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Rupee opened down 6 paise against dollarThe rupee depreciated 6 paise to 82.73 against the US dollar in early trade on May 31.Today the stock market opened with a fall.Today the BSE Sensex opened at a level of 62714.71 points with a fall of 254.42 points.On the other hand, the Nifty of NSE opened at a level of 18564.80 points with a fall of 69.00 points.

Pakistan: There was no movement in the cotton market. LAHORE: The local cotton market remained stable on Monday with steady trading volume.Cotton analyst Naseem Usman said that the business of new cotton crop 2023-24 has started. 2400 bales of new cotton crop of Tando Adam, Sanghar and Hyderabad were sold at Rs.20,300 to Rs.20,500 per head. The rate of new fruit is 9400 to 9800 rupees per 40 kg.He also informed that the price of cotton in Sindh ranges between 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 kg.200 bales of Mir Pur Mathelo were sold at Rs.21,500 per head (Condition).The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 365 per kg.

Seed industry expects short supply of some branded Bt cotton this seasonWhile cotton acreage in the upcoming kharif season is likely to be higher than last year, sellers said the Bt cottonseed market is short on branded hybrid supplies, mainly in the central and south regions, because of excess rains last year. Due to which seed production was affected.Unseasonal rains in April and May this year have triggered early sowing of cotton in the major producing states of Gujarat and Maharashtra, while sowing is nearing completion in the northern states of Punjab, Haryana and Rajasthan.M Ramasamy, chairman, Rasi Seeds, said, “The movement of branded cotton hybrid seeds is fast and the market feels that there will be some tight supply situation in the central and southern regions.” As a result, all carry forward stock will be liquidated this year.Ramasamy said the government in Maharashtra does not allow the sale of Bt cotton seeds before June 1. However, the sale has been happening for the past few days.The area under cotton this season is higher by 130.49 lakh hectare (LH) and the yield is estimated at 439.34 kg/ha as against 445 kg/ha in the previous season.Why has cotton prices come down in recent times?minimum stockThe Bt hybrid cotton market in the country is estimated to be around 4-45 million packets of 450 grams and the industry usually has a carry-forward stock of 1-15 million packets."This year the carry-forward stock of last year's Bt hybrid was minimal and last year's seed production was affected by excess rains," Ramasamy said.Despite the recent fall in cotton prices due to heavy arrivals in the market, seed traders are hopeful that the fiber crop will retain the interest of growers as other competing crops like maize and soybean show a bearish trend.“There was good demand for maize last year around this time. Now that it is not there and it is expected that soya may also come down, cotton may be a preferred crop in the areas of Maharashtra bordering Madhya Pradesh.Ram Kaundinya, director general of the Federation of Seed Industry of India (FSII), confirmed that the supply situation for Bt cotton seeds is tight.“Cotton hybrids, especially popular products are in a tight spot due to increase in demand. Last year, production was affected due to rain and other reasons. Production has not happened as expected. He said Kaundinya estimates that the area under cotton may increase by about 8-10 per cent this year.Cotton was sown in 130.49 lakh hectares in the Kharif 2022 season, which is higher than last year's 123.72 lakh hectares.Satyendra Singh, CEO, Seed Business, Crystal Crop Protection Ltd, said the sentiment is good for cotton this year. "Last year there was a positive sentiment because of the price. This year it is not negative," he said.no negative emotion“The prices of competing crops have come down significantly. Cotton still has good returns compared to other crops. There is no negative sentiment, neither from business nor from farmers. Overall, the area may remain the same. Sowing has happened earlier in Gujarat as compared to last year, while in some parts of Maharashtra people have started sowing before June, he said. “There is a shortage of branded seeds. In particular, deficiency can be seen in specific hybrids," Singh said, adding that it was difficult to assess the deficiency.Mithun Chand, ED, Kaveri Seed Company Ltd, expects cotton acreage to remain stable this year."I don't see much increase in acreage this year as compared to last year because other crops are doing well," Chand said in the post-earnings conference call.

Rupee weakens by 8 paise against dollarThis evening, the rupee closed at a level of 82.71 against the dollar with a weakness of 8 paise.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 62969.13 points with a gain of about 122.75 points.On the other hand, the Nifty closed at the level of 18633.80 points with a gain of 35.10 points.

