Rupee strengthened by 1 paise against dollarThe rupee strengthened by 1 paise to close at Rs 83.11 against the dollar this evening.Sensex up 267 pointsToday the stock market has closed with a boom.Today, where the Sensex closed at a level of 65216.09 points with a gain of about 267.43 points.On the other hand, the Nifty closed at a level of 19393.60 points with a gain of 83.40 points.
Cotton supply conditions comfortable: SIMAThe Southern India Mills Association (SIMA) said that according to data available with the Cotton Corporation of India, cotton arrivals have crossed 31.8 million bales so far during the current season that began in October last year.SIMA President Ravi Sam said in a press release that there are reports that the size of the cotton crop this season will be 311.18 lakh bales. This is probably ginning production, he said.The Cotton Production and Consumption Committee has estimated the total production at 343 lakh bales and the opening stock at 39.48 lakh bales. He said that the data shared by the committee should be the standard for trade and industry.Cotton prices have risen by ₹3,000 per candy in the past few days and were quoted above ₹60,000 per candy on Saturday amid fears of lower production.The predominantly cotton-based Indian textile industry is facing challenges due to high volatility in cotton prices and 11% import duty on cotton. Cotton textile exports including readymade garments fell by 23% during 2022-2023 and 18% in April-June 2023 as compared to the same period last year. He said availability of cotton is not a challenge and stability and competitive cotton prices are essential for the industry.
"Punjab Agriculture Minister takes steps accordingly after pink bollworm attack on cotton crop in Bathinda and Mansa"In 2021, about 34 per cent loss in production due to severe infestation of pink bollworm on cotton crop with Bathinda being the most affected. The total area under cotton in 2021 was 2.52 lakh hectares.Amid reports of pink bollworm attacks on cotton crop in some villages of Bathinda and Mansa, the Punjab Agriculture Department has deployed senior officials to visit farms in four districts to help the affected farmers.Punjab Agriculture and Farmers Welfare Minister Gurmeet Singh Khudian has also canceled the holidays including Saturdays and Sundays of agricultural workers till August 31 in the cotton belt of Fazilka, Bathinda, Mansa and Muktsar to monitor the crop.Khuddian said, “To help farmers fight the pink bollworm attack in the cotton belt, four senior officers have been deputed to Sri Muktsar Sahib, Bathinda, Fazilka and Mansa districts. These officers will visit the fields to inspect the cotton crop and guide the farmers to prevent the attack of this pest, apart from monitoring the work of the officers."The next 15 days are very crucial for the cotton crop," he said.In 2021, about 34 per cent loss in production due to severe infestation of pink bollworm on cotton crop with Bathinda being the most affected. The total area under cotton in 2021 was 2.52 lakh hectares.The then Congress government led by Charanjit Singh Channi had announced a compensation of Rs 17,000 per acre for the farmers.Last year, the area under cotton in the state was 2.48 lakh hectares and it is expected to decline sharply to 1.75 lakh hectares in 2023, of which the maximum is in Fazilka at 92,000 hectares.In Punjab, the cotton belt extends over eight districts in the south-west region of the state. These are Bathinda, Mansa, Fazilka, Muktsar, Sangrur, Barnala, Moga and Faridkot. And, more than 95 percent of this area is in Fazilka, Bathinda, Mansa and Muktsar.The cotton sector has not been affected by the floods, but farmers in Abohar are complaining of water scarcity. However, according to agriculture experts, moisture in the cotton belt is the reason for pest infestation.Meanwhile, the procurement of raw cotton will formally begin on August 21 at the Abohar mandi. The purchase will be of the lower part of the cotton plant which is getting ready, while the flowers are seen on the upper part. In such a situation, the attack at this time has rung the bell of danger.
