"Garment units in Tiruppur had to be closed due to lack of orders!"President of the South India Hosiery Manufacturers Association, A.C. Easwaran urged the Center to check garment imports from Bangladesh and ban cotton exports when the new cotton season starts from October 1.According to the South India Hosiery Manufacturers Association, about 40% of Tiruppur hosiery manufacturing units supplying the domestic market have shut down due to lack of orders.In the memorandum given to the central government, the president of the association, A.C. Easwaran said several units in Tiruppur are shutting down production due to a drop in orders. The value of clothing imports from Bangladesh has increased 15 times in the last six years. In 2016-2017, apparel worth ₹288 crore was imported and in 2022-2023, it was around ₹4,500 crore. When India signed a free trade agreement with Bangladesh in 2011, there was a 12% duty on imports from Bangladesh. However, there was no duty now and there were unconfirmed reports that goods from China enter India through Bangladesh. In Bangladesh, the textile industry was supported by the government with subsidies. Tirupur's industries were unable to compete with imports from Bangladesh as the cost of production here was high, he said.Mr Easwaran urged the Center to check apparel imports from Bangladesh and ban cotton exports when the new cotton season begins on October 1. He said, only surplus cotton should be allowed for export so that the prices of cotton and yarn remain stable. The domestic textile and apparel industry was expected to consume about 300 lakh bales of cotton. If cotton prices fall below the minimum support price, the Cotton Corporation of India should take steps to buy cotton from farmers. He said that the government should monitor the sale of cotton by the corporation to the industry.
Tamil Nadu: Farmers in Karaikal say pest attack on cotton crop is affecting yield and quality.Pest attack on the cotton crop as a result of summer rains has affected the production and quality of the product this year, cotton farmers in Karaikal said, and demanded that the Puducherry government expedite insurance for yield loss. Pest attacks have added to the woes of farmers due to poor prices for private procurement of cotton.“Sucking pests like mealybugs (‘maavu poochi’) and aphids (‘aswini poochi’) have affected the quantity and quality of our produce. The fall in demand has already affected prices, and with the decline in quality Because prices have come down to Rs 50 per kg. We request to expedite insurance to cover our losses,'' said farmer-representative BG Somu. According to the Puducherry agriculture department, this year Karaikal has around Cotton was cultivated on 1,200 hectares, double that of last year.A surplus in supply led to a reduction in demand, as the average selling price fell from Rs 90 to Rs 65.Due to unseasonal rains, the crops got attacked by pests during the tillering period. Noting that the pest is not uncommon this year, agriculture department officials assured that cotton was covered under the crop insurance scheme. A senior agriculture department official said, "We are regularly giving expert recommendations for pest control to farmers. Crop labor costs have gone up for farmers, while procurement rates have come down. This has resulted in loss of their profits." has increased."Representatives of Karaikal District Delta Farmers Welfare Association met Collector A Kulothungan on Thursday and urged him to provide insurance for the lost produce. “Crop insurance is pending for the past few years. The loan waiver announced by the government is yet to materialize, and pending old loans have put cultivation of the upcoming crop in question and made our cotton cultivation unviable We request the Puducherry government to settle the old loans and help us take new loans," said P Rajendhiran, president of the association.
