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India Bought Record Russian Oil in July Amid US Threat of 100% TariffsDespite the potential threat of the US imposing tariffs of up to 100 percent on countries purchasing oil from Russia, India imported a record volume of Russian crude oil in July. According to the Centre for Research on Energy and Clean Air (CREA), India purchased Russian crude oil worth approximately €5.5 billion in July, a 2.1 percent increase compared to June.In terms of volume, Russian crude oil imports rose to a record 2.8 million barrels per day (bpd). This accounts for approximately 55.5 percent of India's total crude oil imports, which stood at just over 5 million bpd. India's total purchases of Russian fossil fuels in July amounted to €6.4 billion, with crude oil accounting for 87 percent of the total.The share of Russian crude oil in India's total oil imports has risen sharply since the start of the Ukraine war. In 2021, India's imports from Russia were less than 100,000 bpd. This figure rose to approximately 740,000 bpd in 2022 and around 1.8 million bpd in 2023. Russia became India's largest crude oil supplier in 2023.The primary reason for the rise in imports in July was increased supply at smaller terminals. Imports at the HMEL Mundra terminal rose by 58 percent compared to June, while imports at the Vadinar SMPL terminal increased by 35 percent. Imports via Mumbai also saw a 37 percent increase. Conversely, imports at Paradip fell by 22 percent, while shipments at Jamnagar remained largely stable.According to CREA, the average price of Russian Urals crude oil in July was $60.22 per barrel, which was above the G7 and EU price cap of $44.10 per barrel. Meanwhile, the US Senate has approved a bill imposing sanctions related to Russia and Iran by a vote of 86-11. The proposed legislation could empower President Donald Trump to impose tariffs of up to 100 percent on countries that are major buyers of Russian oil and gas. However, the law has not yet come into effect and requires approval from the US House of Representatives as well.read more :- Rupee weakens by 05 paise against the dollar, closes at 95.44

The Indian rupee weakened by 05 paise against the US dollar on Tuesday, closing at 95.44 per dollar.The rupee opened at the 95.39 level. Amidst fluctuations during trading, the domestic currency closed at 95.44 per dollar, marking a decline of 05 paise.At close, the Sensex was down 388.19 points or 0.49 percent at 78,154.25, and the Nifty was down 112.10 points or 0.46 percent at 24,471.70. About 1977 shares advanced, 2152 shares declined, and 187 shares unchangeread more :- China Cotton Yarn Demand Remains Weak

Off-season impact persists; cotton yarn demand remains weakThe pure cotton yarn market in China remained under off-season pressure last week. Trading activity was limited due to weak downstream demand, and prices for major yarn varieties saw no significant changes. As of August 7, the reference ex-factory spot price for 21S ring-spun pure cotton yarn in Shandong stood at 23,300 RMB/tonne, while 32S yarn was priced at 24,675 RMB/tonne; both prices remained stable compared to the previous week.Despite fluctuations in domestic cotton prices, most textile mills kept yarn prices steady and focused on reducing inventory. Amid rising raw material costs, mills exercised caution in purchasing, buying primarily on an as-needed basis. The price for 32S pure cotton ring-spun yarn was 23,500 RMB/tonne in Xinjiang and 23,600 RMB/tonne in China's inland regions.Weakness was also observed in the downstream weaving industry. Capacity utilization dropped to approximately 72% in Jiangsu, Zhejiang, and Shandong, while in Foshan, Guangdong, it temporarily fell to 20%. Procurement of grey fabric was largely limited to small, urgent orders.Limited adjustments in cotton and yarn prices increased pressure on spinning mill margins. As of August 6, spinning margins stood at -391.93 RMB/tonne in Xinjiang, while in China's inland regions, they fell to -1,753.13 RMB/tonne. High inventory levels and weak sales intensified operational pressure on companies, particularly regarding medium- and high-count yarns.The market is currently receiving mixed signals. Concerns that high temperatures in Xinjiang might impact the boll-setting stage of the new cotton crop have provided support to prices. On the other hand, the continued sale of government reserve cotton has alleviated supply-related concerns. The likelihood of a sharp rise in cotton yarn prices in the near term is limited due to weak global end-demand, a slow recovery in export orders, and a lack of improvement in the domestic market. Prices are expected to remain range-bound with a weak undertone.read more :- Cotton Prices Rise on Strong Demand