Pakistan Weekly Cotton Review: Spot rate edged up as cotton prices continued to rise.Karachi: Cotton prices continued to rise during the last week. The spot price increased by Rs 300 per head. The production of cotton was twenty lakh fifteen thousand bales. Production till August 31 is expected to be 12.6 lakh bales, up 82% from around 28 lakh bales in the same period last year.Total production is expected to exceed 10 million bales. However, the textile sector has been badly affected by the gas shutdown. There has been a decline of about 14.44 percent in textile exports. Measures should be taken to make the export industry profitable.In the domestic cotton market, cotton prices continued to rise, besides increased trading volume during the last week on increased interest in buying cotton by textile spinners as well as cotton ginners.However, the news of the appointment of Gohar Ijaz Patron, Patron of the All Pakistan Textile Mills Association, as Minister of Industry and Textiles is a welcome development especially for the textile sector.Gauhar Ijaz said in a TV interview recently that export industries, especially the textile sector, will not need subsidy for energy. He said that he has a clear economic plan for this. Now given a chance, he will try to solve the energy problem by implementing the proposed scheme.The price of cotton in Sindh province is between Rs 18,000 to Rs 18,300 per head. The price per 40 kg foot is between Rs 7,300 to Rs 8,400. The rate of cotton in Punjab is between Rs 18,300 to Rs 18,7000 per head, while the rate of foot is between Rs 7,200 to Rs 8,600 per 40 kg. Cotton rates in Balochistan range from Rs 18,100 to Rs 18,300 per head and cotton between Rs 7,400 to Rs 8,500 per 40 kg. prices of khal, cottonseed and oil; however, remained stable.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 300 per head and closed it at Rs 18,300 per head.Naseem Usman, chairman of Karachi Cotton Brokers, said that the price of cotton has declined in the international cotton market. After the ups and downs, the futures trading rate was around 83.62 US cents.According to the USDA's weekly export and sales report, one lakh eighty-six thousand and three hundred bales were sold for the year 2023-24.China remained on top by purchasing one lakh thirty eight thousand four hundred bales. Turkey bought 13,200 bales and stood second. El Salvador was third with 10,500 bales.If the supply of expensive electricity and gas to the national textile industry and export sector continues, Pakistan's textile exports will decline due to the costlier textile of Bangladesh, Sri Lanka and India.He said that due to any uncertain economic situation in Pakistan, the confidence of domestic and foreign investors is immediately shaken, but it takes years to recover.However, Syed Usman Ali, president of the South Circle of Pakistan's Towel Manufacturers Association, expressed serious concern about the cut in two-day weekly gas supplies to export units in Sindh and Balochistan.SSGCL has announced a two-day gas shutdown for all industrial units and captive power plants in Karachi on a weekly basis and this gas shutdown has deepened the woes of exporters in Pakistan's economic hub.The gas cut, in particular, adversely affected the manufacturing process of textile export-oriented units.According to the latest fortnightly data released by the Pakistan Cotton Ginners' Association (PCGA) on Friday, cotton arrivals in Pakistan saw a significant increase of 48% on August 15 as compared to August 1.Till August 15, cotton arrivals in Punjab stood at 0.64 million bales as compared to 0.39 million bales as on August 01, 2023, an increase of 64%.Similarly, cotton arrivals in Sindh stood at 1.48 million bales, as against 1.04 million bales recorded in August 1, an increase of 0.44 million bales or 42%.However, Karachi Cotton Brokers Forum President Naseem Usman made an interesting comparison of cotton production, saying that the production of cotton in the country till August 31 last year was 15 lakh 39 thousand 710 bales, now till August 15, cotton production should be 21 lakh 15 thousand. Has gone. And there are 4333 bales, so this year's cotton production is five lakh seventy five thousand 723 bales more than last year's cotton production.If the production of 16 days in the month of August is assumed to be about 7 lakh bales, then the production would be about 28 lakh bales.According to this calculation, by August 31, the production of cotton in the country will be 82 percent i.e. about 12.50 lakh bales more than the production on August 31 last year. If weather conditions are favourable, the total production can exceed one crore bales.
Rupee gains 5 paise to open at 83.05 against the US dollarThe Indian rupee opened 5 paise higher against the US dollar on Monday, despite losses in Asian peers amid persisting worries over rising US yields. The local currency opened at 83.05 a dollar as compared to its Friday’s close of 83.10.Slight rise in Sensex, now keeping an eye on Jio Financial's listingToday the stock market started with a boom. Today, the BSE Sensex opened at a level of 64993.68 points with a fall of 45.02 points. On the other hand, NSE's Nifty opened at a level of 19326.90 points with a fall of 16.70 points.
Rupee strengthened by 5 paise against dollarThe rupee strengthened by 5 paise to close at Rs 83.10 against the dollar this evening.Sensex dropped 202 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 64948.66 points with a fall of 202.36 points.On the other hand, Nifty closed at 19310.20 points with a fall of 55.10 points.