"Sowing of cotton in Gujarat is the highest in 9 years, more than 26 lakh hectares!"Cotton sowing in Gujarat has broken the record of last eight years and farmers have sown the fiber crop in 26.64 lakh hectare (LH) so far this kharif season. This comes at a time when other major cotton growing states are showing a declining trend.Data released by the state agriculture directorate showed that till July 31, farmers in Gujarat, India's largest cotton producer, have completed cotton sowing in 26,64,565 hectares (ha). While this is the highest sowing area since 2015-16, when farmers sowed cotton in 27.21 lakh hectares, it is also the third highest sowing area for cotton in Gujarat in the last decade.In 2014-15, Gujarat recorded 28.83 lakh hours of cotton sowing, followed by 27.21 lakh hours in 2015-16. In fact, cotton sowing in Gujarat has crossed the 26 lakh hectare mark for the first time since 2019-20.The cotton acreage of 26.64 lakh hours is much higher than the 25.29 lakh hours recorded during kharif season of 2022-23 and 1.6 lakh hours more than the corresponding figure of last year. Overall, this is about 13 per cent higher than the cotton acreage of 23.60 lakh haunches in the last three years, the data shows.Meanwhile, according to the central government data, cotton acreage in the country stood at 116.75 lakh hours, which is 1.16 per cent lower than 117.91 lakh hours recorded in the same period last year.Apart from Gujarat, Rajasthan, Madhya Pradesh and Haryana have registered an increase in cotton sowing area by 1.38 lakh hours, 0.44 lakh hours and 0.20 lakh hours respectively. However, Karnataka, Telangana, Punjab and Maharashtra registered a decline of 2.33 lakh hours, 1.21 lakh hours, 0.84 lakh hours and 0.33 lakh hours, respectively.The acreage of Gujarat is second only to Maharashtra at 40.58 lakh per hour. Till 28 July, sowing in Telangana was 16.48 lakh hours and the third highest in the country. Cotton sowing has been recorded in Rajasthan, Haryana, Madhya Pradesh and Karnataka at 7.28 lakh hours, 6.65 lakh hours, 6.30 lakh hours and 5.06 lakh hours respectively.Within Gujarat, Surendranagar has emerged as the largest cotton district with farmers sowing the crop in 3.85 lakh hours. It is followed by Amreli (3.65 lakh hours), Bhavnagar (2.59 lakh hours), Rajkot (2.44 lakh hours) and Morbi (2.19 lakh hours).Overall, the 11 districts of Saurashtra region have 19.03 lakh hectare cotton sowing area, which is more than 71 per cent of the state's total sowing area of 26.64 lakh hectare. As per the data, cotton has been sown for 2.92 lakh hours in eight districts of Central Gujarat, 2.32 lakh hours in six districts of North Gujarat, 1.65 lakh hours in seven districts of South Gujarat and 0.70 lakh hours in Kutch.Admitting that cotton prices are also a factor, Bhupat Metalia, executive committee member of the Gujarat Spinners Association, said: “Cotton prices were set to skyrocket in 2021-22. But that was an isolated incident and prices have stabilized at around Rs 8,000 per quintal in 2022-23, which is higher and more realistic than 2020-21."About a month ago, China resumed import of cotton yarn from India and this is likely to provide relief to cotton prices in India," he added.Metalia, who is also a cooperative leader, said that although groundnut can bring higher returns in absolute terms, sharecroppers hailing from tribal areas of Gujarat, Madhya Pradesh and Maharashtra complain about the laborious practice of harvesting groundnut and the land The owners agree to enter into contracts with the farmers. only if the latter would allow them to grow cotton. That is why the area under cotton is increasing, he said.
Pakistan Weekly Cotton Review: Despite steady rains, crop largely safeKarachi: The production of cotton was 14 lakh thirty thousand bales. Last week, the rate of cotton remained stable and the business was also satisfactory.Although the quality of cotton was affected by the rains, the crop remained safe. However, there is a complaint of pest attack on the standing crop. Pakistan's Towel Manufacturers Association Ali has expressed serious concern over billions of rupees stuck with FBR, which is causing huge problems for exporters.Cotton prices showed a mixed trend in the local cotton market last week. The price of cotton in the market was fixed according to the quality, as cotton has been affected due to rain. The rate of cotton varied from Rs 400 to Rs 500 per head according to the quality.Individual industrialists, especially those associated