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“The duty exemption on cotton import is just not enough, traders and stakeholders demands for other measures”The cotton fraternity welcomes the decision of the government of removal of duty on cotton import, but it should have come earlier ,says the stakeholders. Sumit Jain, MD of a Delhi based Textile Company asserts that had the decision came 6-7 months earlier we wouldn’t have cancelled several orders due to the steep price hikes. Many business commitments couldn’t get fulfilled as the surging in prices every fortnight derailed the original manufacturing plans and their timeline.Several factors contribute to the spike in rates including the rise in demand but lack of supply and excessive rainfall in some major  cotton growing areas. Also, the irregularity in the supply chain and logistics has disrupted the global trade affair.Firms like MSME are really facing a tough time with their production from past 8-10 months. The traders and exporters are now looking for some more perks to stabilize the industry. Firstly, government should take a firm stand to control the export of raw cotton, in order to add value to cotton products. The Home Textile Welfare Association (HEWA) urges the government to put serious checks on the uncontrolled export of raw materials to competitive countries like China and Bangladesh..

Rupee depreciates against dollar, breaks 9 paiseIn the foreign exchange market, the rupee opened with a fall today against the dollar. Today the rupee opened with a fall of 9 paise at Rs 76.57 against the dollar. At the same time, the rupee on Thursday closed at Rs 76.48 with a strength of 5 paise against the dollar.

Sensex rises further, opens up 315 pointsToday the stock market opened with great momentum. Today, the BSE Sensex opened with a gain of 314.65 points at the level of 57835.71 points. On the other hand, the Nifty of NSE opened with a gain of 86.20 points at the level of 17331.20 points.

*All India Weather Forecast for April 29, 2022**Weather systems made across the country*A Western Disturbance is persisting over North Jammu and Kashmir and adjoining parts of Pakistan.A Cyclonic Circulation is persisting over Bihar and adjoining areas.A contour is passing from Vidarbha to South Tamil Nadu through Telangana and Interior Karnataka.Another fresh Western Disturbance is likely to reach Western Himalayas by May 2.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred over parts of Assam, Meghalaya, Arunachal Pradesh and Kerala.Light rain occurred in 1-2 parts of Nagaland, Manipur and North Interior Karnataka and South Chhattisgarh.Heat wave conditions prevailed over some parts of Gangetic West Bengal and parts of Bihar, West Rajasthan, Odisha, Vidarbha and Saurashtra Kutch.*Weather activity likely during next 24 hours*During the next 24 hours, isolated light rain with isolated falls over parts of Sikkim, Sub-Himalayan West Bengal, Assam, Meghalaya, Arunachal Pradesh, parts of Kerala, Jammu and Kashmir, Gilgit-Baltistan, Muzaffarabad, Ladakh and Himachal Pradesh. But there may be moderate rain.Light rain is possible over one or two parts of Manipur, Mizoram, Karnataka and South Chhattisgarh, Andhra Pradesh and Andaman and Nicobar Islands.Heat wave conditions are possible over Vidarbha, Rajasthan, parts of Madhya Pradesh and one or two parts of Uttar Pradesh, Jharkhand, Bihar, West Bengal, Odisha, Gujarat, Haryana, Delhi and Punjab.

Share market investors are happy, Sensex rises 702 points to reach 57,521.06 level. Rupee strengthens by 5 paise against the dollar, the dollar lost its value to Rs 76.48. The period of volatility continues in the cotton physical market, prices increased by Rs 500 to 1000 in almost all the mandis, no sale took place.Malaysia imposed ban on oil export, new policy came into force from Thursday. According to the exchange market, Malaysia Palm Oil fell 260 Ringint in May and closed at 7497.

U.S. EXPORT SALES FOR WEEK ENDING 21/04/2022    Cotton:  Net sales of 121,100 RB for 2021/2022 were up noticeably from the previous week and up 19 percent from the prior 4-week average.  Increases primarily for China (61,400 RB, including decreases of 7,600 RB), Vietnam (25,300 RB, including 1,700 RB switched from China, 700 RB switched from South Korea, and 500 RB switched from Japan), India (12,700 RB, including decreases of 5,500 RB), Pakistan (11,600 RB), and Turkey (4,700 RB), were offset by reductions for Ecuador (600 RB), South Korea (400 RB), Japan (300 RB), and Colombia (100 RB).  Net sales of 49,500 RB for 2022/2023 primarily for El Salvador (28,800 RB), Honduras (11,400 RB), Peru (5,100 RB), Guatemala (4,500 RB), and Vietnam (4,400 RB), were offset by reductions for China (11,200 RB).  Exports of 386,000 RB were up 5 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to China (117,900 RB), Vietnam (67,400 RB), Pakistan (57,600 RB), Turkey (43,300 RB), and Mexico (17,500 RB).  Net sales of Pima totaling 13,000 RB were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (10,300 RB), Vietnam (1,700 RB), India (700 RB), Colombia (200 RB), and Malaysia (100 RB).  Net sales of 500 RB for 2022/2023 were reported for Japan (300 RB) and Peru (200 RB).  Exports of 4,400 RB were down 70 percent from the previous week and 69 percent from the prior 4-week average.  The destinations were primarily to Peru (2,000 RB), China (1,600 RB), Vietnam (400 RB), Turkey (200 RB), and Bangladesh (100 RB). Optional Origin Sales:  For 2021/2022, the current outstanding balance of 57,200 RB is for Vietnam (52,800 RB) and Pakistan (4,400 RB). Exports for Own Account: For 2021/2022, the current exports for own account outstanding balance is 100 RB, all Vietnam.  

