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PAKISTAN COTTON MARKET UPDATESharp decline on cotton marketThe Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was a little bit low.The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. The Polyester Fiber was available at Rs 222 per kg. The rate of cotton in Sindh is in between Rs 13500 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13700 to Rs 14000 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6100 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6050 per 40 kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13700 to Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6100- 6800 per maund.The Cotton Crop Assessment Committee (CCAC) revised downward the cotton production target by 19.5 percent, i.e., from 10.5 million bales set for 2021-22 to 8.46 million bales, after missing the sowing target by 13.4 percent, it was learnt.

ICE COTTON SUMMERYCotton rebounds from one-week trough on weaker dollarICE cotton futures rose on Thursday, as a weakened dollar provided some respite after concerns over higher supply of the natural fiber sent it to a one-week low in the previous sessionhaving hit its lowest since Aug. 24 on Wednesday. * Lowering the cost of purchasing cotton for buyers holding other currencies and potentially boosting demand, the dollar index fell to a near one-month trough.“The market could be sensitive to where the dollar goes going forward and a lot of times the dollar can overwhelm supply and demand numbers,” said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.Adding support to the cotton market was an uptick across US grain markets.But weighing on cotton, concerns of increased supply have emerged due to improving crop conditions with a United States Department of Agriculture (USDA) report earlier this week showing that about 70% of the crop was in good-to-excellent condition, well above the 44% for the same period a year ago.Kansas-based commodity analyst Sid Love said that the report raised doubts over the USDA lowering its production estimate by a million bales last month and that it could increase its ending stocks estimate to about 3.5-4 million bales in its September demand and supply report.“But that’s not significantly tighter, especially by historical standards, so it really shouldn’t have that much of a longer-term impact,” he added. Market participants also took stock of the USDA’s weekly export sales report, which showed net sales of 105,200 running bales for 2021/2022 compared to the 245,100 RB reported in the prior week.

All India weather forecast for September 3, 2021Weather systems made across the countryThe Monsoon Trough is passing through Surat, Indore, Raipur, Gopalpur and then towards South East Central Bay of Bengal. A Cyclonic Circulation is persisting over Gujarat. It is very likely to move northwestwards during the next 24 hours and weaken. A trough is extending from South Gujarat to Coastal Andhra Pradesh at 3.5 to 5.8 km above mean sea level.Another trough is extending from Gujarat to East Rajasthan up to Northwest Uttar Pradesh.Weather movement across the country during the last 24 hoursDuring the last 24 hours, Monsoon remained active over Konkan and parts of Goa and Gujarat. These areas received moderate to heavy rain with one or two very heavy showers. Light to moderate rain occurred at isolated places over Delhi & NCR, South & East Rajasthan, parts of Madhya Pradesh, isolated parts of Telangana, Coastal Karnataka and parts of Assam. Light to moderate rain occurred over Himachal Pradesh, Uttarakhand, Haryana, West Uttar Pradesh, parts of Bihar, West Bengal, isolated parts of Jharkhand, parts of Chhattisgarh, Coastal Andhra Pradesh, Kerala and rest of Northeast India. Rest of Uttar Pradesh, Odisha, Tamil Nadu, Lakshadweep, Andaman and Nicobar Islands and Interior Karnataka received light rain.Possible weather activity during next 24 hoursDuring the next 24 hours, some parts of Gujarat, Southwest Rajasthan, Foothills of Uttar Pradesh, parts of Sikkim, Sub-Himalayan West Bengal, parts of Assam, Andaman and Nicobar Islands, Coastal Andhra Pradesh, some parts of Telangana Light to moderate rain with heavy to very heavy falls at isolated places over parts of East Madhya Pradesh. . Light to moderate rain is likely over Himachal Pradesh, Uttarakhand, rest of Rajasthan, Bihar, Vidarbha, Konkan & Goa, Coastal Karnataka, Kerala, Rayalaseema, parts of Tamil Nadu and rest of Northeast India.Light rain is possible over Jharkhand, Gangetic West Bengal, Odisha, Chhattisgarh, Interior Karnataka, Lakshadweep, Delhi and Haryana.

*Rupee opens 2 paise stronger against dollar*Rupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 2 paise at Rs 73.03 against the dollar. *Sensex starts sharply, rises 131 points to open at record level*Today the stock market opened with great momentum. Today, the BSE Sensex opened at a record level of 57983.45 points with a gain of 130.91 points. On the other hand, the Nifty of NSE opened at a record level of 17262.00 points with a gain of 27.80 points. 

The U.S. would be ‘wise’ to cut tariffs on China, says former trade negotiatorHigher U.S. tariffs on Chinese goods hurt American businesses and consumers, and it would be “wise” to reduce them, said Frank Lavin, a former undersecretary of Commerce for international trade.Mutual reduction in tariffs would improve the working relationship between the U.S. and China, said Lavin, who also once served as U.S. ambassador to Singapore.“And then let’s start tackling some of these trade issues one by one and help China move to world norms,” he added.Higher U.S. tariffs on Chinese goods hurt American businesses and consumers, and it would be “wise” to cut those levies, a former American diplomat and trade negotiator said Thursday.If both countries were to reduce tariffs on each other, their relationship could improve, said Frank Lavin, a former U.S. ambassador to Singapore and undersecretary of Commerce for international trade.He told CNBC that a “mutual reduction” in tariffs would also allow the U.S. to address longstanding concerns about China’s trade practices.Lavin was asked what advice he would give to the Biden administration on its policy toward China.“I would say don’t step away from the issue, there’s some serious trade issues there and I think a lot of President Trump’s criticisms were valid so don’t drop that agenda,” Lavin, now chief executive and founder of consultancy Export Now, told CNBC’s “Street Signs Asia.”Still, Lavin said the U.S. could hold Xi to his word in pursuing a reduction in tariffs and improved relationship.“So I’d say if we can just have a mutual reduction in those tariffs, we’re going to have a better working relationship,” said Lavin. “And then let’s start tackling some of these trade issues one by one and help China move to world norms.”