with the textile sector, have strongly opposed the exorbitant increase in electricity tariffs, terming the move as disastrous for trade and industry.It is being indicated that further increase in the price of gas will lead to closure of more industries, due to which other industries especially the textile industry will have to face serious difficulties. This will also have a negative impact on the rate of cotton.The rate of cotton in Sindh ranged between Rs 17,400 to Rs 17,800 per head depending on the quality. The rate of foot was between Rs 6800 to 7800 per 40 kg. In Punjab, cotton rates ranged from Rs 17,900 to Rs 18,400 per head and cottonseeds ranged from Rs 7,000 to Rs 8,500 per 40 kg. Cotton rates in Balochistan ranged between Rs 17,600 and Rs 17,800 per head, while futi rates ranged between Rs 7,000 and Rs 8,000 per 40 kg. The prices of cottonseed, khal and oil remained stable.The spot rate committee of the Karachi Cotton Association kept the cotton rate unchanged at Rs 17,935 per head.Naseem Usman, President of Karachi Cotton Brokers Forum, has said that the rate of cotton in the international cotton markets has remained stable. A slight increase was seen in the futures trading rate of New York cotton.As per the USDA's weekly export and sales report, the sales for the year 2022-23 stood at 9,900 bales. Japan topped the list by purchasing 1100 bales. Honduras came second with 500 bales. Vietnam was third with 400 bales. 33,900 bales were sold for the year 2023-24. China topped the list by buying 18,300 bales. Mexico came second by buying 17,200 bales. Turkey bought 9,600 bales and ranked third.Seed cotton equivalent to more than 1.4 million (1,428,638) bales has reached ginning factories across Pakistan by August 1, 2023, with Sindh recording a major contribution of over one million bales, the initial picking and its Sanghar district alone attracts more than half. Total arrivals till date.According to a fortnightly report by the Pakistan Cotton Ginners' Association (PCGA) released to the media, ginning factories in Punjab recorded 388,568 bales of cotton arrivals, while ginneries in Sindh registered over one million (1,040,070) bales, Which includes 721,149 bales in Sanghar district alone. , In Balochistan, arrivals were recorded at 41,100 bales.Out of the total arrivals, seed cotton converted in bales was recorded at 1.3 million (1,327,847) bales, including 955,278 bales in Sindh and 372,569 bales in Punjab.Cotton arrivals at ginning factories have been affected in the last fortnight due to monsoon and Ashura holidays. It is expected that the arrival of cotton will increase in the coming days.He further added that often exporters face various issues in filing their monthly sales tax returns and they face unnecessary delays in filing their monthly returns, also, the claim amount of exporters is deferred by the system. Are being given. This is causing trouble for exporters as billions of rupees are already stranded with FBRs of five zero-rated sectors. This dire situation is one of the main reasons for the decline in our exports.Exporters from this country are not interested in paying sales tax to Pakistan government and then begging for refund, which is exporter's own money. For refund of GST amount, they are wasting their own resources, lots of paperwork, heavy investment on equipment etc. Their money stuck for several months creates a financial crisis and they are paying high interest rates to banks for borrowing.
Rupee opens 12 paise stronger against dollarThe rupee opened strongly against the dollar today. Today, the rupee opened at a level of Rs 82.72 against the dollar with a strength of 12 paise. On the other hand, on Friday, the rupee closed at a level of Rs 82.84 with a weakness of 12 paise against the dollar.Stock market rises, Sensex opens up by 144 pointsToday the stock market opened with a boom. Today, the BSE Sensex opened at a level of 65865.27 points with a gain of about 144.02 points. On the other hand, the NSE's Nifty opened at a level of 19558.50 points with a gain of 41.50 points. A total of 2,113 companies opened for trading on BSE today.
Rupee weakens by 12 paise against dollarThis evening, the rupee closed at a level of 82.84 against the dollar with a weakness of 12 paise.Sensex up 480 pointsToday the stock market closed with a boom.Today, where the Sensex closed at a level of 65721.25 points with a gain of about 480.57 points.On the other hand, the Nifty closed at the level of 19517.00 points with a gain of 135.30 points.