Monsoon in India has advanced in many parts after a pause of 11 days.India's monsoon rains have reached some other parts of the southwest Bay of Bengal after stalling over the remote islands for the past 11 days, the Meteorological Department said on Tuesday.The monsoon, the lifeline of the country's $3 trillion economy, provides about 70% of the rainfall that India needs to irrigate farms and recharge reservoirs and aquifers.About half of India's agricultural land, without any irrigation cover, depends on the annual June-September rains to grow many crops.The India Meteorological Department (IMD) said that monsoon rains occurred in the Andaman and Nicobar Islands on May 19, but there was no further progress till May 30.The IMD said monsoon advanced over parts of South West Bay of Bengal on Tuesday and conditions are favorable for it to advance over other parts of the region during the next 2-3 days.Rains usually occur in mainland Kerala around June 1 and cover the entire country by mid-July. Timely rains enable sowing of crops like rice, soybeans and cotton.This year, the onset of monsoon in Kerala is likely to be slightly delayed. The onset of Monsoon rains in the southern Indian state is likely on June 4, with a model error of plus/minus 4 days.

Rupee depreciates 4 paise against US dollarThe rupee depreciated 4 paise to 82.67 against the US dollar in early trade on Tuesday tracking a stronger American currency against key rivals overseas. Forex traders said fall in crude oil prices and inflow of foreign funds capped the fall in the Indian currency.In early trade, the BSE Sensex was trading at a level of 62,863.02 points with a gain of 16.64 points, or 0.03 per cent.The Nifty was trading at a level of 18,609.45 points with a gain of 10.80 points, or 0.06 per cent.

Pakistan: Cotton prices held steady amid thin tradeLAHORE: The local cotton market remained stable on Monday with low trading volume.Cotton analyst Naseem Usman told that the rate of cotton in Sindh is 17 thousand to 20 thousand rupees 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 kg. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg. 200 bales of Tando Adam's new crop of 2023-24 were sold at Rs.20,500 per head.The spot price remained unchanged at Rs 20,000 per head. The rate of polyester fiber was increased by Rs 10 and was available at Rs 365 per kg.

Rupee weakens by 5 paise against dollarThis evening, the rupee closed at 82.62 against the dollar with a weakness of 5 paise.Today the stock market closed with a boom.Today, where the Sensex closed at a level of 62846.38 points with a gain of about 344.69 points.On the other hand, the Nifty closed at a level of 18598.70 points with a gain of 99.40 points.

Appeal for exemption at 11% import tax on cotton: SimaSIMA president Ravi Sam said cotton arrivals in the current season were less than 60% as on March 31, compared to the normal arrival of 85% to 90% for several decades.COIMBATORE: The Southern India Mills Association (SIMA) has appealed to the central government to exempt cotton from 11% import duty till October this year, as was done last year.Global exports of cotton textiles are set to decline to $143.87 billion during the calendar year 2022, as against $170 billion in 2021 and $154 billion in 2020.He has said that the price of cotton during the peak arrival months (December to February) of last year was around Rs 9,000 per quintal (100 kg), despite the daily arrival rate being 1.32 to 2.2 lakh bales, the price of cotton during April 2022 will be Rs 11,000. per quintal was more than Rs. The daily arrival during the peak season in the current year was only about 1 to 1.3 lakh bales which was very low.“Ginning of cotton will be difficult during the rainy season and hence, farmers should sell the available kapas to get better price. The industry may face shortage of cotton at the end and beginning of the season till new cotton arrives " Therefore, it is recommended to exempt ELS cotton from 11% import duty and other varieties of cotton from June to October, similar to the exemption granted from April to October 2022.