Cotton Prices Surge in India Driven by Global Signals and Strong DemandCotton prices in India continue to rise, fueled by strength in global markets and growing domestic demand. On Monday, citing limited stocks and robust buying by spinning mills, the Cotton Corporation of India (CCI) raised cotton prices by ₹700 per candy (356 kg). Over the past two weeks, CCI prices have seen a cumulative increase of approximately ₹1,400 per candy.According to Ramanuj Das Boob, a sourcing agent based in Raichur, sowing has been affected by the delayed monsoon, raising concerns that the arrival of the new crop will also be delayed. This is putting pressure on existing stocks. Activity in the resale market has also intensified due to strong demand. Prices for pressed bale cotton are hovering around ₹67,500–68,500 per candy, while quotes from resellers and multinational companies are running about ₹1,000 higher than CCI rates.CCI sales remain robust. Approximately 2 lakh bales were sold last week, while sales on Monday were estimated at around 70,000 bales. To date, total CCI sales are estimated at around 91.5 lakh bales, with unsold stock standing at approximately 14 lakh bales.By last Friday, the cotton acreage in the country had crossed 106 lakh hectares. Acreage increased in Gujarat, Telangana, Madhya Pradesh, Andhra Pradesh, Tamil Nadu, and Odisha, while declines were recorded in Maharashtra, Karnataka, and Rajasthan.Indian cotton is also receiving support from the international market. December cotton futures on the ICE are trading around 84 cents per pound. A weaker dollar, weather-related concerns in key US cotton-producing regions, a potential reduction in global stocks, and improved demand have bolstered the market.According to experts, cotton consumption has strengthened due to rising yarn demand in both domestic and export markets and increased production of coarse-count yarn. By the end of September, India's closing stock could drop to around 75–80 lakh bales.read more :- The rupee opened 10 paise weaker against the dollar at 95.39.

On Tuesday, the Indian rupee opened at 95.39 against the dollar, down 10 paise from its Monday close of 95.29. The BSE Sensex opened at 78,509.77 but was down 315.36 points, or 0.40%, at 78,227.08 as of 9:26 am. The Nifty 50 was down 94.05 points, or 0.38%, at 24,489.75 after opening at 24,575.10.Read More :- Indian Rupee weakens by 12 paise against US Dollar, closes at 95.29

The Indian rupee weakened by 12 paise against the US dollar on Monday, closing at 95.29.The rupee opened at 95.17 against the US dollar and fell 12 paise to close at 95.29 at the end of the trading session.At close, the Sensex was up 43.27 points or 0.06 percent at 78,542.44, and the Nifty was up 13.15 points or 0.05 percent at 24,583.80. About 2103 shares advanced, 2107 shares declined, and 184 shares unchanged.read more :-

State-wise CCI Cotton Sales Details – 2025-26 SeasonThe Cotton Corporation of India (CCI) Increased its cotton candy prices by upto ₹700 per candy during this week . CCI has sold approximately 90,36,800 cotton bales for the 2025-26 season. Sales are highly concentrated in a few major cotton-producing states, Maharashtra, Telangana and Gujarat emerging as the leading contributors.

Small but Mighty: How Australian Cotton is Achieving New GoalsAlthough Australia produces only a small fraction of the world's total cotton, it holds a formidable global reputation for quality.In an era where agricultural innovation and strategic thinking are essential, Australia produces some of the world's finest cotton. Superior varieties, favorable natural conditions, farmer expertise, and strong demand have all played pivotal roles in this success.James Barlow, a Nutrien customer and cotton farmer from Gunnedah, has been growing cotton for the past decade. According to him, cotton integrates seamlessly into his irrigation system; it offers healthy profit margins and provides beneficial weed control. Thanks to double-cropping practices, he can grow a winter crop alongside cotton within the same year.A warm, dry autumn in 2026 created near-ideal conditions for cotton picking. According to the Australian Cotton Shippers Association, average yields reached approximately 12–14 bales per hectare, with quality remaining consistently high across all regions. Fiber length and strength were also excellent.The identity of Australian cotton extends beyond just quality; the industry has long prioritized sustainability and efficient water use. In 1991, it became the first sector in Australian agriculture to undergo an independent assessment of its environmental impact.Today, every cotton bale bears a unique barcode, enabling full traceability of its origin and production area.Potential shortages in global supply, rising synthetic fiber prices, and the growing demand for sustainable products are creating new opportunities for Australian cotton.read more :- Heavy Rains Damage 2.75 Lakh Hectares

