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Spot rate unchanged in cotton marketLAHORE: The local cotton market remained steady on Thursday with low trading volume. Cotton analyst Naseem Usman told that the price of cotton in Sindh is 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. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.Around 200 bales of Haroonabad were sold at Rs 20,500 per head. The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.

Rupee weakens by 22 paise against dollarThis evening, the rupee closed at a level of 82.60 against the dollar with a weakness of 22 paise.Sensex fell 129 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61431.74 points, down by about 128.90 points.On the other hand, the Nifty closed at the level of 18130.00 points with a fall of 51.80 points.

Cotton prices rise, apparel exports downAHMEDABAD: An overall bearish trend in the major worldwide economy and rise in cotton prices have adversely impacted the entire textile value chain and exports.According to the data presented by the Confederation of Indian Textile Industry (City), there has been a decline of 20% in textile exports.Apparel exports in April this year compared to the same period last year up 23%.In April 2023, textile exports fell to $1,540 million in India from $1,942 million while for apparel it fell to $1,210 million from $1,574 million, according to Citi.Total textile commodity exports also declined by 12.69% during the same period.With demand falling in both domestic and international markets, fresh orders have not been placed and as a result, manufacturers are reeling under a liquidity crunch amid rising inflationary pressures."The overall economic scenario across the world has weakened the prospects of exports from India for both apparels and textiles. Since demand is low, fresh orders are not being placed. Also cotton prices have fluctuated. Production The industry was affected in terms of increasing costs," said a senior member of the Clothing Manufacturers Association of India (CMAI).Yarn makers say there is a huge pile of inventory. Besides, the demand has been affected by the volatility in the price of cotton. Textile industry playersGaurang Bhagat, president of Muscati Cloth Market Mahajan, the apex body of cloth traders of Ahmedabad, said, “Our cloth exports have been adversely affected since last one year due to high cotton prices. Cotton crop is good,But the arrival of cotton is slow and hence our cotton is costlier as compared to what is available in the international market."Additionally, export demand is weak due to high inflation in US and European markets. Domestic demand is also weak but we are confident that there will be revival soon as the market gears up for the upcoming festive season."

Cotton farmers were asked to opt for bed planting.CHANDIGARH: This cotton sowing season is prompting the people of Punjab to go for bed planting for the state's farmers. Besides promising proper, the method requires less water for germination and keeping weeds at bay. It is expected that more number of progressive farmers have switched to technology in this season.As recommended by Punjab Agricultural University (PAU), sowing of bed plantation can be done by tractor driven tractor using bed planter with row to row distance of 67.5 cm and plant to plant distance of 60 cm. Farmers can give water to the crops in furrows and in the rainy season, the excess water also drains out through these furrows.Agriculture director Gurvinder Singh said that bed planting cotton was a better method and farmers had shown interest in it this season. The department has held demonstrations for the farmers in various districts.“Farmers in the state were motivated to switch to cotton from paddy to save groundwater. More farmers will opt for bed planting once they realize that it comes with benefits. The crop is easier to pick and they get better returns," said Dr Jaswinder Singh Brar, Plant Protection Officer.

Business activities have improved in the cotton marketLAHORE: The local cotton market remained stable on Wednesday with a marginal improvement in trading volume.Cotton analyst Naseem Usman told that the price of cotton in Sindh is 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. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.About 300 bales of Shahdad Pur were sold at Rs.15,500 per head, 600 bales of Tando Adam, 200 bales of Kotri Kabir and 200 bales of Rani Pur at Rs.18,000 per head.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.

Rupee weakens by 17 paise against US dollarThis evening, the rupee closed at a level of 82.38 against the dollar with a weakness of 17 paise.Sensex dropped 372 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 61560.64 points with a fall of 371.83 points.On the other hand, the Nifty closed at a level of 18181.80 points with a fall of 104.70 points.

Punjab state government has extended the deadline of 33% subsidy on cotton seeds till MayPunjab state government has extended the deadline of 33% subsidy on cotton seeds till May 31, more than 50,000 farmers have already registered for the subsidy. Delayed harvesting of wheat has affected sowing of kharif crop, with only 44 per cent of the target being met so far. The high number of subsidy registrations has been taken as a positive sign that farmers are looking to grow cotton instead of crops that have failed in the past two years.The state government has extended the date to apply for 33 per cent subsidy on cotton seeds till May 31. Delay in harvesting of wheat has also affected the sowing of major kharif crop. Sowing has been done so far 44% of the target of 3 lakh hectares for Kharif season 2023-24 has been completed on 1.30 lakh hectares More than 50,000 farmers have registered themselves for subsidy on cotton seeds so far.Last year the area under cotton crop was 2.47 lakh hectares“With average rates of raw cotton being much higher than the MSP in the last two seasons, farmers are reposing faith in the state government's preparedness for the cash crop. Initially, it was feared that many cotton growers may shift to paddy wherever irrigation facilities are available, but trends in subsidy registration and sowing area reflect farmers' interest in the cotton crop," the state said. said an official of the agriculture department.According to official information, maximum 19,109 applications have come for Fazilka subsidy till May 15. The district is also a leader in cotton sowing with about 74,000 hectares covered under the crop. Against 96,000 hectares under cotton in 2022-23, officials had set a target to sow cotton on 1.05 lakh hectares this year, Fazilka chief agriculture officer Jangid Singh said, adding that the district has already achieved 70% of the target. “Canal based irrigation support has been audited at a satisfactory level and the target will be achieved in seven to 10 days.In Bathinda, the second largest cotton producing district, around 13,000 farmers have applied for the subsidy. This year, against the target of 80 thousand hectares, sowing has been done in 20 thousand hectares. And officials said it would pick up the pace in the next few days.Muktsar chief agriculture officer Gurpreet Singh said the subsidy introduced in the first instance would motivate Punjab farmers to use only approved varieties of cotton. “In the last two kharif seasons, Punjab saw a sharp decline in cotton production Went. Pest attacks observed in districts of cotton growing state and use of rejected varieties reportedmajor reason behind failed crop,” he said.Mansa, another major cotton-growing district, has received 10,000 applications for the subsidy till date. Cotton has been sown in 19,000 hectares. Satpal Singh, chief agricultural officer of Mansa, said the recommended time for sowing cotton is between On 15th April and 15th May, the crop gets attacked by pests. But farmers had to delay sowing due to inclement conditions on several days in the last month.”After an intensive campaign by extension teams of the state agriculture department, farmers have reposed confidence in traditional cash crop cultivation. We have seen an impressive registration to avail the subsidy and a sharp jump in sowing is expected in the coming days.”

