This evening, the rupee fell 17 paise to settle at 83.35 against the US dollar.At the close of trading, the BSE Sensex fell 667.55 points or 0.89% to close at 74,502.90. The NSE's 50-share index Nifty slipped 184.20 points or 0.80% to close at 22,704.70.Read more :- PAKISTAN: Cotton Ginning Season Begins in Punjab and Sindh Amid Farmer Concerns
Rupee drops 7 paise versus the US dollar to 83.25.The rupee fell nine paise to 83.25 against the US dollar in early trade on May 29 due to a strong American currency and high crude oil prices.READ MORE:> PAKISTAN: Cotton Ginning Season Begins in Punjab and Sindh Amid Farmer Concerns
The rupee saw a 5 paise decline against the dollar this evening, closing at Rs 83.18.At the end of trading, BSE Sensex closed at 75,170.45, down 220.05 points or 0.29%. NSE's 50-share index Nifty slipped 44.30 points or 0.19% and closed at 22,888.15.Read more :-PAKISTAN: Cotton Ginning Season Begins in Punjab and Sindh Amid Farmer Concerns
In early trade, the rupee rose 3 paise against the US dollar, opening at 83.10.The rupee recovered from its all-time low and rose 10 paise to 83.10 against the US dollar in early trade on Tuesday, supported by a strong trend in domestic equities and gains in Asian currencies.Read More :> PAKISTAN: Cotton Ginning Season Begins in Punjab and Sindh Amid Farmer Concerns
Pakistan: Amid worries from farmers, the cotton ginning season starts in Punjab and Sindh.The new cotton ginning season has commenced in Pakistan, albeit with some reservations, as only one ginning unit each has become operational in Sindh and Punjab, with more expected to follow suit in the coming days.Reports indicate that partial cotton picking has commenced in coastal areas of Sindh and southern Punjab, leading to a gradual increase in the arrival of raw cotton in the market. However, the volume remains lower compared to last year during the same period.In Sindh's lower areas, cotton picking is gaining momentum, with prices ranging between Rs9,500 and Rs10,700 per 40kg. However, concerns persist as farmers, engrossed in their recently harvested wheat crops, seem to overlook cotton, exacerbated by the government's delay in announcing the cotton intervention price.Field reports suggest that soaring temperatures are hampering cotton sowing efforts. Moreover, textile mills, citing financial constraints, have withheld payments amounting to billions of rupees, exacerbating the sector's woes.A recent meeting between the Pakistan Cotton Ginners Association (PCGA) and the All-Pakistan Textile Mills Association (APTMA) failed to yield substantial outcomes, merely involving exchanging suggestions for improving the prevailing situation.Abid Zaidi, a prominent cotton expert, expressed disappointment over APTMA's lack of commitment during the meeting. He highlighted the grievances of ginners regarding textile mills' preference for importing cotton at higher prices rather than offering better rates for locally produced premium quality lint. Zaidi emphasized the need for textile mills to actively engage in producing quality lint and address the issue of non-lint content, which stands at up to 8%, a level not acceptable in other countries.Meanwhile, the Karachi Cotton Association's spot rate committee maintained the spot rate at Rs19,700 per bale. Naseem Usman, Chairman of the Karachi Cotton Brokers Forum, noted an upward trend in international cotton rates, with cotton futures trading at 80.52 cents per pound in the New York market.Chairman of the Cotton Ginners Forum, Ihsanul Haq, highlighted the adverse impact of unfavorable weather on cotton cultivation this season. Severe cold earlier affected cotton sowing in February and March in coastal Sindh, while higher temperatures are now impeding sowing and growth in major cotton zones of Punjab and Sindh, including districts like Rahim Yar Khan, Bahawalpur, Multan, Sukkur, and others.In response to the sector's challenges, the Punjab government announced plans to establish a garment city covering 1,000 acres near Lahore to attract local and foreign investors for setting up new textile mills. However, Haq proposed reallocating these funds to revive the 50 to 60% of textile mills lying dormant in the province due to various reasons.Read more :- PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
The rupee fell 3 paise to close at Rs 83.13 versus the US dollar this evening.At the end of trading, BSE Sensex closed at 75,390.50, down 19.89 points or 0.03%. NSE's 50-share index Nifty slipped 24.65 points or 0.11% and closed at 22,932.45.Read more :- The Textile Industry Calls for Policy Revisions to Ensure Competitive Raw Material Prices
The rupee appreciated by 18 paise against the dollar this evening, closing at Rs 83.10.At the end of trading, BSE Sensex closed at 75,410.39, up a massive 7.65 points or 0.01%. Whereas NSE's 50-share index Nifty closed at 22,957.10 with a jump of 10.55 points or 0.046%.Read more :- The Textile Industry Calls for Policy Revisions to Ensure Competitive Raw Material Prices
