Today evening, the rupee strengthened by 31 paise to close at Rs 75.24 against the dollar.Today the stock market closed sharply.Today, where the Sensex rose by about 384.72 points, it closed at the level of 57315.28 points. On the other hand, the Nifty closed at the level of 17072.60 points with a gain of 117.10 points.
Rupee opens 14 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 14 paise at Rs 75.41 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 75.55 with a strength of 5 paise against the dollar.
Cotton exports may decline on higher pricesShipments during October-November are down 42% at 7 lakh bales y-o-yAs Indian cotton prices continue to rule high, the trade fears a decline in exports for the current season to September 2022. Cotton exports have started on a sluggish note and shipments during October-November, the first two months of the season.According to Cotton Association of India (CAI) estimates, exports were seven lakh bales (170 kg each) during the first two months of the season compared with 12 lakh bales in the same period a year ago.“At these high rates, we will be not able to achieve our export target of 48 lakh bales. We may hardly touch 35-40 lakh bales in exports, which will be 50 per cent less compared to last year’s exports of 78 lakh bales,” Atul S Ganatra, President, CAI, said.Higher pricesCotton prices are ruling high across the country and growers are seen holding back their produce, anticipating better prices. This is reflected in the market arrivals, which were down 15 per cent till November end.On the benchmark Intercontinental Exchange or ICE, March futures contract is traded around 106 cents per pound. At the current price levels, the Indian cotton prices are equivalent to around 120 cents per pound on the ICE, making it expensive for the overseas buyers.Trade sources said there’s not much of buying interest for exports now, in a market where prices are on the higher side even during this peak season. Sources said prices are ruling higher only due to insecurity of low arrival and crop expectations. Unseasonal rains during October-November impacted the harvest, triggering quality concerns.“Exporters are buying at a very slow pace,” said Ramanuj Das Boob, a sourcing agent for both domestic mills and multinationals in Raichur, Karnataka. At the prevailing prices, exports will definitely be less in the year ahead, he said.Retaining produceGanatra said though arrivals are seen improving in December, farmers are not selling the top-quality cotton and are holding it back. Farmers are bringing to market the cotton harvested in third and fourth picking, while are keeping the first and second pickings at home, expecting higher prices.Ganatra estimates that farmers across the country are holding around 150 lakh bales of top-quality cotton. The first and second picking of cotton is considered to be the best quality. “It is coming very slowly into the market,” he said.According to recent estimates for the 2021-22 season, CAI has pegged the crop size at 360.13 lakh bales — higher than the previous year’s 353 lakh bales. The trade body expects the domestic demand to stay flat at last year’s levels of 335 lakh bales.“While there’s unlikely to be any major change in the crop size, the marketing season may prolong till August-September as farmers may continue to hold on their produce,” Ganatra said.
Sensex opens sharply, rises 297 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 296.89 points to open at 57227.45 points.
*PAKISTAN COTTON MARKET UPDATE**Lean business on cotton market**The Spot Rate remained unchanged on Wednesday. The market remained stable and the trading volume remained low.**Cotton analyst Naseem Usman while talking to Business Recorder told that price of Phutti of Sindh was traded from Rs 4500-7600 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 7800. The Prime Quality Cotton was available at Rs 17500 per maund.**Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 8200 per 40 kilograms.**Cotton of Sindh was traded from Rs 13,500 to Rs 17000 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 17000 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.**While Banola from Sindh was traded from Rs 1,400 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,400 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.**As many as 600 bales of Samundri were sold at Rs 17500 per maund, 300 bales of Chichawatni, 800 bales of Rahim Yar Khan were sold at Rs 17400 per maund, 800 bales of Shujabad, 200 bales of Marrrot were sold at Rs 16500 per maund and 582 bales of Layyah were sold at Rs 15200 per maund.**The Spot Rate remained unchanged at Rs 17300 per maund. Polyester Fiber was available at Rs 245 per kg.*
*All India Weather Forecast for December 23, 2021**Weather systems made across the country*The Western Disturbance is persisting as a Cyclonic Circulation over North Pakistan and adjoining Jammu and Kashmir.Another Western Disturbance is expected to reach the Western Himalayas by 24th December and soon after that the next Western Disturbance is possible around 26th December.A Cyclonic Circulation is persisting over Bangladesh.*Weather movement across the country during the last 24 hours*During the last 24 hours, due to rise in temperature, cold wave conditions have cleared from most parts of Northwest and Central India.Moderate to light fog was observed over parts of Punjab, Bihar and Arunachal Pradesh.*Probable weather activity during next 24 hours*During the next 24 hours, isolated light rain and snow is likely over Gilgit-Baltistan, Muzaffarabad and parts of Jammu and Kashmir.*Sporadic light rain is possible over Northeast India*During the next 48 hours, the minimum temperature is very likely to increase by 3 to 4 degrees over Northwest and Central India and gradually over the eastern part of the country.*-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111977775
Today evening, the rupee strengthened by 5 paise to close at Rs 75.55 against the dollar.Today the stock market closed sharply.Today, where the Sensex closed at a level of 56930.56 points with a gain of about 611.55 points. On the other hand, Nifty closed at 16955.50 with a gain of 184.70 points.