Indian cotton industry, trade want government to do away with quality orderWith the Cotton Bales (Quality Control) Order coming into force from August 28, 2023, textile organizations and trade associations have started approaching the Ministry of Textiles to defer the implementation to a later date.The order, known as the Cotton QCO (Quality Control Order), was notified by the Union Ministry of Textiles on February 28, which said it would come into force 180 days after its publication in the gazette. This applies to processed cotton (counted) and unprocessed or raw cotton (cotton).The order laid down certain norms for the numbered cotton bales as well as the requirements for the materials used for packing the bales.The QCO specifies that cotton bales should have a moisture content of 8 per cent. In this, ginning mills are required to test at least 5 percent of the bales, while the waste content in the bales should not exceed 3 percent.According to K Venkatachalam, chief advisor to the Tamil Nadu Spinning Mills Association (TASMA), the QCO will apply to imported cotton as well and this could cause some "trouble".“The signing of contracts for the import of cotton needs to be done very carefully,” he told BusinessLine.TASMA President AP Appukutty, in a memorandum to Commerce and Textiles Minister Piyush Goyal, sought to defer the implementation of the QCO until a consensus is reached among all stakeholders in domestic and imported cotton.He urged the minister to issue a specific order to exempt imports from this order as it would be re-exported by adding value in the form of quality yarn.Appukutty said several members of TASMA have tied up with foreign shippers from countries like Australia, the US and West Africa to import cotton and these will reach Indian ports in the first or second week of September.Besides, countries abroad have their own standards and it may be difficult for shippers to meet the standards, he added.effect of weather on humidityOn Wednesday, the Cotton Association of India (CAI) wrote to Commerce and Textiles Minister Piyush Goyal urging him to defer the implementation of QCO for "minimum one or two years".CAI President Atul Ganatra told Goyal that ginners would find it difficult to ensure 8 per cent moisture in cotton bales. This is because during October-December the moisture level in lint (processed cotton) will be 10-12 per cent, while in cotton (raw cotton) it will be 15-25 per cent.The CAI President said that ginners are required to test 5 per cent of the bales but they lack adequate infrastructure for the same. Referring to the maximum limit of garbage content, he said that cotton from Rajasthan, Punjab and Haryana has more than 4 per cent garbage.Issue taken up with BISSimilarly, considering the basic characteristics of the variety, the waste content in V-797 cotton is 12-15%. “Cotton is a natural product and hence, standardization of cotton parameters is extremely difficult to achieve,” Ganatra said.He said the issue has also been taken up with the Bureau of Indian Standards and urged Goyal to hold discussions with his union.On the other hand, the Karnataka Cotton Association (KCA) has written to JK Gupta, Scientist-E and Head (Textiles) at BIS, seeking a meeting between the Ministry of Textiles and ginners to clear and clarify "all confusion" around QCO. is of. , Association president Shantilal M Ostwal said the implementation of QCO should be postponed till proper testing infrastructure is available as there are only a few laboratories which are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).'Implementation in APMC Yard'He said that the ginning industry is ready to follow all the prescribed packaging requirements, but it is mandatory to implement the norms in the Agricultural Produce Marketing Committee (APMC) yards from where the cotton is first procured.Such an approach would ensure that the moisture level does not affect the quality parameters of the cotton. Ostaval said, "...it may not always be possible to achieve certain parameters due to inherent variations in raw materials."The KCA president said that setting up a single and monopoly laboratory could lead to controversy. Therefore, sellers and buyers should mutually agree on the use of such laboratories and "refuse to resolve disputes to prevent disruptions in business operations".He added that in the event of any ambiguity or uncertainty in the system, Jining Sector will be prepared to halt operations until all issues are clarified and resolved.
Pakistan: Stable trend in cotton marketLAHORE: The Karachi Cotton Association (KCA) on Thursday kept the cotton spot rate unchanged at Rs 17,935 per maund for the second day in a row on Thursday as trade remained steady and volumes satisfactory.Talking about cotton trading analyst Naseem Usman said that the rates of cotton and footy from Sindh, Punjab and Balochistan have also remained almost the same.He said that till now the total arrival is about 1428 lakh bales. He was happy to note that the rainwater did not cause any significant damage to the cotton crop and that Pakistan would be able to produce more than 10 million bales if there were no floods or heavy rains.He said that at present the biggest issue is the moisture in the cotton crop and the millers have to compromise with it as it is a natural phenomenon. He said that all the parameters of the cotton crop are good and it is expected that the quality will improve with each passing day. He said there is no reason to see a slowdown as there will be political pressure to support price of Rs 8,500 per head, due to which the quality market will remain around Rs 17,500 to 18,500 per head.Naseem Usman also cited a statement by Dr Zahid Mehmood, Cotton Commissioner, Ministry of National Food Security and Research, that Pakistan will achieve the target of 12.65 million bales this year as the weather is favorable for cotton.Meanwhile, Mirpur Khas 200 bales was traded at Rs 17,600 per head, Rohri 200 bales at Rs 17,875 per head, Daur 200 bales at Rs 17,800 per head and Sarhari 200 bales at Rs 17,850 per head. knots.While 2800 bales from Tando Adam, 2200 bales from Shahdadpur and 2000 bales from Sanghar were priced at Rs 17,600 to Rs 17,700 per head. 800 bales were traded at Rs.18,500 per head from Ahmedpur East.From Punjab, Chichavatni in 2600 bales was traded at Rs.17,900-18,300 per head and Mamo Kanjan in 600 bales and Miyan Chunnu in 500 bales at Rs.18,100-18,200 per head. From Vehari, 800 bales traded at Rs.18,250 to Rs.18,300 per head. 200 bales from Mongi Bangla and 200 bales from Murid Wala were traded at Rs.18,150 per head and another 400 bales from Sumandari at Rs.17,900 per head.
