Rupee collapses against dollar, opens weak by 8 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 15 paise at Rs 76.23 against the dollar. At the same time, on Thursday, the rupee strengthened by 15 paise to close at Rs 76.08 against the dollar.
Poor start in Sensex, falling 113 points to openToday the stock market opened with a fall. Today the BSE Sensex fell by 113.32 points and opened at the level of 57787.82 points.
ICE COTTON SUMMARYCotton rises over 1pc as dollar retreatsICE cotton futures rose more than 1% on Thursday, helped by a retreat in the dollar and healthy US exports overall."“The best thing happening for cotton right now is the dollar edging down,” said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.“Cotton was also helped as sales were good, while shipments also picked up a little.”The US Department of Agriculture (USDA) weekly export sales report showed net sales of 286,400 running bales, down 25% from the previous week but about 5% higher compared with the prior 4-week average. Increases were primarily for China.Also supporting the market were oil prices that firmed due to record US implied demand and falling crude stockpiles. Higher oil prices make polyester, a substitute for cotton, more expensive.World cotton production for the 2021/22 season is poised for a full comeback from a disappointing 2020/21 season, led by the United States, the International Cotton Advisory Committee said in its annual report.It forecast 2021/22 output at 25.71 million tonnes, a 6.01% increase from 2020/21. Also potentially on the radar, the US Commerce Department placed export restrictions on several Chinese companies for several national security reasons.“The news hasn’t impacted the market yet and it is not clear how it will impact cotton, but it definitely is a concern,” added Varner.China is a major consumer of US cotton.Total futures market volume fell by 3,894 to 11,758 lots. Data showed total open interest fell 596 to 232,578 contracts in the previous session"
*All India Weather Forecast for December 17, 2021**Weather systems made across the country*The Western Disturbance is over North Pakistan and adjoining Jammu and Kashmir.A Cyclonic Circulation is persisting over Haryana.A cyclonic circulation lies over the equatorial Indian Ocean, south of Sri Lanka. Under its influence, a low pressure area may form over the same area till December 17.*Weather movement across the country during the last 24 hours*During the last 24 hours, cold wave conditions are prevailing over some parts of Punjab.Light to moderate rain occurred over South Coast of Tamil Nadu and one or two parts of Kerala.Isolated light rain occurred over Coastal Karnataka and Lakshadweep.*Weather activity likely during next 24 hours*During the next 24 hours, light rain with moderate rain is likely at a few places over South Coast of Tamil Nadu.Light rain is possible at isolated places over Interior Tamil Nadu, Kerala and Lakshadweep.Northwest India, including Punjab, Haryana, Delhi, North Rajasthan and West Uttar Pradesh, may see minimum temperatures drop by 2 to 3 degrees from December 18.
*PAKISTAN COTTON MARKET UPDATED**Slow trading activity on cotton market**"The Spot Rate remained unchanged on Thursday. The market remained steady and the trading volume remained low.**The prices of Phutti and Banola showed no change due to less demand, said cotton analyst Naseem Usman while talking to Business Recorder.**According to him, 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.**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."*
The rupee gained 15 paise to close at Rs 76.08 against the dollar this evening.Today the stock market closed sharply.Today, where the Sensex closed at the level of 57901.14 points with a gain of 113.11 points. On the other hand, Nifty closed at the level of 17248.40 points with a gain of 27.00 points.
Rupee depreciates against dollar, loses 5 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 5 paise at Rs 76.28 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 76.23 with a loss of 37 paise against the dollar.
Sensex opened sharply, up 420 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 420.21 points to open at the level of 58208.24 points.