Pakistan Weekly Review: No movement in cotton prices.KARACHI: Cotton prices remained steady last week due to low trading volumes. Partial arrival of the new crop has already started, as five ginning factories have partially started functioning.Acting Chief Minister of Punjab Syed Mohsin Naqvi has said that at present the condition of cotton crop is satisfactory. The concerned institutions are actively working to increase the production of cotton. He claimed that the target of cotton production would be achieved.Zahid Mazhar, chairman of the Southern Zone of the All Pakistan Textile Mills Association (APTMA), said that the textile industry in Sindh and Punjab is working at only 50% capacity due to gas shortage.The Cotton Committee of the Federation of Pakistan Chambers of Commerce and Industry has said that an increase in cotton production is imperative for the revival of the country's economy.A ginning factory in Shahdadpur has signed a deal for 400 bales at Rs 20,200 per head for delivery from June 6 to June 10. It is expected that some ginning factories in Punjab and Sindh will start partially functioning soon. As of now, the price of new fruit is Rs 9,500 to Rs 10,200 per 40 kg, while the price of Banola is Rs 3,800 to Rs 4,200 per head.As per details, the condition of cotton crop in Sindh and Punjab is satisfactory. According to experts, if the weather remains favourable, cotton production is expected to be around one crore bales, though the government had set a target of one crore twenty-seven lakh seventy thousand bales.Special efforts are being made to increase the cotton crop in Punjab province. Cotton farmers are being encouraged in this regard and the government and related organizations are actively working for this. The Governor and caretaker Chief Minister of Punjab are taking interest in increasing the production of cotton. The enumerators had a stock of one lakh bales of old cotton. The rate of old cotton stock is ranging between Rs 1,7000 to Rs 21,000 per head. On the other hand, the textile sector is still in trouble and the situation is expected to worsen with each passing day.A few days ago, PHMA and PRGMEA have jointly requested the government through an advertisement in the newspapers to immediately solve the problems of these sectors as their exports are badly affected. Rates range from Rs 17,000 to Rs 20,500 per head. The rate of footi is 6500 to 8000 rupees per 40 kg.Cotton rates in Punjab range from Rs 19,000 to Rs 21,000 per head, while cotton rates range from Rs 8,000 to Rs 9,500 per 40 kg. The spot rate committee of the Karachi Cotton Association kept the cotton rate unchanged at Rs 20,000 per head.Naseem Usman, president of the Karachi Cotton Brokers Forum, said there was overall volatility in the international cotton market. New York cotton futures traded at 86.70 US cents a pound after hitting a low of 80 cents before closing at 83.35 cents a pound. Cotton prices in India showed a bearish trend.According to USDA's weekly export and sales report for the year 2022-23, one lakh thirty one thousand two hundred bales were sold.China topped the list by purchasing 64,800 bales. Vietnam came second with 30,400 bales. Turkey bought 11 thousand 700 bales and stood third.Bangladesh finished fourth by purchasing 9,000 bales. Pakistan bought 3,800 bales and ranked fifth. One lakh forty thousand five hundred bales were sold in the year 2023-24. Türkiye topped the list with 54,600 bales. Mexico was second with 24,000 bales. China bought 4,400 bales and stood third.Meanwhile, Balochistan's textile industry is forced to operate at 50 per cent of its production capacity due to the large-scale shutdown of industries in Sindh and Balochistan due to gas shortage, Zahid Mazhar, president of the All Pakistan Textile Mills Association Southern Zone he said .He demanded that the gas produced in Sindh and Balochistan should be supplied to these provinces first and after meeting the requirement of Sindh and Balochistan, additional gas should be supplied to other provinces. On the contrary, gas is being supplied to Punjab from both the provinces, which is against Article 158 of the Constitution.Apart from this, a high-level meeting was held in the Chief Minister's Office under the chairmanship of Caretaker Chief Minister Punjab Mohsin Naqvi, in which the progress of cotton sowing was reviewed.It was also decided in the meeting that cotton farmers will not face any shortage of essential commodities including water, seeds and fertilizers during the sowing of cotton.Mohsin Naqvi stressed that we have to achieve the target of cotton sowing and complete maintenance of cotton fields is also necessary. He ordered the concerned officials to stop the incidents of water theft and assured the supply of essential water to the cotton fields.He directed to take more effective action against those selling spurious medicines and seeds across the state. The proposal for survey of crops by satellite was discussed in the meeting.However, the Prime Minister stressed on the importance of innovations in the textile sector to increase exports.Prime Minister Shehbaz Sharif asked exporters to bring innovation in the textile industry to increase exports, which would help the country earn valuable foreign exchange.Addressing an event at the Textiles Expo, he said, "Despite various challenges, we have very strong, very forward-looking and very hardworking entrepreneurs who have slowly built up Pakistan's export culture.Malik Sohail Talat, Coordinator of the Cotton Committee of the Federation of Chambers of Commerce and Industry of Pakistan appreciated the policies of the government regarding increasing the cotton production this year and the timely decision to fix the support price of cotton foots at Rs 8500 per 40 kg took. He said that the announcement of various incentive schemes for the farmers and vigorous publicity campaign by the Punjab government are commendable steps as increasing cotton production has become imperative to revive the economy.

Rupee strengthened by 16 paise against dollarThe rupee strengthened by 16 paise to close at Rs 82.58 against the dollar this evening.Sensex up 629 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 62501.69 points with a gain of about 629.07 points.On the other hand, the Nifty closed at a level of 18499.30 points with a gain of 178.10 points.👇🏻👇🏻👇🏻👇🏻https://smartinfoindia.com/newsdetails/2468