Rupee opens 6 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 6 paise at Rs 75.54 against the dollar. At the same time, on Tuesday, the rupee strengthened by 30 paise to close at Rs 75.60 against the dollar.Strong opening in Sensex, opened up by 455 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 454.62 points to open at the level of 56773.63 points.
*PAKISTAN COTTON MARKET UPDATE**Firm trend on cotton market**The Spot Rate remained unchanged on the cotton market on Tuesday. The market remained steady and the trading volume remained low.**Cotton analyst Naseem Usman while talking to Business Recorder told that price of Phutti of Sindh was traded from Rs 4500-7600 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 7800. The Prime Quality Cotton was available at Rs 17500 per maund.**Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 8200 per 40 kilograms. Cotton of Sindh was traded from Rs 13,500 to Rs 17000 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 17000 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.**While Banola from Sindh was traded from Rs 1,400 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,400 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.**As many as 800 bales of Ghotki were sold at Rs 17000 to Rs 17300 per maund, 200 bales of Fazil Pur were sold at Rs 17500 per maund and 1400 bales of Hasil Pur were sold at Rs 14850 to Rs 15000 per maund, 800 bales of Yazman Mandi and 400 bales of Faqeer Wali were sold at Rs 15450 per maund.*
*All India Weather Forecast for December 22, 2021**Weather systems made across the country*A deep low pressure area lies near South Andaman Sea and Sumatra coast. It is likely to move east-northeastwards.A Cyclonic Circulation is persisting over East Uttar Pradesh and adjoining Bihar.One Western Disturbance is expected to affect the Western Himalayas one after the other. One on 22 December and the other on 24 December.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain is very likely over Andaman and Nicobar Islands.Light rain occurred in some parts of North Haryana and Jammu and Kashmir.Cold wave conditions are continuing over Punjab, Haryana, Rajasthan, Madhya Pradesh, Uttar Pradesh and parts of Chhattisgarh and Odisha.Frost was observed in parts of Punjab, Haryana, Rajasthan, Madhya Pradesh and Uttar Pradesh.*Weather activity likely during next 24 hours*During the next 24 hours, light rain and snow is possible over Gilgit Baltistan, Muzaffarabad and over Jammu and Kashmir.Light to moderate rain is possible over Nagaland, Manipur, Mizoram and Tripura. Scattered rain is possible over Assam, Meghalaya and Arunachal Pradesh.*Light to moderate rain may occur over Andaman and Nicobar Islands.*Minimum temperatures are expected to rise over Northwest and Central India during the next few days, which will reduce the severe cold wave. Cold wave conditions may also subside in the next two to three days.*-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111977775
Today evening, the rupee strengthened by 31 paise to close at Rs 75.60 against the dollar.Today the stock market closed sharply.Today, where the Sensex rose by about 497.00 points, it closed at the level of 56319.01 points. On the other hand, Nifty closed at 16770.80 with a gain of 156.60 points.
Sensex opens sharply, rises 477 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 476.88 points to open at the level of 56298.89 points.Rupee opens 17 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a gain of 17 paise at Rs 75.73 against the dollar. At the same time, on Monday, the rupee closed at Rs 75.90 with a gain of 18 paise against the dollar.