India is facing record low rainfall in August, threatening summer crops.India is headed for its driest August in more than a century, partly due to the El Nino weather pattern that is likely to bring deficient rainfall over large areas, two meteorological officials said on Friday.August rains, expected to be the lowest since records began in 1901, could hurt yields of summer-sown crops, from rice to soybeans, pushing up prices and raising overall food inflation , which has become the highest in July since January 2020.The monsoon, vital to the $3-trillion economy, provides about 70% of the rain needed in India to water farms and replenish reservoirs and aquifers.A senior India Meteorological Department (IMD) official said on condition of anonymity, "The monsoon is not reviving as we had expected.""We're going to end the month with a huge deficit in the southern, western and central parts." He said, based on the rainfall so far and expectations for the rest of the month, India is likely to receive less than 180 mm (7 inches) of average rainfall this month.The Met officials are expected to announce the total rainfall in August and forecast for September on August 31 or September 1.India received just 90.7 mm (3.6 in) of rain in the first 17 days of August, about 40% less than normal. The normal average for the month is 254.9 mm (10 inches), he said.Earlier, the IMD had projected a rainfall deficit of up to 8% in August. The least rainfall in August on record was in 2005 with 191.2 mm (7.5 in).Another IMD official said that monsoon rains are expected to improve in the northeast and some central regions in the next two weeks, but the northwestern and southern states are likely to remain dry."Normally, we experience dry weather for five to seven days in August," the official said on condition of anonymity."However, this year the dry season in southern India has been unusually long. The El Nino weather pattern has started to affect the Indian monsoon." El Nino, the warming of waters that usually inhibits rainfall in the Indian subcontinent, has emerged in the tropical Pacific for the first time in seven years.This monsoon has been uneven, with June receiving 10% below average rainfall, but July rains again being 13% above average.Summer rains are important because almost half of India's agricultural land lacks irrigation.Farmers usually start planting other crops, including rice, maize, cotton, soybean, sugarcane and groundnut, from June 1, when the monsoon begins to hit the southern state of Kerala.Harish Gallipelli, director of trading firm ILA Commodities India Pvt Ltd, said the prolonged drought has resulted in extremely low soil moisture, which can hamper the growth of crops.
Bangladesh, India begin trade transactions in rupeesBangladesh and India on Tuesday began much-awaited trade transactions in rupees, with an aim to reduce dependence on the US dollar and strengthen the regional currency and trade. This is the first time Bangladesh has done bilateral trade with a foreign country other than the US dollar.Bangladesh Bank Governor Abdur Rauf Talukdar described the introduction of trade settlement in rupees as "the first step in a great journey"."Trade terms between India and Bangladesh have witnessed significant growth, with both countries benefiting from their economic cooperation," he said at the launching ceremony here. Indian High Commissioner Pranay Verma also attended the ceremony.The central bank governor said the transaction cost during trade with India will be reduced with the introduction of the Taka-Rupee dual currency card, which is almost set to be launched from September.However, Bangladesh and India conduct border trade in a semi-formal manner in certain areas called "border huts" where the two currencies are exchanged on a limited scale.Officials said that as part of the formal arrangement, from now on trade will be done initially in rupees and then gradually in Bangladeshi currency taka once the trade gap between the two countries narrows.Banks in Bangladesh and India have been permitted to open a Nostro account, an account with the other country's bank, for the purpose of foreign exchange transactions.Officials said the exchange rate will be determined according to market demand and the banks involved in the process.According to the latest official data from Dhaka, Bangladesh's exports to India are worth US$2 billion, while Bangladesh's imports from India are US$13.69 billion.However, many economists said that Bangladesh would not be able to quickly take advantage of the new system due to the trade deficit.But Talukdar said he is not just looking at this US$2 billion export, as "when we export and import in Indian rupee, it will have an impact on exporters and importers of both the countries".“We can increase our exports manifold, because customers in India will buy things in their own currency, consider it as their own product… It will open a new window for us in a big way in this (Indian) market because India is a big market. said the Talukdar.The Indian envoy said that India-Bangladesh relations have changed a lot in the last decade."One of the most important manifestations of that change is our markedly growing economic and commercial ties and connectivity links," he said, adding that Bangladesh is India's largest trading partner in South Asia, and the fifth largest globally. is a business partner.He said that bilateral trade has more than doubled in the last five years.The country's exports to India have crossed the $1 billion mark for the last three consecutive years and crossed the $2 billion mark for the first time during the last financial year.India, with its diverse market, has emerged as the top export destination for Bangladesh in Asia.