Policy Changes Are Needed, Says the Textile Sector, to Maintain Competitive Raw Material PricesThe Confederation of Indian Textile Industry (CITI) is advocating for policy adjustments aimed at securing competitive prices for raw materials, particularly cotton and manmade fibers (MMF), to drive the Indian textile industry towards its ambitious $350 billion target by 2030.CITI recommends the elimination of import duties on all types of cotton, including cotton waste, to facilitate cost-effective access to this essential raw material. Moreover, CITI emphasizes the need to boost cotton productivity by promoting specialized seed varieties.Regarding MMFs, CITI proposes exempting imported fibers and yarns not domestically available from Quality Control Orders (QCOs). Additionally, it suggests extending exemptions from mandatory QCOs issued by the Department of Chemicals and Petrochemicals to inputs imported by Advance Authorization holders, EoU, and SEZ units, in alignment with existing exemptions provided by the Ministry of Textiles.Rakesh Mehra, Chairman of CITI, underscores the industry's capability and readiness for growth. He emphasizes that ensuring raw material availability at competitive prices is crucial for overcoming the current industry stagnation and fostering sustainable growth.Read More :> Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing
In early trade, the rupee gained 11 paise to 83.18 against the US dollar.The rupee recovered from its all-time low and rose 11 paise to 83.18 against the US dollar in early trade on Thursday, supported by a strong trend in domestic equities and gains in Asian currencies.READ MORE :> Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible
The rupee appreciated 3 paise against the dollar this evening, closing at Rs 83.28.At the end of trading, BSE Sensex closed at 74,221.06, up 267.75 points or 0.36%. Whereas NSE's 50-share index Nifty closed at 22,597.80 with a gain of 68.75 points or 0.31%.Read more :- PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
In early trade, the rupee climbs 3 paise to 83.28 against the US dollar. This comes after rupee appreciated 6 paise to close at 83.31 against the US dollar on Tuesday following a weak greenback against major currencies overseas and softening crude oil prices in...Read More :> PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
The rupee appreciated 3 paise against the dollar this evening, closing at Rs 83.31.At the end of trading, BSE Sensex closed at 73,953.31, up 52.62 points or 0.071%. Whereas NSE's 50-share index Nifty closed at 22,529.05 with a gain of 27.05 points or 0.12%.Read more :- PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation
More than 100,000 acres of Faisalabad, Pakistan, are planted with cotton.Chaudhry Khalid Mehmood, Divisional Director of Agriculture (Extension), shared promising news: cotton cultivation in Faisalabad division has crossed the 100,000-acre mark. Speaking at a farmers' day gathering hosted by progressive farmer Muhammad Zia-ul-Haq in Chak 487-GB, Mehmood revealed that the initial target set by the agriculture department was 115,800 acres for cotton cultivation this year. However, farmers have already dedicated 100,000 acres to cotton, with the remaining target expected to be met soon.Mehmood emphasized Pakistan's position as the fourth-largest cotton producer globally, highlighting the pivotal role cotton plays in the national economy and its significant contribution to employment in farming and the textile industry.He commended the Agriculture Department's efforts in encouraging farmers to allocate more land for cotton cultivation and assured uninterrupted canal water supply during the critical upcoming fortnights, crucial for cotton growth. This assurance was reinforced by the Superintending Engineer of the Irrigation Department, Faisalabad Zone.Mehmood urged agricultural officers to extend full support to farmers, aiding them in adopting advanced techniques to enhance cotton yields per acre. Hafiz Muhammad Adeel, Assistant Director of Agriculture, Tehsil Sammundri, reiterated the government's commitment to supporting cotton growers. He announced subsidized rates for agricultural equipment and provisions for quality seeds, fertilizers, and pesticides. Adeel also emphasized the benefits of mechanized farming in reducing financial burdens and mitigating the menace of smog.Read More :> Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing
In early trade, the rupee rose 6 paise to 83.31 against the US dollar. Sensex declines to 73,787.83 in early trade; Nifty dips to 22,404.55.Read More :> Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible
