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PAKISTAN COTTON MARKET UPDATESpot rate picks up Rs 300 despite rise in phutti arrivalThe Spot Rate Committee of the Karachi Cotton Association (KCA) on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 18300 per maund. The market remained bullish and the trading volume remained low.Cotton analyst Naseem Usman while talking to Business Recorder said that according to the fortnightly report issued by Pakistan Cotton Ginners Association (PCGA) on Monday 7.35 million bales arrived as compared to the last year production of 5.37 million bales during said period.He also told that cotton will not be available in the month of February. New crop of cotton will arrive in June. He also said that prices of cotton and cotton-related products like yarn and Banola increased by 60 % during 2021.He also told that the price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000.Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.The Polyester Fiber was available at Rs 252 per kg.

All India Weather Forecast for January 4, 2022Weather systems made across the countryThe Western Disturbance is over North Pakistan and adjoining parts of Afghanistan.A Cyclonic Circulation lies over Southwest Bay of Bengal, off Sri Lanka coast.Another Cyclonic Circulation is persisting over Southwest Rajasthan.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain with isolated heavy falls occurred over Tamil Nadu Coast.Light rain occurred over Interior Tamil Nadu and Andaman and Nicobar Islands.Moderate to dense fog covered parts of Punjab, Uttar Pradesh and Northeast India.Weather activity likely during next 24 hoursDuring the first 10 days of January, a series of Western Disturbances will reach the Western Himalayas.During the next 24 hours, light rain with one or two moderate rains and snow is possible at isolated places over Jammu and Kashmir, Gilgit Baltistan, Muzaffarabad, Ladakh and parts of Himachal Pradesh and Uttarakhand.Light to moderate rain is also possible over Rajasthan, parts of Punjab, Haryana, Delhi and western parts of Uttar Pradesh.Light rain is possible over Tamil Nadu Coasts.

Today evening, the rupee depreciated by 29 paise to close at Rs 74.55 against the dollar.Today the stock market closed sharply.Today, where the Sensex closed at the level of 59855.93 points with a gain of about 672.71 points. On the other hand, Nifty closed at 17805.30 with a gain of 179.60 points.  

Sensex opens sharply, rises 238 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 237.70 points at the level of 59420.92 points.

Rupee collapses against dollar, opens weak by 26 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 26 paise at Rs 74.52 against the dollar. At the same time, on Monday, the rupee strengthened by 7 paise to close at Rs 74.26 against the dollar.

ICE COTTON SUMMARYCotton rises on strong demand viewICE cotton futures rose in thin trading on Monday, helped by strong demand prospects for the natural fiber, although a robust dollar capped further gains.“Cotton has good fundamentals. We had a good shipment number last week. A good sales number and China was the number one buyer for cotton. The trend of cotton is still up,” said Keith Brown, principal at Keith Brown and Co in Georgia.“However, the dollar today being up 70 points is rather extreme, so that is causing a little consternation among traders. But overall, I think cotton fundamentals are fairly solid.”The US dollar rose 0.6% against a basket of major currencies, tracking government bond yields as investors anticipate the Federal Reserve will stay on its path of interest rate hikes in 2022.A stronger greenback makes cotton more expensive for other currency holders.Last week, the US Department of Agriculture (USDA) weekly export sales report showed net sales of 192,200 running bales, with China being the top buyer.Chicago soybean futures prices rose by about 1.5% on South American weather concerns, while world markets got 2022 off to an optimistic start, with US and European equity markets powering higher on Monday.On the technical front, “the March contract should experience resistance near 115-116 cents and support near 100-102, 95 -96 and 90-92 cents over the near-to-medium-term,” Louis Rose of Tennessee-based Rose Commodity Group said in a note.Total futures market volume fell by 3,760 to 10,346 lots. Data showed total open interest gained 318 to 239,896 contracts in the previous session.  SiS Commited to update you on all textile related news real time.RegardsTeam SisAny query plz call 9111977771Smartinfoindia.comhttps://wa.me/919111977775