Pakistan: Spot rate increased by Rs 200 per headLAHORE: The spot rate committee of the Karachi Cotton Association (KCA) on Thursday hiked the spot rate by Rs 200 per head and closed it at Rs 18,200 per head. The local cotton market remained firm and the business volume was satisfactory.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 18,100 to Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is Rs 18,300 to Rs 18,700 per head and cotton is Rs 7,200 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,100 to Rs 18,300 per head, while footy rates range from Rs 7,400 to Rs 8,400 per 40 kg.About 400 bales of Hyderabad were sold at Rs.18,100 per head, 200 bales of Mirpur Khas at Rs.18,300 per head, 1400 bales of Shahdadpur at Rs.18,100 to Rs.18,300 per head, 400 bales of Sarhari were sold. 18,100 per head, 400 bales of Sarkand sold at Rs 18,100 per head, 1200 bales of Saleh Pat sold at Rs 18,100 to 18,300 per head, 200 bales of Moro at Rs 18,100 per head Sold from, 2000 knots Tando Adam, 1000 bales of Sanghar to Rs 18,300 per mind, 600 bales of Mian Channu sold Rs 18,650 to Rs 18,700 per mind, 200 knots of Laiya were sold by Rs 18,700 per mind, 800 knots of Pir. Mahal was sold for Rs.18,600 per head, Haasilpur for 200 bales at Rs.18,500, Vehari for Rs.18,300 to Rs.18,550 for 1600 bales, Haroonabad for Rs.18,400 to Rs.18,500 for 1200 bales. Per head, 600 bales of Chichavatni were sold at the rate of Rs.18,400 to Rs.18,500 per head, 200 bales of Fakir Wali were sold at the rate of Rs.18,500 per head, 400 bales of Fort Abbas were sold at the rate of Rs.18,400 per head, 200 bales of Chishtian were sold. 18,375 per head and 600 bales of Yazman Mandi were sold at Rs 18,300 to 18,375 per head and 400 bales of Burewala were sold at Rs 18,000 per head.The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 200 per head and closed it at Rs 18,200 per head. Polyester fiber was available at Rs 360 per kg.
Rupee recovered from all time low closing, strengthened by 12 paise todayThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 83.03 against the dollar with a strength of 12 paise. On the other hand, on Thursday, the rupee closed at a level of Rs 83.15 against the dollar with a weakness of 20 paise. This was the biggest fall of the rupee against the dollar on the basis of closing.Share Market: Global signals are weak, the beginning may be volatileToday i.e. on Friday, there is a possibility of fluctuating atmosphere in the Indian stock markets. GIFT Nifty, however, is trading with a slight uptrend, indicating a positive opening for Sensex and Nifty.
Global cotton production likely to decline next seasonGlobal cotton production is expected to decline by three percent next season, while consumption may remain stable and ending stocks may be low.However, analysts said China holds the key to prices as any drop in demand from the communist nation could limit further upside.As a result, global cotton prices are expected to hover around US cents 80 per pound (₹52,600 per 356 kg candy) for the remainder of 2023.According to the US Department of Agriculture (USDA), cotton production could decline to 114.1 million (US) bales (217.7 kg) next season due to lower crops in the US and Uzbekistan. Indian crop is also being estimated to be less. However, production this season is estimated to be higher at 118.3 million bales, with larger harvests in Brazil and Argentina.Last month, the International Cotton Advisory Committee (ICAC) said production for the next season is estimated at 24.51 million tonnes (112.58 million US bales).Research agency BMI, a unit of Fitch Solutions, said global cotton production next season is expected to be 116.5 million bales, down 0.9 percent from this season's 117.6 million bales."The decline in global output will be driven by year-on-year declines in Brazil (3.3 per cent), mainland China (12.1 per cent) and India (1.9 per cent)," BMI said.3 reasons for the decline in productionThis is because cotton acreage in these three countries is down due to “weak global prices, poor margins compared to other crops and concerns over fertilizer supply”.Also, consumption is likely to pick up as mills are expected to replenish their low cotton stocks."Consumption rose to 116.9 million bales, largely due to strong consumption prospects in China more