U.S. EXPORT SALES FOR WEEK ENDING 26/08/2021 Cotton:  Net sales of 105,200 RB for 2021/2022 were primarily for Pakistan (27,600 RB), Vietnam (17,200 RB, including decreases of 8,800 RB), Turkey (14,400 RB), Ecuador (8,800 RB), and China (8,400 RB).  Total net sales for 2022/2023 of 23,800 RB were for Turkey. Exports of 168,600 RB were primarily to Turkey (33,400 RB), China (33,000 RB), Vietnam (25,000 RB), Pakistan (18,900 RB), and Bangladesh (17,400 RB).  Net sales of Pima totaling 14,500 RB were primarily for Peru (6,300 RB), India (6,200 RB), Austria (500 RB), Taiwan (400 RB), and Egypt (400 RB).  Exports of 4,700 RB were primarily to India (2,200 RB), China (1,200 RB), Honduras (800 RB), Peru (300 RB), and Guatemala (100 RB).Optional Origin Sales:  For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan. Exports for Own Account:  For 2021/2022, the current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).    

In the evening, the rupee strengthened by 3 paise to close at Rs 73.06 against the dollar.Sensex set a new record of uptrend, increased by 514 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 57852.54 points with a gain of about 514.33 points. On the other hand, Nifty closed at 17234.20 points down by 157.90 points.

Rupee opens 5 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 5 paise at Rs 73.03 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 73.08 with a weakness of 8 paise against the dollar.Sensex opened with a gain of 85 points, Nifty also rose by 13 pointsToday the stock market opened with great momentum. Today, the BSE Sensex opened with a gain of 85.44 points at the level of 57423.65 points. On the other hand, the Nifty of NSE opened with a gain of 12.70 points at the level of 17089.00 points.

PAKISTAN COTTON MARKET UPDATESpot rate firm on cotton marketOfficial spot rate halted further increase on the cotton market on Wednesday, dealers said.The rate of cotton in the local market on Wednesday decreased by Rs 300 to Rs 400 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was a little bit low.The rate of cotton in Sindh is in between Rs 13800 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13900 to Rs 14000 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6100 per 40 kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6000 per 40 kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6200- 6800 per maund.The Spot Rate remained unchanged at Rs 14200 per maund. The Polyester Fiber was available at Rs 222 per kg.

ICE COTTON SUMMARYCotton hits 1-week low on fears over increased supplyICE cotton futures fell to a one-week trough on Wednesday as traders were concerned over increased supply amid improving crop conditions in key-growing regions.“The crop conditions are good, and though the crop in West Texas is still a bit late, the potential is there to make a fairly big crop,” Peter Egli, director of risk management at British merchant Plexus Cotton, said, adding US supply seemed to be larger than the US Department of Agriculture’s (USDA) projection in August.The USDA said it would review acreage estimates for cotton in the September report, after it lowered its production estimate by over half a million bales for the 2021/22 crop year in last month’s supply and demand report.Adding to concerns over increased cotton supply, the USDA’s weekly crop progress report on Monday showed 70% of the cotton crop was in a good-to-excellent condition in the week ending August 29. That compares with only 44% for the same period a year ago.Analysts also said Hurricane Ida, which swept through Louisiana, Mississippi and New Orleans, did not cause major damage to the cotton crop. Market participants now eye the USDA’s weekly export sales report due on Thursday.

All India Weather Forecast for September 2, 2021Countrywide weather systemsThe low pressure area over North Madhya Maharashtra has weakened.A Cyclonic Circulation is persisting over North Madhya Maharashtra and adjoining southern parts of Gujarat.The axis of Monsoon trough is moving eastwards towards East Central Bay of Bengal via Baroda, Akola, Ramagundam, Kalingapatnam.Weather movement across the country during the last 24 hoursDuring the last 24 hours, moderate to heavy rains occurred over South Gujarat and North Konkan and Goa with very heavy rainfall at a few places. Monsoon was very active in these areas.Light to moderate rain and heavy rain occurred at isolated places over East Rajasthan, Delhi NCR, parts of Gujarat region, parts of Madhya Maharashtra, Goa and Telangana.Light to moderate rain has occurred over parts of Haryana, South and West Madhya Pradesh, Saurashtra and Kutch, Coastal Andhra Pradesh, parts of Chhattisgarh, Assam, Meghalaya, Sub-Himalayan West Bengal, Sikkim and Northeast Bihar. Light rain occurred at one or two places over Jammu and Kashmir, Himachal Pradesh, Uttarakhand, parts of Punjab, Uttar Pradesh, Odisha, Gangetic West Bengal, Andaman and Nicobar Islands, Lakshadweep and rest of Northeast India.Possible weather activity during next 24 hoursDuring the next 24 hours, scattered light to moderate rain over parts of Madhya Maharashtra, North Konkan and Goa, Gujarat, South and Southeast Rajasthan, Sub-Himalayan West Bengal, Sikkim, parts of Assam, Andaman and Nicobar Islands and parts of Telangana and Andhra Pradesh. Moderate rain with heavy rain at a few places. Light to moderate rain at isolated places over rest parts of Northeast India, Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Interior Karnataka, Kerala, South Konkan and Goa, Delhi and NCR and Uttarakhand It may rain heavily for a while.