Cotton yarn export of Pakistan has increased tremendously, exports increased by 26 percent in 9 monthsThe demand for cotton yarn is increasing rapidly in almost all the countries involved in the textile industry. As a result, its exports have also increased. According to a reputed news group of Pakistan, the export of cotton yarn has increased by 25.97 percent in the 9 months of the financial year 2021-22 as compared to the previous year. Pakistan exported 293,161 metric tons of cotton yarn between July and March 2020-21, valued at $721.216 million. While this year between July to March 2021-22, cotton yarn worth $908.487 million has been exported from here. 100 percent increase in export of comberAlong with this, 2,752 metric tons of raw cotton worth $6.577 million were also exported in these 9 months, while only 499 metric tons worth $0.0593 million were exported during the same period last year. The export of cotton fabric has also increased in the first quarters of the current financial year. Last year it was 314,562 metric tonnes while this year it has been 342,700 metric tonnes. During the same period, there has been a 100 percent increase in exports of combed yarn. Pakistan has exported 1,211 metric tons this year compared to last year's export of 49 metric tons. A total of 1.30 lakh hectares will be used for cotton cultivationIt is significant that this time in Kharif season 2022-23, about 11.30 lakh hectares are to be cultivated here. The target of cotton production on 1.822 million hectares of land in Punjab province has been set at 6.600 million bales; Sindh province has a target of 4 million bales on 0.4600 million hectares. Apart from this, production targets for Khyber Pakhtunkhwa and Balochistan have been set at 0.004 and 0.0022 million respectively.Various programs were being run by the government to promote cotton cultivation in Pakistan. This is the reason why during the first 9 months of the current financial year a growth of 25.97 percent has been observed in the exports of the textile group from Pakistan.

Today evening, the rupee strengthened by 5 paise to close at Rs 76.48 against the dollar.Sensex closed up by 702 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 57521.06 points with a gain of about 701.67 points. On the other hand, the Nifty closed at the level of 17245.00 with a gain of 206.60 points.

Rupee ruffled against the dollar, opened 12 paise weakIn the foreign exchange market, the rupee opened with a fall today against the dollar. Today the rupee opened with a fall of 12 paise at Rs 76.65 against the dollar. At the same time, on Wednesday, the rupee strengthened by 5 paise to close at Rs 76.53 against the dollar.

All India Weather Forecast for April 28, 2022Weather systems made across the countryThe Western Disturbance is over North Pakistan and adjoining parts of Afghanistan.A Cyclonic Circulation is persisting over Sub-Himalayan West Bengal and adjoining West Assam.A trough is extending from this cyclonic circulation to southern parts of Bangladesh.A Trough/Wind Discontinuity is extending from East Madhya Pradesh to North Interior Karnataka through Vidarbha, Marathwada and parts of North Madhya Maharashtra.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain occurred over Sikkim, and most parts of Northeast India as well as parts of Sub-Himalayan West Bengal.Light rain fell in Kerala.Light rain occurred at one or two places over Rayalaseema, North Interior Karnataka and Andaman and Nicobar Islands.Heat wave conditions are prevailing in some parts of Bihar and Gangetic West Bengal.Probable weather activity during next 24 hoursDuring next 24 hours, return of heat wave is possible over Vidarbha, Interior Odisha, Bihar, Sub-Himalayan West Bengal, Jharkhand, Gujarat, Rajasthan, Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Delhi, Madhya Maharashtra and isolated parts . During the next 24 to 48 hours, one or two parts of Telangana may also experience heat wave conditions.Light to moderate rain is very likely over some parts of Sikkim, Northeast India and Sub-Himalayan West Bengal.Light rain with one or two moderate rains may occur over Kerala and southern parts of Karnataka.Light rain is possible at one or two places over Jammu and Kashmir, Himachal Pradesh, North Interior Karnataka, Andhra Pradesh and Andaman and Nicobar Islands. Good good

Duty exemption still not able to increase imports as higher rates curbsThe duty which was being imposed on the import of cotton, has been removed by the government a few days ago. But as expected, this does not seem to give any relief to spinners and textile mills. The reason behind this is the skyrocketing prices of cotton which is Rs. 90,000/- per candy.There was a strong belief in the market that duty exemption would lead to higher imports of cotton, but this ultimately did not happen as international prices were still too high.According to CAI, if the decision had come a few months earlier, global prices would have been under control. There are more loss making spinning units which cannot afford such high price as the weavers will not pay them high price for the yarn. Another reason for the hike in rates is the crop stock with MNCs which is around 6 million bales and futures trading on platforms like MCX and NCDEX, says Saurin Parikh, President, Spinners Association of Gujarat (SAG). He urged the government to limit both the factors.However, farmers have around 50 lakh bales and 7 to 8 lakh bales from Tamil Nadu and Karnataka will hit the market in early June, resulting in regulated supply chain, CAI President Atul Ganatra said.