Rupee falls against dollar, breaks 2 paiseRupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.74 against the dollar with a weakness of 2 paise. On the other hand, on Thursday, the rupee closed at a level of Rs 82.72 against the dollar with a weakness of 14 paise.Sensex rises 328 points, Nifty reaches 19,490.30Domestic stock markets surged in the opening session on Friday amid mixed global cues. Except India VIX, all broad market indices opened in green, and except for healthcare index, all sectoral indices also opened the session positive.The BSE benchmark Sensex rose 213.88 points, or 0.33 percent, to 65,454.56, while the NSE Nifty 50 jumped 75.35 points, or 0.39 percent, to 19,457.
Rupee weakens by 14 paise against dollarThis evening, the rupee closed at a level of 82.72 against the dollar with a weakness of 14 paise.Sensex dropped 542 pointsToday the stock market closed with a fallToday, where the Sensex closed at a level of 65240.68 points with a fall of about 542.10 points.On the other hand, Nifty closed at the level of 19381.70 points with a fall of 144.80 points.
Viscose staple yarn industry revenue to grow by 10-12% to $2.5 billion this fiscal: CrisilThe Indian viscose staple yarn (VSY) industry will see a 10-12 per cent growth in revenue this fiscal, continuing the strong demand seen in the previous financial year, CRISIL Ratings said on Tuesday.The report highlights that the revenue of the Indian viscose staple yarn (VSY) industry is expected to touch an all-time high of over US$ 2.5 billion.According to the report, even as yarn prices decline, though at a lower rate than raw material prices, overall profitability is likely to improve by 200-300 basis points (bps). "The strong balance sheet and improved cash flows will support the credit risk profile of manufacturers, despite substantial debt-funded capital expenditure (capex)," it added.VSY is an attractive alternative to cotton yarn because of its lower prices and comparable characteristics. It registered a compound annual growth rate of 13 per cent in the last three financial years, which is higher than 5 per cent for cotton yarn.Himank Sharma, director, Crisil Ratings Ltd., said, “Viscose spinnerets volumes are expected to grow by 15 per cent this fiscal, supported by sustained domestic demand and revival in export demand during the second half. Overall, segmental growth will be in the low double digits.With improvement in revenue of VSY manufacturers and spread between VSY and VSF widening to Rs 55-58 per kg, operating margin is likely to improve to 11-12 per cent. Higher viscose yarn imports from China and weak global demand impacted spreads in the last fiscal, reducing margins by 800-900 bps.Jayashree Nandakumar, Director, CRISIL Ratings Ltd., pointed out that the capital-intensive nature of the VSY segment has resulted in regular loan repayments by players for capacity expansion."However, the strong balance sheet has ensured that the credit risk profile of the players remains comfortable despite continued capital expenditure," he added.