*All India Weather Forecast for December 21, 2021**Weather systems made across the country*A Deep Low Pressure Area is persisting over South Andaman Sea and adjoining region. The associated circulation extends up to 5.8 km above mean sea level.A fresh Western Disturbance will affect Western Himalayas from 22nd December and another around 24th December.*Weather movement across the country during the last 24 hours*During the last 24 hours, the weather remained dry over most parts of the country.Andaman and Nicobar Islands and Lakshadweep received light to moderate rain.Severe cold wave conditions are prevailing over many parts of East Rajasthan, some parts of West Rajasthan, Madhya Pradesh and Haryana.Cold wave conditions persist over Delhi, parts of Punjab, Haryana, Jammu and Kashmir, Ladakh, Himachal Pradesh, Uttarakhand, Gilgit Baltistan, Muzaffarabad and East Madhya Pradesh.Dense fog was observed over isolated parts of West Uttar Pradesh and light to moderate fog over some parts of Bihar, Manipur, Uttarakhand and Tripura.*Weather activity likely during next 24 hours*During the next 24 hours, light to moderate rain at isolated places is very likely over Andaman and Nicobar Islands.There is no possibility of any major change in the minimum temperature of Northwest India.The minimum temperature over East and adjoining Central India may drop by 2-3 degrees.*Severe cold wave conditions are likely over parts of East Rajasthan.*Cold wave conditions are possible over Delhi, parts of Punjab, Haryana, Uttar Pradesh, Jammu and Kashmir, Ladakh, Himachal Pradesh, Uttarakhand, Gilgit Baltistan, Muzaffarabad, West Rajasthan, Madhya Pradesh and isolated parts of Telangana.
*PAKISTAN COTTON MARKET UPDATE**Spot rate picks up by Rs 500 amid low business**The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday increased the spot rate by Rs 500 per maund and closed it at Rs 17300 per maund. The market remained bukkish and the trading volume remained low.**Cotton analyst Naseem Usman while talking to Business Recorder told that price of Phutti of Sindh was traded from Rs 4500-7600 per 40 kilograms; Punjab’s Phutti attracted per 40 kilograms prices from Rs 6000 to Rs 7800. The Prime Quality Cotton was available at Rs 17500 per maund.**Similarly, Phutti from Balochistan was traded at Rs 6500 per 40 kilograms to Rs 8200 per 40 kilograms.**Cotton of Sindh was traded from Rs 13,500 to Rs 17000 per maund, Punjab’s cotton was traded from Rs 14,500 to Rs 17000 per maund and Balochistan’s cotton prices remained from Rs 16,000 per maund to Rs 16,500 per maund.**While Banola from Sindh was traded from Rs 1,400 to Rs 2,300 per maund, Punjab’s crop was traded from Rs 1,800 to Rs 2,400 per maund and Balochistan’s Banola was traded from Rs 1,700 to Rs 2,300 per maund, added Naseem Usman.**As many as 600 bales of Deherki were sold at Rs 17800 per maund and 1000 bales of Feeroza were sold at Rs 18000 per maund.**Cotton imports to Bangladesh may fall in the current marketing year (MY) of June-May despite an increase in consumption of the major raw material of the garment industry, predicted US Department of Agriculture (USDA). In a recent report, they said the spinners may be inclined to use more cotton from their stock instead of import as cotton price is shooting up.**The USDA report was published on 13 December this year. In the report USDA said cotton imports in Bangladesh may fall to 8.2 million bales in the MY22 from 8.75 million in the MY21.*
*ICE COTTON SUMMARY**Cotton hits 2-week low as Omicron concerns drive broader market retreat**ICE cotton futures extended losses on Monday to their lowest level in two weeks, tracking a pullback in wider financial and commodities markets on worries over a rapid surge in coronavirus cases.**“A lot of markets including cotton are down on fear of the omicron coronavirus variant really spreading faster,” said Jack Scoville, vice president at Chicago-based Price Futures Group.**Scoville added that demand for US cotton has been pretty good, but that Omicron, as well as the Delta variant, were starting to lead to lockdowns again and “it’s kind of put the fear of God into a lot of these markets.”**Sentiment in financial markets remained fragile as many European nations weigh the possibility of restrictions during Christmas to slow the spread of the Omicron variant.**Oil prices slumped more than 5% as the variant’s rapid spread clouds the fuel demand outlook. Lower oil prices make polyester, a substitute for cotton, less expensive.**Speculators cut net long positions in cotton futures by 1,498 contracts to 69,214 in the week to Dec. 14, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.**Total futures market volume fell by 4,609 to 12,980 lots. Data showed total open interest fell 205 to 233,593 contracts in the previous session.**-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111977775
*As soon as the Sensex opened, 483 points broke open*Today the stock market opened with a fall. Today the BSE Sensex fell by about 482.99 points and opened at the level of 56528.75 points.