Dullness persists on cotton marketThe Spot Rate remained unchanged. The market remained steady and the trading volume remained low.Cotton analyst Naseem Usman while talking to Business Recorder said that according to the fortnightly report issued by Pakistan Cotton Ginners Association on Monday 7.35 million bales arrived as compared to the last years production of 5.37 million bales during this period.He also told that cotton will not be available in the month of January. A new crop of cotton will arrive in June. He also said that prices of cotton and cotton-related products like yarn and Banola increased by 60 % during 2021.He also told that the price of Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 8000.Cotton of Sindh was traded from Rs 15000 to Rs 19000 per maund, Punjab’s cotton was traded from Rs 16000 to Rs 18500 per maund.The Spot Rate remained unchanged at Rs 18000 per maund. Polyester Fiber was available at Rs 252 per kg.

Waive import duty on cotton: Textile entrepreneurs to CentreTextile entrepreneurs are seeking waiver of import duty on cotton to tide over the rise in yarn price that has put the industry under stress over the last one year.Prabhu Dhamodharan, convenor of Indian Texpreneurs Federation (ITF) that has over 450 textile entrepreneurs as members, said the price of raw cotton increased by 67% in the last 12 months.“The Union government should remove the import duty on cotton to bring down cotton prices,” he said.Ideally, the cost of cotton should have come down in the last few weeks. But staggered supply of cotton by farmers has kept the prices high. The role of traders in hoarding cotton is also cited as a reason for the price rise.“Cotton traders are engaging in hoarding, which has been creating artificial shortage resulting in cost inflation. Import is also difficult as the government had imposed an import duty of 10% in last year’s Budget,” said president of Tirupur Exporters and Manufacturers Association (Teama) M P Muthurathinam. “Yarn prices have increased by over 150/kg in one year. On Saturday alone, there was 30 increase, taking the price to 360. It is expected to go up,” he said.Raja M Shanmugam, president of the Tiruppur Exporters Association, said that the government has been silent as cotton farmers are getting benefit over the increase in cotton price. “But survival of the textile industry, which is also labour intensive, is the responsibility of the government as it ensures livelihood of millions of families. If this industry suffers, cotton farmers will eventually suffer. Waiving import duty on cotton will be an immediate measure to bring prices down.”

*All India Weather Forecast for January 4, 2022**Weather systems made across the country*The Western Disturbance is over North Pakistan and adjoining parts of Afghanistan.A Cyclonic Circulation lies over Southwest Bay of Bengal, off Sri Lanka coast.Another Cyclonic Circulation is persisting over Southwest Rajasthan.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain with isolated heavy falls occurred over Tamil Nadu Coast.Light rain occurred over Interior Tamil Nadu and Andaman and Nicobar Islands.Moderate to dense fog covered parts of Punjab, Uttar Pradesh and Northeast India.*Weather activity likely during next 24 hours*During the first 10 days of January, a series of Western Disturbances will reach the Western Himalayas.During the next 24 hours, light rain with one or two moderate rains and snow is possible at isolated places over Jammu and Kashmir, Gilgit Baltistan, Muzaffarabad, Ladakh and parts of Himachal Pradesh and Uttarakhand.Light to moderate rain is also possible over Rajasthan, parts of Punjab, Haryana, Delhi and western parts of Uttar Pradesh.Light rain is possible over Tamil Nadu Coasts.

Today evening, the rupee strengthened by 7 paise to close at Rs 74.26 against the dollar.Today the stock market closed sharply.  Today, where the Sensex rose by about 929.40 points, closed at the level of 59183.22 points. On the other hand, Nifty closed at the level of 17625.70 points with a gain of 271.70 points.  

Rupee depreciates against dollar, loses 2 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 2 paise at Rs 74.35 against the dollar. At the same time, on Friday, the rupee closed at Rs 74.33 with the strength of 8 paise against the dollar.