than offsetting lower utilization in Uzbekistan," the USDA said.ICAC said consumption in the next season is likely to be 23.79 million tonnes (109.27 million bales). BMI said global consumption is expected to grow 5 percent annually to 116.4 million bales in 2023-24.A slower year-on-year recovery in the US will be offset by a weaker economic outlook, with China's latest import data from June 2023 down 49 percent year-on-year due to production declines in Brazil, China and India and a reduction in planting area decline is observedThe USDA has projected the carryover stock for the next season to increase from 94.13 million bales to 91.59 million bales in view of the rising consumption.In light of these developments, BMI said it is maintaining its 2023 cotton price outlook at 86.5 cents per pound (₹56,900 per candy), up from the year-to-date average of 82.7 cents (₹54,400)."The US season-average farm price for 2023-24 is projected to be 79 cents per pound (₹52,000)," the USDA said.Current priceICAC forecasts the season-average A index for 2022-23 to range from 96.36 cents to 106.47 cents, with a midpoint of 100.78 cents per pound.Currently, cotton futures are quoted at $85.10 cents (₹56,000 per candy) on the Intercontinental Exchange, New York. In India, export benchmark Shankar-6 cotton currently stands at ₹61,300, while raw cotton (cotton) at the Rajkot agriculture terminal market is at ₹7,925 per quintal. As far as Indian production is concerned, the USDA estimates that it will come down to 326.58 lakh bales (170 kg) in the next season as against the production estimate of 333 lakh bales this season. Pakistan's cotton crop, battered by unprecedented floods last year, is expected to rise sharply to 6.5 million US bales next season, BMI said.Import demand, especially from China, Vietnam and Bangladesh, will increase by 172 per cent to 43.4 million bales this season from 37.1 million bales.
Textile and apparel shipments continued to decline in July '23Textiles and apparel exports declined by 1.9% and 17.37% respectively in July this year as compared to the same period last year.Cumulative exports of textiles and apparel declined by 13.74% year-on-year for the period April-July 2023.Data shared by the Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabric and made-ups registered a growth of 6.62% ($1,009 million) in July 2023 as compared to July 2022 ($946.48 million). However, negative growth was registered in shipments of man-made yarn, fabric & made-ups, jute products, carpets, handicrafts and apparel items.A total of $1,663 million worth of textile products were shipped last month, compared to $1,695 million worth in the previous July. Apparel exports stood at $1,381 million in July 2022 and $1,141 million in the previous month.Sanjay Jain, president of the Indian Chamber of Commerce on the textile industry and managing director of TT Ltd, said apparel exports have been at a "sustained low" for over a year. In terms of volume, the decline was sharp. In the US market, retailers are clearing stocks and demand is expected to pick up again. "Inquiries are being taken for the clothing for spring/summer 2024, with shipments to begin early next year." Cotton yarn exports usually peak in September-October. “India is expecting a good cotton crop in the next season. If cotton prices remain competitive, exports will revive,” he said.Siddhartha Rajagopal, executive director, Cotton Textiles Export Promotion Council, said, “With respect to cotton textile exports, the mood is cautiously optimistic. Demand from China is looking up and if Indian cotton prices remain reasonable, yarn and fabric exports will pick up. India's strength lies in cotton textiles and the challenge is to sustain the growth in cotton exports.Ravi Sam, president of the Southern India Mills Association, said that in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. Indian cotton prices were higher than international prices on Wednesday, 16 August.
Rupee weakens by 20 paise against dollarThis evening, the rupee closed at a level of 83.15 against the dollar with a weakness of 20 paise.Sensex dropped 388 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 65151.02 points with a fall of about 388.40 points.On the other hand, Nifty closed at 19365.30 points with a fall of 99.70 points.