*Rupee collapses against dollar, opens weak by 6 paise*Rupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 6 paise at Rs 76.14 against the dollar. At the same time, on Friday, the rupee closed at a level of Rs 76.08 against the dollar without any change.
*All India Weather Forecast for December 20, 2021**Weather systems made across the country*An area of low pressure and associated cyclonic circulation up to 5.8 km above mean sea level persists over southeast Bay of Bengal and equatorial Indian Ocean. It is expected to move east-northeastwards and turn into a deep depression during next 24 hours.As a cyclonic circulation, a Western Disturbance is over Uttarakhand and it is moving eastwards.A fresh Western Disturbance is likely to affect Western Himalayas from 22nd December.*Weather movement across the country during the last 24 hours*During the last 24 hours, cold wave conditions to severe cold wave conditions persisted at isolated parts of Punjab, Haryana, Rajasthan, Madhya Pradesh, West Uttar Pradesh and isolated parts of Gujarat, Telangana and Chhattisgarh.Cold day conditions also prevailed in parts of Punjab, Haryana, Rajasthan and Delhi NCR.Moderate to dense fog covered parts of Punjab, Bihar and Tripura.Temperatures were recorded below zero in many parts of Rajasthan.*Weather activity likely during next 24 hours*During the next 24 hours, the weather is likely to remain dry across the country. However, isolated light rain activities are likely over Andaman and Nicobar Islands.Cold and dry winds mainly from North West direction are continuing over many parts of North West and Central India.Cold wave conditions to severe cold wave conditions are very likely to continue over parts of Punjab, Haryana, Rajasthan, Madhya Pradesh, West Uttar Pradesh and isolated parts of Gujarat, Telangana and Chhattisgarh.Cold day conditions are possible over parts of Punjab, Haryana, Rajasthan and Delhi NCR.Day and night temperatures may also drop by 2-3 degrees over East India.
The rupee closed at Rs 76.08 against the dollar today evening without any reshuffle.Today the stock market closed with a fall.Today, where the Sensex fell by about 889.40 points, closed at the level of 57011.74 points. On the other hand, Nifty closed at the level of 16985.20 points down by 263.20 points.
In 2022, cotton prices may decline but palm oil will scale new highsCotton prices may continue to rally in the coming quarters and are likely to cool-off in the second half of 2022, while palm oil prices are expected to hit new highs on robust demand and tight supplies in the new year, commodity analyst T Gnanasekar, Director, Commtrendz Research, said on Thursday.Addressing a webinar on Commodities Market Outlook 2022, organised by Business Line, Gnanasekar said cotton, after making decade highs, has been caught in the range at this point in time. On the Intercontinental Exchange (ICE), the benchmark for cotton prices globally, cotton tested $1.20 per pound recently and is now consolidating, taking a breather at this point in time.“With the sort of economic recovery we are seeing and the post Covid demand with online business picking up for garments, there is a tremendous scope for prices to rise. In fact, crude oil prices are also impacting prices in a big way because polyester prices are determined by how crude oil prices move. So, if crude oil continues to rise, there is a good chance for the market to move to natural fibres and that will drive cotton prices even higher,” he said.Presenting the technical view, Gnanasekar said there’s more upside in the coming quarters and this $1 per pound will be “very stable”. “We would see much higher prices going forward. Prices are somewhere around $1.10 right now and there’s some way to go. Technically the target is $1.4 per pound for 2022 for cotton is concerned,” he said.Citing the CFTC’s recent Commitments of Traders (COT) Report, Gnanasekar said the market is expecting prices to come down in March 2022. Textile mills have taken a view that by March prices will start coming down because of arrivals and various other factors, he said.In the domestic market, cotton prices made a new high in India at ₹34,000 per bale (170 kg) recently and corrected to ₹30,000 levels. “I think they are now headed closer to ₹34,000-35,000 levels or even beyond that. Eventually in the second half of 2022, prices will come down to below ₹30,000 somewhere around ₹28,000 and settle down. Farmers will have more incentive to produce more cotton going forward,” Gnanasekar said.Recalling the all-time high price of $2 per pound witnessed during March 2011, Gnanasekar said such exaggerated moves had resulted in sharp retracement and that’s what the industry has to watch out for. “It is better to plan hedging strategies as prices rise because all the mills and buyers will be left with high priced inventories. Hedging strategies are going to be the key thing to manage well the cash flow and profitability,” he said.