China has ordered 5 thousand tonnes of cotton yarnAHMEDABAD: Lower production of cotton crops in China's Xinjiang province this year has resulted in the country ordering nearly 5,000 tonnes of cotton yarn from India in the last fortnight. The province produces more than 70% of China's total cotton production.The latest orders are going to help the Gujarat based. The spinning mills undergoing idling are on a large scale as most of the orders will be fulfilled by the state's spinning mills in the next two months.Indian cotton prices have remained higher than international prices for almost a year, and hence, exports of cotton yarn have dropped. China's Xinjiang state is estimated to produce about 10-15% less this year at 27.5 million bales.Spinners' Association Gujarat (SAG) vice-president Jayesh Patel said, "Xinjiang cotton production is estimated to be much lower this year. As per our estimate, China has placed orders for around 250 containers of 20 tonnes each. Most orders are 20-count." And for 32- count cotton yarn. A major part of this will be supplied to Gujarat-based spinning mills." He said cotton prices have come down to Rs 59,000 per candy (356 kg) in Gujarat and Rs 58,000 in Maharashtra. Rupees.According to industry estimates, India's cotton production this year will be around 34 million bales (170 kg each). "As arrivals are slow and farmers' holding capacity is better, arrivals of stocks will continue till the end of the season in September," said Patel. Cotton prices are expected to reach Rs 55,000 per candy level, and yarn prices once 245 per kg from the current level of Rs 255 per kg, we will see more export demand as our prices will be in line with international prices,” said Patel.Rahul Shah, Co-Chairman, GCCI Textile Taskforce.“With the forecast of lower cotton crop, cotton yarn demand from China has increased in the last two weeks. For India, getting significant orders from China is a good sign. Till two years ago, the demand from China was around 40% of our total exports, which has now come down to around 15%.

Rupee depreciates 10 paise to open at 82.30 against US dollarThe Indian rupee opened 10 paise lower against the US dollar on Wednesday as the dollar index remained at a five-week high. The local currency opened at 82.30 as compared to its previous close of 82.20 per dollar.Sensex down 61,832 points, Nifty in red at 18,257Indian shares fell on Wednesday as investors booked profits after a 5% gain in the benchmark Nifty 50 so far in fiscal 2024, while the U.S....

Sluggish trading activity in the cotton marketLAHORE: The local cotton market remained stable on Tuesday with a slight improvement in trading volume.Cotton analyst Naseem Usman told that the price of cotton in Sindh is 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. The rate of footi in Punjab ranges from Rs 6,000 to Rs 8,500 per 40 kg.About 150 bales of Lodharan were sold at Rs 20,000 per head.The spot rate remained unchanged at Rs 20,000 per head. Polyester fiber was available at Rs 375 per kg.

MCX Cotton Candy Prices Slip 2% in a Week Amid Weak Demand SignalsCotton candy prices on the Multi Commodity Exchange (MCX) declined by around 2.05% over the past week, reflecting sluggish demand and growing concerns over a potential global economic slowdown.Mixed Market Trends Across IndiaThe cotton market is currently witnessing mixed trends across different regions. While cotton sowing is progressing well in North India with expectations of increased acreage, demand conditions in South India remain weak. The yarn market is facing reduced demand from the weaving industry, leading to a decline in cotton yarn prices.Supply-Side Pressures and Lower Crop EstimatesOn the supply front, Cotton Association of India (CAI) has revised downward its cotton production estimates for the 2022–23 season. The decline is attributed to lower output in key states such as Maharashtra, Telangana, Tamil Nadu, and Odisha.This reduction in domestic production is expected to bring cotton stocks down to their lowest level in over three decades, tightening supply in the local market.Global Outlook Remains BalancedGlobally, cotton supply for the 2023–24 season is projected to be higher than last year despite a slight dip in production. Consumption is expected to recover, while ending stocks may decline marginally.However, reduced harvesting areas in countries like China, India, Turkey, and Australia may offset gains from increased production in the United States and West Africa.Market Outlook and Technical LevelsCurrently, the domestic cotton market is under pressure due to weak demand, even as global consumption shows signs of recovery. Lower production and shrinking stocks in India point toward a tighter supply scenario ahead.From a technical perspective, MCX cotton prices are consolidating, with key support levels near ₹60,800 and ₹60,280. Resistance is expected around ₹61,820, with a potential upside target of ₹62,600.