Tamil Nadu: "Cotton auction in coastal delta districts: 62,000 tonnes fetches big deal at Rs 39.81 crore"Mayiladuthurai: Over 62,000 metric tonnes of cotton has been auctioned at Mayiladuthurai and Nagapattinam for Rs 39.81 crore during the months of June and July, officials of the Agriculture Market Committee said, higher than the quantity auctioned for the same period last year. is more than double. Cotton is auctioned every week at four regulated markets at Mayiladuthurai (Sembanarcoil, Sirkazhi, Mayiladuthurai and Kuthlam) and Nagapattinam (Thirumarugal).A total of 1,581 tonnes were auctioned in the Thirumarugal market and over 61,000 tonnes were auctioned in the four regulated markets of Mayiladuthurai. "The auction volume has doubled from last year, and we expect more volume to be auctioned due to surplus in supply. However, the demand was low," said an official of the Agriculture Market Committee. The average auction price has also decreased from last year. Last year, the price of cotton has increased from around Rs 90 per kg to Rs 65 per kg. The area under cotton cultivation in Mayiladuthurai increased from 5,200 hectares to 7,200 hectares over the previous year due to increase in supply and decrease in demand. Farmers are demanding to buy cotton from the Cotton Corporation of India (CCI) instead of relying on hidden auctions.According to officials, however, the CCI has not agreed to the purchase at Mayiladuthurai. Guru Gopiganesan, farmer-representative of the Kaviri Delta Pasanathar Munnetra Sangam, said, “We are hopeful that the Union Bank will increase the MSP of cotton in view of the losses due to lack of demand. We request the state government to bring cotton under the Kuruvai Comprehensive Scheme. request." Completely." The official said, "The auction prices are still Rs 4 above the minimum support price. Farmers may not get the same price through CCI procurement due to their strict requirements."
Pakistan: "no change in spot rates amid upbeat activity"LAHORE: The Karachi Cotton Association (KCA) on Wednesday kept the cotton spot rate unchanged at Rs 17,935 per quintal amid satisfactory volumes and steady business.However, polyester fiber prices have increased by Rs 5 per kg, taking it to Rs 355 per kg from the earlier Rs 350 per kg.Commenting on the market movement, cotton analyst Naseem Usman said cotton picking and ginning is still not back on track following recent rains in both Sindh and Punjab. The impact of the rains could be seen on the quality of the cotton, with the RD being on the decline with the higher quantity of garbage, so buyers were generally on the edge. They have to wait at least a week for fresh harvests to get quality, provided there are no further rains.He further said that due to rains in the entire cotton area, the quality of 'footi' was not proper, while fresh harvesting was also delayed due to this rain.While a mix was also observed and cotton was traded in the range of Rs.16,800 per head to Rs.17,500 per head in lower Sindh.Naseem Usman said Sindh cotton was traded at Rs 17,500 to Rs 17,800 per head, while footy was traded at Rs 6,700 to Rs 7,400 per head. Cotton was seen trading in the range of Rs 18,100 to Rs 18,400 per head and cotton in the range of Rs 7,000 to Rs 8,500 per head in Punjab. While cotton from Balochistan was traded from Rs.17,600 to Rs.17,800 per head and cotton from Rs.7,000 to Rs.8,000 per head today.According to KCA's daily market report, Shahdadpur 1600 bales traded at Rs 17,800 per head, Bukhari 400 bales at Rs 17,700 per head, Sanghar 1400 bales at Rs 17,400 to Rs 17,700 per head, Mehrabpur 200 bales traded. And 3200 bales of Rando Adam at Rs.17,800 per head and 600 bales of Mirpur Khas at Rs.17650 to Rs.17700 per head.Similarly, 200 bales of Shah Pur Chakkar at Rs 17,700 per head, 400 bales of Toba Tek Singh at Rs 18, 100 per head, 200 bales of Mongi Bangla at Rs 18,200 per head, 1400 bales of Burewala at Rs 18,000 to 18,000 per head Business done. Rs 18,200 per head, 200 bales of Hasalpur at Rs 18,100 per head and 200 bales of Fakir Wali at Rs 18,200 per head.
Rupee falls again against dollar, opens 12 paise weakerThe rupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.70 against the dollar with a weakness of 12 paise. On the other hand, on Wednesday, the rupee closed at a level of Rs 82.58 against the dollar with a weakness of 33 paise.Today the stock market opened with a decline.Today the stock market opened with a decline. Today, the BSE Sensex opened at a level of 65511.95 points with a fall of 270.83 points. On the other hand, the Nifty of NSE opened at a level of 19444.10 points with a fall of 82.40 points.
