop of cotton in Sindh and Punjab is Rs 20,000 per head. The rate of footi in Sindh and Punjab ranges from Rs 9,000 to Rs 9,200 per head.Tando Adam was sold for Rs.20,000 per head in 200 bales, Sanghar in 600 bales at Rs.20,000 to Rs.20,300 per head, Hyderabad in 200 bales at Rs.20,100 per head and Burewala in 100 bales at Rs.20,000 per head. 20,000 per head. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.

Rupee opens 9 paise higher at 82.32 against the US dollarThe Indian rupee opened 9 paise higher on Friday as the US dollar weakened amid mounting hopes that the US Federal Reserve will not hike rates in June, undermining demand for the US currency. The local currency opened at 82.32 a dollar as compared to the previous close of 82.41.

Plea of Tamil Nadu textile millsHigh tension (HT) electricity consumers in the textile industry, Chief Minister M.K. Stalin requested the Tamil Nadu Electricity Regulatory Commission (TNERC) to issue directions to allow collection of 20% of billable demand or recorded demand as monthly maximum demand (MD) charges.The Southern India Mills Association and the Tamil Nadu Electricity Consumers Association, in separate memoranda submitted to Mr. Stalin, said that Section 108 of the Electricity Act should be invoked. % of their sanctioned demand or up to the recorded demand alone instead of claiming demand fee at 90% level.Due to Ukraine-Russia war, inflation in western countries and reduction in purchasing power of consumers, capital, labor and power consuming textile mills have been affected by the drop in demand for the past one and a half years. Most of the mills in these countries are operating at only 50% or less of capacity and are therefore not utilizing the full sanctioned load.But, they will have to pay 90% of the accepted demand as MD fee. The tariffs are adding to the financial burden of textile units that are already finding it difficult to operate.In such exceptional circumstances, the licensee (Tamil Nadu Generation and Distribution Corporation) may reduce the MD charges collected if TNERC allows it to do so. The unions appealed to the Chief Minister to issue necessary guidelines and provide relief to textile units.

Rupee strengthened by 32 paise against dollarThe rupee strengthened by 32 paise to close at Rs 82.40 against the dollar this evening.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62428.54 points with a fall of about 193.70 points.On the other hand, the Nifty closed at a level of 18487.80 points with a fall of 46.60 points.

Pakistan: Cotton spot rate remains stableLAHORE: The local cotton market remained steady on Wednesday with low trading volume. Cotton Analyst.Cotton analyst Naseem Usman said that the price of cotton in Sindh ranges from Rs 17,000 to Rs 20,000 per head. The cost of cotton in Punjab ranges from Rs 18,000 to Rs 21,000 per head.The rate of footi in Sindh ranges from Rs 5,500 to Rs 8,300 per 40 grams. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.The spot price remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.

Rupee appreciates 39 paise to 82.36 against US dollarThe rupee appreciated by 39 paise to 82.36 against the US dollar in early trade on Thursday as positive macroeconomic data boosted investor sentiment. At the interbank foreign exchange, the domestic unit opened at 82.54 against the dollar and then recovered to 82.36, registering a gain of 39 paise from its previous close.Nifty jumps above 18560, Sensex up 80 pointsDomestic indices opened flat on Thursday. The NSE Nifty 50 was up 13.20 points or 0.07% at 18,547.60 and the BSE Sensex was up 26.46 points or 0.04% at 62,648.70.

Rupee weakens by 1 paise against dollarThis evening, the rupee closed at Rs 82.72 against the dollar with a weakness of 1 paise.Today the stock market closed with a fall.Today, where the Sensex closed at a level of 62622.24 points with a fall of 346.89 points.On the other hand, Nifty closed at the level of 18534.40 points with a fall of 99.40 points.