Pakistan: spot price strong amid busy trading in cotton marketLAHORE: The local cotton market remained firm on Wednesday with excellent trading volume.Cotton analyst Naseem Usman told PTI that the rate for the new crop of cotton in Sindh is between Rs 18,000 and Rs 18,300 per head. The rate of footi in Sindh is between Rs 7,200 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is between Rs 18,200 to Rs 18,600 per head and the rate of foot is between Rs 7,300 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 18,000 to Rs 18,200 per head, while footy rates range from Rs 7,500 to Rs 9,000 per 40 kg.Around 600 bales of Mir Pur Khas were sold between Rs 18,100 to Rs 18,200 per head, 400 bales of Dor were sold between Rs 18,000 to Rs 18,075 per head, 600 bales of Shahdad Pur, 800 bales of Mehrab Pur were sold at Rs 18,000 to Rs 18,075 per head. 18,100 per head, 800 bales of Tando Adam at Rs.18,200 per head, 1000 bales of Sanghar, 200 bales of Kotri at Rs.18,000 per head, 1400 bales of Rohri at Rs.18,000 to Rs.18,050 per head, Rs.1200 per head. Bales of Saleh Pat Rs 18,000 to Rs 18,200 per head, 400 bales of Akari, 400 bales of Rani Pur Rs 18,000 per head, 1400 bales of Lodharan sold at Rs 18,100 to Rs 18,500 per head, 600 bales of Haroonabad sold at Rs 18,500 per head Mind, Vehari 1200 bales were sold for Rs 18,300 to 18,500 per head, 800 bales of Laya were sold for Rs 18,100 to 18,500 per head, 200 bales of Miyan Channu were sold for Rs 18,450. 18,500 per head, Chichavatni 1600 bales at Rs 18,300 per head, Mamo Kanjan 400 bales at Rs 18,450 per head, Fort Abbas 800 bales at Rs 18,400 per head, Haasil Pur 400 bales were sold. Mongi Bangla 400 bales, Pir Mahal 400 bales Rs 18,300 per head, Shujabad 400 bales, Marot 400 bales, Yajman Mandi 200 bales Rs 18,400 per head, Samundari 400 bales 400 bales per head. Jhang, Toba Tek Singh for 400 bales were sold at Rs.18,100 per head, Khair Pur Tami Wali for 200 bales at Rs.18,450 per head and Dera Ghazi Khan for 400 bales at Rs.18,200 to Rs.18,300 per head.The spot rate remained unchanged at Rs 18,000 per head. The rate of polyester fiber increased by Rs 2 and is available at Rs 360 per kg.
Rupee down 5 paise at 83.00 against US dollarThe Indian rupee opened lower by 5 paise against the US dollar on Thursday tracking weakness in Asian peers due to a rise in US treasury yields. The local currency opened at 83.00 against Monday's close of 82.95.Share market opened with a slight decline, know the level of SensexToday started with a fall in the stock market. Today, the BSE Sensex opened at a level of 65509.03 points with a fall of 30.39 points. On the other hand, the Nifty of NSE opened at a level of 19445.60 points with a fall of 19.40 points.
If the demand for withdrawal of BIS law is not accepted, the cotton ginning factory will be closedCotton Ginning Associations of Haryana, Punjab and Rajasthan have come out in protest against the Government of India's law to get certified by the Bureau of Indian Standards for making, processing and trading cotton bales. More than 100 ginners from all the three states gathered in Hisar today and raised their voice against this law of the government. In the meeting of Ginners, it was unanimously decided that this black law of the government will not be allowed to be implemented under any circumstances. If the government does not step back from implementing this law, then all the ginners will shut down their factories and will not even buy cotton from the farmers.The meeting was organized by the Haryana Cotton Ginning Association.Talking to reporters after a meeting held at a private restaurant, Haryana Cotton Ginning Association President Sushil Mittal said that the government is working against farmers, traders and industrialists. There is no justification for applying the rules of the Bureau of Indian Standards on cotton processing and bale making.BIS norms are applicable to the products manufactured in the factory. Cotton is an agricultural product and it is a raw material. Cotton ginners only process cotton in their factory and sell cotton further, so BIS rules should not be applicable in this whole process. Earlier, the government wanted to implement it from 27th August itself, but now the government is talking about implementing this law from 27th November. The decision to implement this law has been postponed for three months due to the opposition of the ginners. But, the ginners of the whole country want this law to be repealed and if the government does not repeal this law, the ginners will shut down their factories.Aditya Chitangalia, President of Upper Rajasthan Cotton Association, said on the occasion that BIS rule is not applicable anywhere in the business to business model. In such a situation, the central government is doing wrong by implementing this law. At present there are 500 cotton ginning units in Haryana, Punjab and Rajasthan and all of them process 60 lakh bales or say 30 million quintals of cotton in a year. If the government does not withdraw its decision, lakhs of people associated with all these factories will become unemployed and the country's economy will be badly affected. Farmers, laborers, businessmen all will be affected by this decision.Kuldeep Gupta, president of the Lower Rajasthan Cotton Association, said that anywhere in the world, Bureau of Standards regulations are not applicable to cotton processing or other agricultural production. In such a situation, instead of taking the country forward, why is the government doing the work of pushing back. If the government also wants to implement the rule, it can make it optional instead of mandatory. But what does the government want to declare the ginners as criminals by imposing heavy fines and jail term for not meeting the BIS standards.Suresh Bansal, president of the Punjab Cotton Factories Association, said that the government was acting like a puppet in the hands of the corporate sectors. The cotton industrialists are doing the work of cotton processing and are not committing crimes. The association cannot allow this wrong decision of the government to be implemented at any cost because what the government wants is not possible. If the government does not agree, they will be left with no option but to shut down the factories.Patron of Haryana Cotton Ginners Association Sumer Chand, cashier, Shyamsundar Badheria Bhuna, Bhagwan Bansal from Punjab, Kuldeep from Alwar, Ravindra from Hanumangarh, Balwant Khairtal Rajasthan, etc. were mainly present in this meeting.The decision taken in the North Cotton Ginning Association, as told by Mr. Sushil Mittal, the newly elected President.1. No generator will fill CCI tender.2. All Indian ginners will go on strike from 1st November 2023. No buying, no processing and no selling.