Heavy Rains in Maharashtra Affect Crops Across 2.75 Lakh HectaresPune: Farmers in Maharashtra have suffered significant losses due to continuous heavy rainfall. According to preliminary reports from the State Agriculture Department, crops across approximately 2.75 lakh hectares of agricultural land have been affected so far. This figure includes about 75,000 hectares impacted in just the last few days. The extent of the damage could rise further as the rains continue.The Agriculture Department reports that the Vidarbha and North Maharashtra regions have sustained the most damage. Crops such as cotton, soybean, maize, moong (green gram), urad (black gram), arhar (pigeon pea), bajra (pearl millet), jowar (sorghum), vegetables, sugarcane, bananas, papayas, and lemons have been affected.Among the districts, Amravati is the worst-hit, with reports of crop damage spanning over 71,909 hectares. Jalgaon has seen damage across more than 50,000 hectares, while Yavatmal has reported damage to over 25,803 hectares.State Agriculture Commissioner Suraj Mandhare stated that damage reports are still coming in from various villages; consequently, the total affected area could increase. The Agriculture Department is currently assessing the crop damage in the affected villages.The Konkan region has also been impacted by heavy rains. In Raigad, over 2,000 hectares of paddy nurseries have suffered damage. This situation may force farmers to prepare nurseries again and could delay paddy transplantation.Farmers note that the impact of the damage may persist even after the rain stops. Prolonged waterlogging in fields can damage plant roots and increase the risk of crop diseases.Agricultural experts have advised farmers to drain excess water from their fields and monitor crops for signs of disease. The actual extent of the damage caused by the rains will only be known once a detailed survey is completed.read more :- Textile Sector Needs Policy Reforms

Policy Reforms Needed to Boost Textile Industry Competitiveness: Parliamentary CommitteeAmidst uncertainty regarding tariffs and declining demand in the US market, an Indian parliamentary committee has recommended robust policy and financial support to enhance the competitiveness of the textile and apparel industry. The committee has emphasized the need for the industry to rapidly diversify into areas such as technical textiles, man-made fibers (MMF), sustainable textiles, home furnishings, and high-value garments.The Parliamentary Standing Committee on Commerce, chaired by Rajya Sabha MP Dola Sen, tabled its 200th report on the ‘Evaluation of India-US Trade Relations’ in both Houses of Parliament. The report assesses the challenges faced by Indian exporters due to US tariff measures and suggests several steps to strengthen export competitiveness.The committee has recommended accelerating the implementation of PM MITRA parks, the Production Linked Incentive (PLI) scheme, and the Samarth scheme to modernize the textile sector and boost productivity. Additionally, it has suggested establishing dedicated MMF manufacturing clusters within the new PM MITRA parks, enabling MSMEs to easily access synthetic raw materials locally and align production with global demand.The report calls for increased support under schemes such as RoDTEP, RoSCTL, the Interest Equalization Scheme, and other export incentive programs. It also emphasizes ensuring the speedy disbursement of concessional working capital, export credit, credit guarantees, and other financial assistance to textile MSMEs.The committee has suggested considering an emergency relief program under RoSCTL for exporters affected by demands for price cuts from US buyers. Furthermore, it has recommended developing government-subsidized textile warehousing hubs at key US shipping entry points, as well as green-channel and fast-track customs corridors at Indian ports. For the carpet and handloom sectors, the committee has emphasized boosting export support through trade fairs, branding, GI promotion, buyer-seller meets, digital marketing, and design innovation.The committee has also recommended technology upgrade grants and a special market-linked incentive scheme for textile exporters, enabling the industry to diversify its product range in line with the evolving preferences of US consumers and strengthen its competitiveness in the global market.read more :- The rupee opened 4 paise stronger against the dollar at 95.17.

On Monday, the Indian rupee opened 4 paise higher at 95.17 per dollar, whereas it had closed at 95.21 on Friday.The Sensex opened at 78,501.59, against its previous close of 78,499.17, and was trading at 78,616.70, up 117.53 points or 0.15% at around 9:19 am. The index touched an early high of 78,635.15 and a low of 78,494.59.Read More :- US Senate Russia Sanctions Bill