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Today evening the rupee strengthened by 1 paise to close at Rs 74.25 against the dollar.Record closing of Sensex, closed higher by 593 pointsToday the stock market closed with a record high. Today, where the Sensex closed at a record level of 55437.29 points with a gain of about 593.31 points. On the other hand, the Nifty closed at a record level of 16529.10 points with a gain of 164.70 points.  

Rupee moves flat, breaks 1 paise and opens at 74.27 levelRupee has opened flat against the dollar today. Rupee has opened weak by 1 paise against the dollar today. Rupee opened today at 74.27 against dollar.On the other hand, in Thursday's trade, there was an increase in the rupee against the dollar and it had strengthened by 18 paise and closed at 74.26 level.Due to the corona virus, the demand for crude oil has declined all over the world. On Thursday, there has been a weakness in the price of Brent again. But in India, the customers of petrol and diesel are not getting the benefit of this. 

China’s port shutdown raises fears of closures worldwideA Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares.The Port of Los Angeles, which saw its volumes dip because of a June Covid outbreak at the Yantian port in China, is bracing for another potential decline because of the latest shutdown at the Ningbo-Zhoushan port in China, a spokesman said. Anton Posner, chief executive officer of supply-chain management company Mercury Resources, said that many companies chartering ships are already adding Covid contract clauses as insurance so they won’t have to pay for stranded ships.It seemed as if things were just starting to calm down, “and we’re now into delta delays,” Emmanouil Xidias, partner at Ifchor North America LLC, said in a phone interview. “You’re going to have a secondary hit.”The shutdown at Ningbo-Zhoushan is raising fears that ports around the world will soon face the same kind of outbreaks and Covid restrictions that slowed the flows of everything from perishable food to electronics last year as the pandemic took hold. Infections are threatening to spread at docks just as the world’s shipping system is already struggling to handle unprecedented demand with economies reopening and manufacturing picking up.Ningbo-Zhoushan Port said in a statement late Thursday that all other terminals aside from Meishan have been operating normally. The port is actively negotiating with shipping companies, directing them to other terminals, and releasing information on a real-time data platform, it said. To minimize the impact, it’s also adjusting the operating time of other terminals to make sure clients can clear their shipment.Flights CanceledA spokesman for the port said there were no further updates when contacted Friday.Ningbo city is still considered a low risk virus area, according to the city’s health commission, although flights to and from the capital Beijing have been canceled.The Baltic Dry Index that serves as a global benchmark for bulk shipping prices is up more than 10% since a month ago as the delta variant began to spread rapidly. While there haven’t been significant effects on U.S. ports, the problems in China could hurt companies that rely on container exports from the nation.

U.S. EXPORT SALES FOR WEEK ENDING 05/08/2021 Cotton:  Net sales for 2021/2022, which began August 1, totaled 342,700 RB.  Increases primarily for China (123,800 RB), Turkey (72,500 RB), Bangladesh (39,400 RB, including decreases of 200 RB), Pakistan (39,100 RB, including decreases of 700 RB), and Vietnam (30,500 RB, including 300 RB switched from Japan and decreases of 2,300 RB), were offset by reductions for Taiwan (200 RB).  For 2022/2023, net sales of 15,300 MT were reported for Mexico (6,500 RB), Turkey (4,400 RB), and South Korea (4,400 RB).  A total of 1,310,900 RB in sales were carried over from the 2020/2021 marketing year, which ended July 31.  Exports for the period ending July 31 of 49,100 RB brought accumulated exports to 14,882,100 RB, up 5 percent from the prior years’ total of 14,174,500 RB.  The destinations were primarily Mexico (10,900 RB), Pakistan (8,000 RB), Turkey (6,700 RB), Vietnam (6,400 RB), and Indonesia (5,900 RB).  Exports for August 1-5 totaled 190,600 RB,with Pakistan (38,900 RB), Vietnam (36,500 RB), China (30,100 RB), Turkey (23,700 RB), and Mexico (14,000 RB) being the primary destinations.  Net sales of Pima for 2021/2022 totaled 10,200 RB.Increases were primarily for Pakistan (3,400 RB), India (2,600 RB), Honduras (2,200 RB), Egypt (1,300 RB), and Guatemala (400 RB).  For 2022/2023, net sales of 99,000 RB were primarily for India (52,100 RB), Peru (11,400 RB), Pakistan (10,100 RB), China (9,500 RB), and Honduras (4,400 RB).  A total of 88,800 RB in sales were carried over from the 2020/2021 marketing year, which ended July 31.  Exports for the period ending July 31 of 3,100 RB brought accumulated exports to 754,900 RB, up 55 percent from the prior years’ total of 486,600 RB.  The destinations were primarily Turkey (1,400 RB), India (500 RB), Bangladesh (400 RB), China (400 RB), and Pakistan (200 RB).  Exports for August 1-5 totaled 7,700 RB, with Peru (2,500 RB), India (2,100 RB), Pakistan (1,800 RB), China (700 RB), and Bangladesh (300 RB) being the primary destinations.     Exports for Own Account:  For 2021/2022, exports for own account total of 4,700 RB were carried over from the 2020/2021 marketing year, which ended July 31.  The outstanding balance of 4,700 RB, including carryover, is for China. 