Rupee weakens by 32 paise against dollarThis evening, the rupee closed at a level of 82.58 against the dollar with a weakness of 32 paise.Sensex dropped 676 pointsToday the stock market closed with a fallToday, where the Sensex closed at a level of 65782.78 points with a fall of 676.53 points.On the other hand, Nifty closed at 19526.50 points with a fall of 207 points.
Cotton prices put ginners, spinning mills in trouble.The volatility in cotton prices is affecting Gujarat's thriving cotton spinning industry. With Indian cotton yarn prices higher than global levels for most of the season, many ginning and spinning units are facing losses for the second year in a row.It is believed that the new crop is expected to arrive in northern states in August, which will not increase the prices further. According to sources, many spinning mills with poor financial performance are looking at a change in partnership.More than 50% spinning mills in South India have stopped production due to lack of demand and realization and the demand for yarn also remains low.Gujarat has about 120 spinning mills mainly located in Saurashtra with a total installed capacity of more than 45 lakh spindles. Jayesh Patel, vice-president of Spinners Association Gujarat (SAG), said, “Last season was very tough for the spinning sector and this season has been tough too. Indian cotton prices remained higher than international prices for most part of the year and, therefore, spinning mills were not competitive in the international market for the supply of yarn. Domestic demand also remained weak and the spinning sector posted losses for the second consecutive year. We believe arrival of new crop will start in northern states in August and will ensure that there is no sharp rise in cotton prices.Ginners have also suffered losses due to fluctuating prices. Apoorva Shah, secretary, Gujarat Chamber of Commerce and Industry (GCCI), said, “Cotton prices had risen at the start of the season last year and then declined. Jining units had bought at a higher price. At present, the price is around Rs 58,000 per candy (356 kg) against the average procurement price of Rs 63,000.Sources further said that many spinning and ginning units, unable to make profits, are looking at a change in partnership. “Some ginning and spinning mills are up for sale but high uncertainty means they have not been able to close deals. Hence, the partners are selling their stake in the units,” said a SAG member.
Pakistan: The local cotton market remained stable on Tuesday with low trading volumes.LAHORE: Cotton analyst Naseem Usman said cotton market is generally calm amid low arrival of footy after recent rains. The buyer remains conscious of the heavy moisture in the cotton and remains on the sidelines waiting for the quality to improve. The issue of large number of pending deliveries is a matter of concern for the buyer and the seller.He also told that the rate of new cotton crop in Sindh is between Rs 17,500 to Rs 17,900 per head. The rate of footi in Sindh is between Rs 6,500 to Rs 7,300 per 40 kg. The rate of cotton in Punjab is between Rs 18,100 to Rs 18,300 per head and the rate of foot is between Rs 7,000 to Rs 8,500 per 40 kg. Cotton rates in Balochistan range from Rs 17,800 to Rs 17,900 per head, while footy rates range from Rs 7,000 to Rs 7,500 per 40 kg.Around 1400 bales of Tando Adam were sold between Rs 17,400 to Rs 17,800 per head, 1200 bales of Shahdad Pur were sold between Rs 17,700 to Rs 17,800 per head, 1000 bales of Sanghar were sold between Rs 17,400 to Rs 17,800 per head . 200 bales of Maqsuda Rind, 200 bales of Badin, 400 bales of Khadro at Rs.17,800 per head, 400 bales of Daur, 400 bales of Kotri at Rs.17,700 per head, 400 bales of Khanewal at Rs.18,300 per head. Per head, 600 bales of Lodharan were sold at Rs.18,100 to Rs.18,300 per head, 200 bales of Haasil Pur at Rs.18,100 per head and 200 bales of Murid Wala at Rs.18,100 per head.The spot rate remained unchanged at Rs 17,935 per head. Polyester fiber was available at Rs 350 per kg.
Rupee rallied against dollar, opened 13 paise weakerThe rupee opened weak against the dollar today. Today, the rupee opened at a level of Rs 82.38 against the dollar with a weakness of 13 paise. On the other hand, on Tuesday, the rupee closed at a level of Rs 82.26 against the dollar with a weakness of 1 paise.Stock market boom, Sensex opened down 290 pointsToday the stock market opened with a decline. Today, the BSE Sensex opened at a level of 66169.23 points with a fall of 290.08 points. On the other hand, the Nifty of NSE opened at a level of 19642.30 points with a fall of 91.20 points.