*ICE COTTON SUMMARYCotton holds tight range, awaits cues from weekly export sales**ICE cotton futures steadied into a Steady range on Wednesday as investors awaited direction from the U.S. Department of Agriculture’s (USDA) weekly export sales report.**“Cotton seems to be trading in very light volume and is going to be trapped in this price range for the rest of the year, unless some type of macro development moves the prices. Cotton has had a great year and it seems like the funds don’t want to mess it up,” said Louis Barbera, partner and analyst at VLM Commodities Ltd.**Also influencing the cotton market, wheat is easing off and oil is down, added Barbera.**U.S. wheat futures fell as a bumper Australian harvest and signs of continued competition from Black Sea supplies added to recent technical pressure.**Meanwhile, oil prices fell for the third straight day on growing signs that supply growth will outpace demand next year. Lower oil prices make polyester, a substitute for cotton, less expensive.**Traders now await the USDA’s weekly export sales report due on Thursday, while wider markets awaited cues on unwinding of pandemic-led stimulus from the Federal Reserve upon the conclusion of its two-day policy meeting.**Total futures market volume fell by 6,953 to 7,854 lots. Data showed total open interest fell 1,264 to 233,174 contracts in the previous session.**Certificated cotton stocks deliverable as of Dec. 14 totalled 8,007 480-lb bales, unchanged from the previous session.*
*Oil prices rise as fuel demand surges in top consumer United States**Oil prices rose on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally.**A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices.**Brent crude oil futures rose by 80 cents, or 1.1%, to $74.68 a barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 88 cents, or 1.2%, to $71.75.**"Despite the current virus surge, the weekly EIA oil inventory report showed demand for petroleum products hit a record high, crude exports bounced back and national crude stocks posted a larger-than-expected draw," said Edward Moya, senior analyst at OANDA.**"This current Omicron wave may lead to limited restrictive measures across the U.S., but lockdowns that happened during the peak of the pandemic will not be revisited."**U.S. crude inventories sank by 4.6 million barrels in the week to Dec. 10, data from the U.S. Energy Information Administration showed. That was more than double expectations in a Reuters poll for a 2.1 million-barrel drop.**Product supplied by refineries, a proxy for demand, surged in the most recent week to 23.2 million barrels per day (bpd), due to gains in gasoline, diesel and other refined products.**Analysts said the rise reflects both expectations for a surge of people traveling for the holidays and the loosening of supply-chain bottlenecks that has more trucks on the road delivering goods.**Meanwhile, the Federal Reserve said it would end its pandemic-era bond purchases in March and begin raising interest rates as unemployment remains low and inflation has climbed.* *Lingering worries about coronavirus curbed price gains.**Britain and South Africa reported record daily COVID -19 cases with Omicron spreading rapidly while many firms across the globe are now asking employees to work from home, which could also limit oil demand.*
*All India Weather Forecast for December 16, 2021**Weather systems made across the country*The Western Disturbance is over Pakistan and adjoining areas.A Cyclonic Circulation is persisting over Haryana and adjoining region.*Weather movement across the country during the last 24 hours*During the last 24 hours, light rain and snowfall occurred over the upper reaches of Jammu and Kashmir, Gilgit Baltistan and Muzaffarabad.Lakshadweep and Tamil Nadu received light rain with light rain at one or two places and isolated light rain over Coastal Karnataka, South Interior Karnataka and South Coast of Andhra Pradesh.*Weather activity likely during next 24 hours*During the next 24 hours, light to moderate rain and snow is expected over Jammu and Kashmir, Gilgit-Baltistan, Muzaffarabad, Ladakh and Upper Himachal Pradesh. Light rain and snow may occur in Uttarakhand.Light to moderate rain and thundershowers may occur in some parts of Tamil Nadu.Light rain is possible over parts of Punjab, Haryana, Northeast Rajasthan, Delhi and West Uttar Pradesh.There will be no major change in the minimum temperature over Northwest India during the next two days.*Moderate fog is possible over Northeast India during morning hours.*
Today evening, the rupee depreciated by 37 paise to close at Rs 76.23 against the dollar.Today the stock market closed with a fall.Today, where the Sensex fell by about 329.06 points, closed at the level of 57788.03 points. On the other hand, Nifty closed at the level of 17221.40 points down by 103.50 points.