Textile industry should use local cotton: governmentThe government on Monday said there is excess availability of local cotton, which the textile and apparel industry should tap into and support farmers hit by a surge in imports.Minister of state for finance Pankaj Chaudhary told Lok Sabha in a written reply to a question that a 5% basic customs duty and a 5% agriculture infrastructure and development cess was imposed on raw cotton in FY22 budget to benefit domestic cotton farmers.Chaudhary said cotton import surged significantly in last few years even though India is the largest producer of cotton in the world.“All varieties of cotton, including those which were produced in India were being imported in large quantities. This has impacted the Indian farmer adversely. Cotton is domestically available in excess of demand. Therefore, the garment industry can source the domestically produced cotton including high quality and extra-long staple cotton," the minister said.Chaudhary also said that reduced import dependence would help the domestic garment industry.The minister acknowledged that trade associations have made representations that difficulties were being faced by textile and apparel industry due to the import duty.Chaudhary argued that garment exporters have various duty-free import schemes and would not be affected by the duty on cotton.The cotton Association of India has sought withdrawal of the 10% duty levied on imports saying the commodity has become costly and it was not in the interest of domestic textile industry, the minister said. “The decision to impose duty on imports of cotton has been taken to benefit domestic cotton farmers which in turn would help in higher domestic value addition and reduce import dependence," the minister said. SiS Commited to update you on all textile related news real time.

U.S. EXPORT SALES FOR WEEK ENDING 29/07/2021 Cotton:  Net sales of 17,100 RB for 2020/2021 were up noticeably from the previous week, but down 45 percent from the prior 4-week average.  Increases primarily for Mexico (9,300 RB), South Korea (4,200 RB, including decreases of 100 RB), Vietnam (2,800 RB, including 400 RB switched from Japan and decreases of 5,100 RB), China (900 RB), and Bangladesh (700 RB, including 900 switched from Pakistan and decreases of 200 RB), were primarily offset by reductions for Malaysia (600 RB), Japan (300 RB), and El Salvador (300 RB).  For 2021/2022, net sales of 149,300 RB primarily for Costa Rica (36,500 RB), Pakistan (35,300 RB), Turkey (35,300 RB), China (15,800 RB), and Thailand (13,300 RB), were offset by reductions for Indonesia (700 RB), Honduras (600 RB), and Guatemala (300 RB).  Exports of 229,500 RB were down 4 percent from the previous week and 5 percent from the prior 4-week average.  Exports were primarily to Vietnam (42,400 RB), China (35,500 RB), Turkey (34,100 RB), Pakistan (25,000 RB), and Indonesia (17,400 RB).  Net sales of Pima totaling 2,400 RB were down 42 percent from the previous week and 49 percent from the prior 4-week average.  Increases reported for India (1,700 RB), Peru (400 RB), Colombia (200 RB), Pakistan (100 RB), and Vietnam (100 RB switched from China), were offset by reductions for China (100 RB).  For 2021/2022, net sales of 9,100 RB were primarily for China (6,600 RB), India (1,800 RB), Egypt (400 RB), and Guatemala (200 RB).  Exports of 8,700 RB were down 7 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to Vietnam (3,000 RB), India (3,000 RB), Austria (800 RB), Brazil (700 RB), and Peru (400 RB). Exports for Own Account:  For 2020/2021, the outstanding balance of 4,700 RB is for China.

Today evening, the rupee strengthened by 9 paise to close at Rs 74.18 against the dollar.New record of Sensex and Nifty, know how much increased todayToday the stock market closed with a record high. Today, where the Sensex closed at a level of 54369.77 points with a record rise of 546.41 points. On the other hand, Nifty closed at the level of 16258.80 points with a gain of 128.00 points.   