Farmers are concerned about the cotton crop even if a favorable monsoon is predicted; the impact on the textile industry will be evidentThis year, cotton prices are expected to be under pressure in global markets, but Indian farmers have other concerns as well, which will impact the textile industry.Globally, the cotton season will begin on August 1 and production is expected to increase in the 2024-25 season. Good cotton yields in Brazil, Turkey, and the US will increase global supply, which is likely to put pressure on prices. In particular, cotton production in the United States is expected to increase this year and the country will be a significant contributor to global supply.Reason for concern for cotton farmers in IndiaIn India, farmers are worried since the beginning of the cotton season. There are signs of reduction in cotton production in both India and China, and the supply shortage from these countries is not expected to have any impact on the global situation as additional supplies will be available from the US to compensate.Indian farmers expect prices to riseIn India, cotton prices in the mandis are higher than its MSP, but farmers are still expecting higher prices. Cotton arrivals are decreasing in the markets and global exports are increasing. Farmers feel that their cotton can be sold at a much higher price in the world market.How will be the cotton prices in India?Since the supply of cotton is being reduced by farmers in India, and the crop is being produced abundantly from the US, there is a situation of double suspicion. According to NASS's Crop Progress Report, as of May 5, 24% of cotton has been planted in the US. If it is compared with the average of last year and last five years, it is four percent less.In fact, the country saw a 137% increase in cotton exports from last October to March, adding up to 18 lakh bales. Against this, it was 7.5 lakh bales in the same period last year. One bale contains an average of 170 kg of cotton, indicating heavy exports, which suggests that India's demand for cotton has increased.India's textile industry is worried that this time they may have to face a cut in supply due to shortage of cotton. Textile prices have risen over the years, and if cotton is in short supply, the impact of raw material shortage will have a negative impact on textile and clothing production. Despite expectations of a good monsoon here, less cotton is being sown this year because farmers have not yet supplied their entire supply to the market and are waiting for higher demand. As a result, there is a risk of reduction in cotton production, which is likely to cause disruptions throughout the supply chain.Read more :- Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing
In full swing: Khandesh's pre-season cotton cultivation Preparations Preparations for pre-seasonal cotton cultivation in Khandesh are well underway. Cotton seeds have reached dealers and are now available for purchase. However, there is an anticipated slight decrease in cotton cultivation this year, with horticultural farmers planning to reduce the area dedicated to cotton and diversify into other crops.Despite this, the reduction is expected to be minimal, with a decrease of about 2,000 to 2,500 hectares from the total 2 lakh hectares allocated for horticultural cotton. Overall, cotton cultivation in Khandesh is projected to cover approximately 5.54 to 5.65 lakh hectares.Farmers have been preparing their fields diligently, employing deep plowing and rotavator use to ready the soil. Nearly all farmers use drip irrigation for pre-seasonal cultivation, ensuring efficient water use. With temperatures having decreased slightly to 42 degrees Celsius, many farmers plan to commence planting by late May, with some starting on June 1, coinciding with further drops in temperature and the onset of cloudy weather.Spacing plans vary, with many opting for configurations such as four by one and a half feet, three by two feet, or four by two feet. Preparations for cultivating in black hard soil are also in place to manage heavy rainfall and ensure proper drainage.Read More :> CAI Maintains Cotton Pressing Estimates, Telangana Sowing Expected to Advance with Early Rains
Telangana sowing is anticipated to progress with early rains, but CAI maintains its estimates for cotton pressing.Cotton sowing in Telangana, particularly in the cotton-rich belt of North Telangana, may see advancement by approximately two weeks if the early rains persist in the region.Following their engagement in electioneering activities, cotton farmers have now turned their attention to land preparation in anticipation of an early monsoon.Meanwhile, the Cotton Association of India (CAI) has upheld its estimate for cotton pressing during the ongoing trading season ending on September 30, projecting it at 309.7 lakh bales of 170 kg each.The overall cotton supply, as per CAI's figures, is estimated at 315.86 lakh bales. Factoring in the opening stock of 28.9 lakh bales and export shipments totaling 21.5 lakh bales, the total cotton supply reaches 359 lakh bales. CAI President Atul S. Ganatra, in a press release, noted that cotton consumption until the end of April 2024 amounted to 192.8 lakh bales.Additionally, CAI has revised upwards its cotton pressing estimates for Telangana by 1 lakh bales, now standing at 35 lakh bales.Read more :- Ginners' Concerns Prompt Government Response to Rebranding Vidarbha Cotton as Kasturi
The rupee appreciated 16 paise against the dollar this evening, closing at Rs 83.34.At the end of trading, BSE Sensex closed at 73,917.03, up 253.31 points or 0.34%. Whereas NSE's 50-share index Nifty closed at 22,466.10 with a gain of 62.25 points or 0.28%.Read more :- The United States has expanded its import ban list by adding 26 Chinese cotton companies.