Rupee weakens by 1 paise against dollarThis evening, the rupee closed at Rs 82.26 against the dollar with a weakness of 1 paise.Sensex fell 68 pointsToday the stock market closed with a fall.Today, where the Sensex closed at a level of 66459.31 points with a fall of 68.36 points.On the other hand, the Nifty closed at a level of 19733.50 points with a fall of 20.30 points.
Pakistan: Slow business activity due to rain in cotton fieldsLAHORE: The local cotton market remained stable on Monday with low trading volumes due to rains in the cotton belt of Sindh and Punjab.Cotton analyst Naseem Usman said that the rate of new cotton crop in Sindh is between Rs 17,500 to Rs 17,900 per head. The rate of footi in Sindh is between Rs 6,500 to Rs 7,800 per 40 kg. The rate of cotton in Punjab is between Rs 18,000 to Rs 18,200 per head and the rate of cotton is between Rs 7,000 to Rs 8,400 per 40 kg. Cotton rates in Balochistan range from Rs 17,600 to Rs 17,800 per head, while footy rates range from Rs 7,000 to Rs 8,400 per 40 kg.Badin 400 bales was sold at Rs.17,800 per head, Tando Adam 800 bales, Shahdadpur 600 bales, Ghupchani 200 bales at Rs.17,900 per head, Sanghar 800 bales at Rs.17,700 to Rs.17,900 per head. Maund, Maqsuda Rind in 200 bales was sold at Rs.17,800 per head and Dor in 400 bales at Rs.17,700 per head.The spot rate remained unchanged at Rs 17,935 per head. Polyester fiber was increased by Rs 5 per kg and was available at Rs 350 per kg.
| title | Created At | Action |
|---|---|---|
| "Garment units in Tiruppur had to be closed due to lack of orders!" | 07-08-2023 15:05:37 | view |
| Tamil Nadu: Farmers in Karaikal say pest attack on cotton crop is affecting yield and quality. | 07-08-2023 12:43:05 | view |
| "Sowing of cotton in Gujarat is the highest in 9 years, more than 26 lakh hectares!" | 07-08-2023 11:50:18 | view |
| Pakistan Weekly Cotton Review: Despite steady rains, crop largely safeg | 07-08-2023 11:18:20 | view |
| Rupee opens 12 paise stronger against dollar. | 07-08-2023 09:40:26 | view |
| Rupee weakens by 12 paise against dollar... | 04-08-2023 16:14:19 | view |
| Indian cotton industry, trade want government to do away with quality order | 04-08-2023 13:26:03 | view |
| Pakistan: Stable trend in cotton market | 04-08-2023 11:08:37 | view |
| Rupee falls against dollar, breaks 2 paise | 04-08-2023 09:33:36 | view |
| Rupee weakens by 14 paise against dollar... | 03-08-2023 16:23:32 | view |
| Viscose staple yarn industry revenue to grow by 10-12% to $2.5 billion this fiscal: Crisil | 03-08-2023 11:48:55 | view |
| Tamil Nadu: "Cotton auction in coastal delta districts: 62,000 tonnes fetches big deal at Rs 39.81 crore" | 03-08-2023 11:23:46 | view |
| Pakistan: "no change in spot rates amid upbeat activity" | 03-08-2023 11:00:31 | view |
| Rupee falls again against dollar, opens 12 paise weaker | 03-08-2023 09:33:59 | view |
| Rupee weakens by 32 paise against dollar... | 02-08-2023 16:29:45 | view |
| Cotton prices put ginners, spinning mills in trouble. | 02-08-2023 13:01:48 | view |
| Pakistan: The local cotton market remained stable on Tuesday with low trading volumes. | 02-08-2023 11:03:03 | view |
| Rupee rallied against dollar, opened 13 paise weaker | 02-08-2023 09:41:03 | view |
| Rupee weakens by 1 paise against dollar... | 01-08-2023 16:14:24 | view |
| Pakistan: Slow business activity due to rain in cotton fields | 01-08-2023 11:16:33 | view |