Rupee closes flat against US dollartracking a stronger dollar which led to losses across Asian currencies, but likely dollar sales by the country's central bank capped losses.Sensex up 137 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65539.42 points with a gain of about 137.50 points.At the same time, the Nifty closed at the level of 19465.00 points with a gain of 30.50 points.
The cotton crop in North India is facing the threat of pink bollworm attack. Cotton crop in North India is under threat of Pink Bollworm (PBW) attack and the intensity of pest attack has been observed more this year as compared to last two years. While PBW in cotton was seen only at the end of the season during Kharif 2022-23 in the north, this year the pest has appeared early in the season, posing a major threat to farmers. Because the arrivals in Punjab have been recorded almost one-third as compared to the previous year, 2021-22. Cotton arrivals in Punjab have been recorded at 8.7 lakh quintals in the 2022-23 marketing season so far this year, as against 28.89 lakh quintals for the entire 2021-22 season.The USDA's weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with growth mainly attributed to China. During this kharif season, cotton cultivation in Gujarat has achieved a remarkable feat surpassing the record of the last eight years. Farmers in the state have successfully sown cotton in an area of 26.64 lakh hectares, in sharp contrast to the decline seen in other major cotton growing states. Gujarat, known as India's largest cotton producer, has completed cotton sowing in a total of 26,64,565 hectares (ha) till July 31, according to official data from the state agriculture directorate. In the main spot market Rajkot, the price closed at Rs 29267.85 with a gain of 0.05 per cent.Technically the market is in fresh buying phase as the market has seen an increase of 0.52% in Open Interest and closed at 383 while the price is up by Rs 320, now cottoncandy is taking support at 60280 and below it Testing of 59790 level can be seen, and resistance is now likely to be seen at 61080, on the upside the price could test 61390.
*Pakistan: Stable trend in cotton market*LAHORE: The local cotton market remained firm on Tuesday with satisfactory trading volume.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,900 to Rs 18,200 per head. The rate of footi in Sindh is between Rs 7,300 to Rs 8,200 per 40 kg. The rate of cotton in Punjab is between Rs 18,200 to Rs 18,500 per head and the rate of foot is between Rs 7,200 to Rs 8,700 per 40 kg. Cotton rates in Balochistan range from Rs 17,900 to Rs 18,100 per head, while footy rates range from Rs 7,400 to Rs 8,200 per 40 kg.Tando Adam 1600 bales, Shahdad Pur 1800 bales Rs 18,100 to Rs 18,300 per head, Gupchani 200 bales, Sarkand 200 bales Rs 18,000 per head, Khair Pur Tami Wali 200 bales Rs 18,000 per head. 18,450 per head, Harunabad 1600 bales Rs 18,450 to 18,500 per head, Fakir Wali 200 bales Rs 18,100 per head, Lodharan 200 bales Rs 18,500 per head, Layya 600 bales, Yazman Mandi 400 bales 18,1 Rs.00 per head, Vehari 1600 bales of Mian Channu were sold at Rs.18,400 to Rs.18,500 per head and 600 bales of Miyan Channu were sold at Rs.18,450 to Rs.18,650 per head.The spot rate remained unchanged at Rs 17,900 per head. Polyester fiber was available at Rs 350 per kg.