The US has added 26 Chinese cotton enterprises to its list of prohibited imports.On Thursday, the United States took action to prohibit goods from 26 Chinese cotton traders and warehouse facilities believed to be involved in forced Uyghur labor, a move expected to increase pressure on supply chains.According to the Department of Homeland Security, companies from various provinces across China, including Henan, Jiangsu, Hubei, and Fujian, have been added to the forced-labor Entity List, bringing the total to 76 entities.Washington has been actively addressing what it alleges as the utilization of forced labor in China's Xinjiang region, home to the predominantly Muslim Turkic Uyghurs and other minority groups facing severe human rights violations. China refutes these accusations, asserting that its labor programs aim to alleviate poverty.The Uyghur Forced Labor Prevention Act generally prohibits imports sourced "wholly or in part" from Xinjiang, a significant cotton-supplying region. Enforcement measures have led to approximately $3 billion in flagged shipments at the border since the act's implementation in June 2022.Goods originating from Xinjiang are automatically assumed to involve forced labor under the UFLPA unless "clear and convincing evidence".The Entity List identifies specific companies whose products or components thereof are to be blocked from entering the United States. Particular sectors, such as cotton, tomatoes, and polysilicon (an essential raw material for solar panels), are under extra scrutiny.A significant challenge faced by the U.S. government is the lack of transparency in domestic supply chains within China, notes researcher Adrian Zenz. He underscores the importance of monitoring intra-Chinese supply chains to counter labor transfers to other provinces."Xinjiang itself doesn't export much of what it produces," he explains. "The greatest risk arises through intermediaries, and the Entity List is well-suited to address this issue."Zenz's research reveals an escalated use of cross-provincial labor transfers by Chinese authorities last year, complicating U.S. Customs' enforcement of the UFLPA.He estimates a 38% increase in the number of laborers transferred under the "pairing assistance" program from 2022 to 2023. However, he cautions that the understanding of labor transfer programs may diminish due to the Chinese government's cessation of statistical publication.While the UFLPA aims to combat forced labor, it presents challenges for companies outside China. U.S. Customs and Border Protection data indicates that over 5,500 of the roughly 8,500 flagged shipments originated from Malaysia, Vietnam, Thailand, and India.Read more :- Monsoon to hit Kerala coast on May 31, says IMD
Rupee opens on flat note at 83.50 against US dollar in early tradeSensex declines 185.42 points to 73,478.30 in early tradeThe Sensex declined 185.42 points to 73,478.30 in early trade on Friday morning, while the Nifty dipped 50.35 points to 22,353.50.Read More :> Monsoon to hit Kerala coast on May 31, says IMD
| title | Created At | Action |
|---|---|---|
| The rupee declined by 17 paise to close at 83.35 against the US dollar this evening. | 29-05-2024 16:45:05 | view |
| Rupee falls 7 paise to 83.25 against US dollar | 29-05-2024 10:34:46 | view |
| This evening, the rupee closed at Rs 83.18 against the dollar with a weakness of 5 paise. | 28-05-2024 16:32:22 | view |
| Rupee opened 3 paise higher at 83.10 against US dollar in early trade | 28-05-2024 10:37:58 | view |
| PAKISTAN: Cotton Ginning Season Begins in Punjab and Sindh Amid Farmer Concerns | 27-05-2024 16:54:57 | view |
| This evening, the rupee closed at Rs 83.13 against the dollar with a weakness of 3 paise. | 27-05-2024 16:17:51 | view |
| This evening, the rupee strengthened by 18 paise and closed at Rs 83.10 against the dollar. | 24-05-2024 16:34:05 | view |
| The Textile Industry Calls for Policy Revisions to Ensure Competitive Raw Material Prices | 24-05-2024 11:16:34 | view |
| The rupee rose 11 paise to 83.18 against the US dollar in early trade. | 24-05-2024 10:30:08 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 83.28 against the dollar. | 22-05-2024 17:33:54 | view |
| Rupee rises 3 paise to 83.28 against US dollar in early trade | 22-05-2024 09:45:35 | view |
| This evening, the rupee strengthened by 3 paise and closed at Rs 83.31 against the dollar. | 21-05-2024 16:43:16 | view |
| PAKISTAN : Over 100,000 Acres in Faisalabad Under Cotton Cultivation | 21-05-2024 11:52:39 | view |
| Rupee opened 6 paise higher at 83.31 against US dollar in early trade | 21-05-2024 09:53:54 | view |
| Despite forecast of good monsoon, farmers worried about cotton crop, impact on textile industry will be visible | 20-05-2024 18:32:33 | view |
| Preparations for Pre-Seasonal Cotton Cultivation in Khandesh in Full Swing | 20-05-2024 11:51:32 | view |
| CAI Maintains Cotton Pressing Estimates, Telangana Sowing Expected to Advance with Early Rains | 18-05-2024 12:59:06 | view |
| This evening, the rupee strengthened by 16 paise and closed at Rs 83.34 against the dollar. | 17-05-2024 16:42:59 | view |
| The United States has expanded its import ban list by adding 26 Chinese cotton companies. | 17-05-2024 11:39:09 | view |
| Rupee opens on flat note at 83.50 against US dollar in early trade | 17-05-2024 10:42:06 | view |