Rupee has started with a strong opening today against the dollar.Rupee is seen at the upper level of June 25 today. Against the dollar, the rupee today opened with the strength of 11 paise at 74.17 against 74.28.The market has grown rapidly.Sensex, Nifty are trading at record highs. The midcap index appears to be at a record high. 35 out of 50 Nifty stocks are seeing gains. On the other hand, 18 out of 30 Sensex stocks are seeing gains. 

In a pathbreaking move, govt removes anti anti-dumping duty on Viscose Staple FibreThe government on Monday removed anti-dumping duty on Viscose Staple Fibre (VSF). Union Minister Smriti Irani said the decision was taken after a thorough investigation initiated in February this year. This decision will give fillip to the MMF sector.Irani tweeted, "Pathbreaking decision by GOI to remove Anti-dumping Duty on Viscose Staple Fibre (VSF). Decision taken after thorough investigation initiated in Feb’21 will give fillip to the MMF sector. My best wishes to the Textiles Industry as a new chapter begins in India’s MMF growth story."For the unversed, Viscose staple fibers (VSF) or artificial cotton fibers are natural and biodegradable. These fibers are obtained from wood pulp and cotton pulp, which share the characteristics of cotton fibers. These are versatile and easily bendable fibers and have a wide range of application in apparels, home textiles, home furnishings, dress materials, and woven & knitwear.

Vietnam factory shut down!Affected by the epidemic, 97% of textile companies in South Vietnam have suspended production. Most of the factories have been suspended since midnight on July 15. After being checked and approved by officials of the local disease management bureau, work can only be resumed.Although the export orders of the Vietnamese textile industry have been received in the third quarter, companies are currently struggling to achieve a balance in production activities, ensuring employment of employees, and profits. The demand for brand customers to delay payment by 2 to 3 months, or even 6 months, is also beyond the capacity of enterprises. Moreover, in the face of the huge risks brought by the increasingly complex epidemic, some brand customers have moved their orders out of Vietnam, and even have a tendency to return to the Chinese market.With the bankruptcy of the 3T in-situ principle, more and more companies have already shouldered huge cost burdens and epidemic prevention pressures. As a result, a large number of unemployed people have nowhere to live, and Vietnam's social stability will also face tremendous pressure.

Noida garment exporters demand ban on export of Indian cotton and yarnNoida Apparel Export Cluster (NAEC) has demanded a complete ban on export of Indian cotton and yarn to increase production in the domestic apparel industry, so that the finished products can be exported internationally to generate more revenue.The cluster also said that the ban on export of cotton and yarn will ensure greater availability of raw materials for the apparel industry, which has been sluggish for the past six months due to the Covid-19 induced slowdown, and enable it to compete Is. in the global export market.Lalit Thukral, President, Noida Apparel Export Cluster and Convener of Readymade Garments (RMG), Uttar Pradesh Export Promotion Council, said that the industry is already battling huge losses due to the pandemic and large scale exports of cotton and yarn. It has come as a double blow. It is worth mentioning here that the share of Noida in apparel exports in the last financial year was US$ 3.5 billion.As per the data of the Ministry of Textiles, the country exported around 12 million bales of cotton and yarn in the last two financial years. Data shows that India exported around 5.5 million bales of cotton and yarn to Bangladesh, Vietnam and China in the last fiscal. Of this, 2.197 lakh bales (about 275 million kg) were for China alone.While exports of cotton and yarn generate revenues of around USD 75 billion every year, Thukral said exports of finished garments would increase if exports are banned and more raw materials are made available to the apparel industry. will be generated annually. Revenue of about 40 billion US dollars.He further said that exports were eating into the availability of raw materials for the domestic ready-made garments industry - currently only half of the annual demand of 12 million bales is being met.A Joint Secretary rank official in the Textiles Ministry, on the condition of anonymity, said, “India exported almost 50% of its cotton and yarn to China in the last fiscal. “Our ministry has set a target of USD 400 billion in merchandise exports in the current financial year 2021-22. We will soon ban the export of cotton and yarn as it not only affects employment generation (more raw material will provide direct/indirect employment to at least 9 million more people), but also the growth of garment manufacturers and exporters. also obstructs,"SiS Commited to update you on all textile related news real time.