CAI maintains cotton crop estimate of 311.18 lakh bales in FY2023The Cotton Association of India (CAI) on Monday announced that it has retained the cotton crop forecast for the 2022-23 season at 311.18 lakh bales of 170 kg.President Atul S. The association, headed by Ganatra, on Monday released the July estimate of cotton crop for the season 2022-23 beginning October 1, 2022.According to the press release, the crop committee of the association has estimated this in its meeting held on Saturday.Based on key numbers and inputs received from members of all the 11 cotton growing state associations and other trade sources, the committee estimated the cotton crop for the 2022-23 season and prepared the cotton balance sheet.The total cotton supply for the months of October 2022 to July 2023 is estimated at 332.30 lakh bales of 170 kg each. each (equivalent to 348.71 lakh running bales of 162 kg each), including arrivals of 296.80 lakh bales of 170 kg each. Import of 11.50 lakh bales of 170 kg each (equivalent to 311.46 lakh running bales of 162 kg).Further, CAI has projected cotton consumption of 265 lakh bales of 170 kg each for the months of October 2022 to July 2023. each (equivalent to 278.09 lakh running bales of 162 kg each) while the export shipments till 31st July 2023 have been estimated by CAI at 14.00 lakh bales of 170 kg each. each (equivalent to 14.69 lakh running bales of 162 kg. each).It has retained its overall cotton supply forecast for the end of cotton season 2022-23 i.e. 30 September 2023 at the same level as earlier forecast i.e. 350.18 lakh bales of 170 kg. each (equivalent to 367.47 lakh running bales of 162 kg each).CAI has estimated cotton consumption at 311.00 lakh bales of 170 kg each for the current crop year 2022-23. each (equivalent to 326.36 lakh running bales of 162 kg each). Last year's consumption was estimated at 318 lakh bales of 170 kg. each (equivalent to 333.70 lakh running bales of 162 kg each).By July 31, 2023, 265 lakh bales of 170 kg are estimated to be consumed.CAI has retained its production forecast for 2022-23 season at the same level as earlier forecast i.e. 311.18 lakh bales of 170 kg.The committee members will keep a close watch on the cotton pressing numbers and arrivals in the coming months and if any increase or decrease in the production estimate needs to be done, the same will be done in the CAI report.India's cotton import forecast has been retained at 1.5 million bales (170 kg) and cotton exports at 1.6 million bales (170 kg).
| title | Created At | Action |
|---|---|---|
| Rupee strengthened by 1 paise against dollar .. | 21-08-2023 16:36:51 | view |
| Cotton supply conditions comfortable: SIMA | 21-08-2023 15:36:09 | view |
| "Punjab Agriculture Minister takes steps accordingly after pink bollworm attack on cotton crop in Bathinda and Mansa" | 21-08-2023 11:47:20 | view |
| Pakistan Weekly Cotton Review: Spot rate edged up as cotton prices continued to rise. | 21-08-2023 10:57:39 | view |
| Rupee gains 5 paise to open at 83.05 against the US dollar | 21-08-2023 09:39:12 | view |
| Rupee strengthened by 5 paise against dollar.. | 18-08-2023 16:38:37 | view |
| India is facing record low rainfall in August, threatening summer crops. | 18-08-2023 16:23:25 | view |
| Bangladesh, India begin trade transactions in rupees | 18-08-2023 15:42:09 | view |
| Pakistan: Spot rate increased by Rs 200 per head | 18-08-2023 10:49:11 | view |
| Rupee recovered from all time low closing, strengthened by 12 paise today | 18-08-2023 09:20:58 | view |
| Global cotton production likely to decline next season | 17-08-2023 18:32:22 | view |
| Textile and apparel shipments continued to decline in July '23 | 17-08-2023 16:26:12 | view |
| Rupee weakens by 20 paise against dollar... | 17-08-2023 16:16:26 | view |
| Pakistan: spot price strong amid busy trading in cotton market | 17-08-2023 10:48:17 | view |
| Rupee down 5 paise at 83.00 against US dollar | 17-08-2023 09:36:04 | view |
| If the demand for withdrawal of BIS law is not accepted, the cotton ginning factory will be closed | 16-08-2023 17:42:46 | view |
| Rupee closes flat against US dollar | 16-08-2023 16:36:40 | view |
| The cotton crop in North India is facing the threat of pink bollworm attack. | 16-08-2023 11:14:06 | view |
| *Pakistan: Stable trend in cotton market* | 16-08-2023 10:40:28 | view |
| CAI maintains cotton crop estimate of 311.18 lakh bales in FY2023 | 14-08-2023 16:57:05 | view |