Major impact on cotton output unlikely this season despite risksIndia’s cotton crop is feared to have been affected by unseasonal rainfall in some of the key growing areas this season (October 2021-September 2022) and there are reports of infestation of pink bollworm pests. But it is unlikely to make any major impact on the production of the natural fibre, according to traders and growers.Peculiar situation“There is some loss of the cotton crop but it is not a major one. However, quality of the crop could be an issue,” said Rajkot-based Anand Poppat, a raw cotton, cotton yarn and cotton waste trader.According to him, at the most 5 per cent of the expected production could be affected which would translate to 10-15 lakh bales. “The continuous excess rainfall has hit crop growth and the quality has deteriorated. It is a peculiar situation as there has been no fresh growth in the plant and flowering has been affected. There is no arrival pressure by mid-December, which is unusual. Areas around Hubli, Yadgir, Bellary and Raichur are impacted by rains,” said Ramanuj Das Boob, a sourcing agent for domestic and multinational companies in Raichur, Karnataka.“There has been excess rainfall in sporadic regions. The problem is that the rains came when the cotton was ready for picking. In some regions, water flooded cotton farms that affected the roots and in turn, plants began to wither,” said Vinod Ahuja, a cotton grower from Punjab.49% excess rainfallSuch incidents of rainfall when the plant is ready for picking are rare and happen once in 40 or 50 years. “I am seeing this for the first time in my life,” he said.The India Meteorological Department has said the country as a whole received 49 per cent excess rainfall from October 1 to December 13.Besides excess rainfall, the crop has been affected by incidences of pink bollworm and, in some places such as Telangana, failure of herbicide-tolerant BT seeds cultivated illegally. Planting of HTBt cotton is unauthorised as the Centre is yet to approve its commercial cultivation but growers are opting for it hoping to overcome the menace of pink bollworm.“Farmers in several parts of the State are reporting yields in the range of 4-5 quintals an acre as against an average yield of 10-12 quintals. The areas that were not impacted by incessant rains are better off and might see yields in the range of 8-9 quintals,” S Malla Reddy, a leader of All-India Kisan Sabha (AIKS), said.Slow arrivals“There is no loss of crop. There are claims of losses but we don’t find anything special to point out at such losses,” said Ajay Shah, General Secretary, Gujarat Cotton Trade Association.The fear of low production has gripped as cotton arrivals are slow. “Any damage to the crop may have happened during the rains in October. Rains in November or early this month have not had any impact,” he said.Poppat said farmers are bullish and hence, are playing a smart game. “They are not bringing cotton to the markets if prices are low,” he said.A fair pointer of how the crop is the ginning statistics put out by the Gujarat Trade Association. Data show that conversion of raw cotton into lint (pressed bale) has increased 4.39 per cent during October-November this year compared with the year-ago period.Though North Gujarat and some regions are showing a drop, it has been compensated by higher arrivals in Saurashtra and Kutch regions. “Cotton farmers will prolong this season by taking their own time to reach their produce in markets,” said Shah.Direct deliveryThe other reason for fear of low arrivals is that some farmers are now delivering cotton directly to the ginning mills rather than bringing it to the agricultural markets. “The ginning mills are ready to pay them higher if delivered directly. On the other hand, farmers have to bear 2.5 per cent of the price they get for cotton towards cess, trader commission and loading/unloading charges,” Poppat said.Currently, cotton is ruling at ₹65,000-66,000 a candy (356 kg). On the other hand, raw cotton is quoted over ₹7,000 a quintal up to ₹10,000 a quintal across various agricultural markets in the country. This is against the minimum support price (MSP) of ₹5,726. “Cotton farmers are getting at least 30 per cent higher than the MSP,” said Shah.Prices in India are in tune with the global trend, where rates are up on lower production and supply woes. Currently, cotton on the Intercontinental Exchange for delivery in March is quoted at 106.81 cents a pound (₹61,150 a candy).Reddy said in view of the sharp fall in yield, farmers are unable to reap the benefit of record high prices for cotton.Promising seasonDas Boob said arrivals are slow as farmers are holding back their produce anticipating higher prices in Karnataka and Telangana. “Farmers are not keen to sell below ₹8,000 per quintal as the yield has been affected. As against a yield of 10-12 quintal, farmers are getting only 5-6 quintal. The moment prices come down below ₹8,000, arrivals slow down,” he said.As against a crop of 23.5 lakh bales last year, the crop will be between 21 and 22 lakh bales in Karnataka this year.According to the International Cotton Advisory Committee, the current season is a promising one for cotton farmers as prices are expected to be higher this season. However, they are likely to rule volatile until the season-end and may not even top the current highs.Poppat said prices are unlikely to witness any sharp fall in view of good export demand. “We are likely to export at least 50 lakh bales this season and this could result in shortage of supply later this year,” he said.The USDA has projected exports to be around 75 lakh bales against last year’s 79 lakh bales.Ahuja said high cotton prices are here to stay and this will help farmers overcome the loss due to inclement weather. “The season usually extends to eight months. It could end quickly or prolong, depending on how the farmers bring cotton to the market,” he said.Pink bollworm impactOn the impact of pink bollworm, he said the problem crops up when farmers extend their pickings in the plant, particularly in places such as Madhya Pradesh.Shah said the incidence does not occur in plants before December. By that time, at least 60 per cent of the production would have been realised. Some 10-20 per cent of the crop from the remaining 40 per cent could be affected by the pest attack. Poppat said the issue of pink bollworm was a minor one.Analysts and traders are unanimous in their view that the firm trend in cotton prices will likely continue as rates in the futures market are ruling around ₹60,000 a candy.
Today the rupee collapsed, the level of Rs 76 against the dollar was also crossedRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 20 paise at Rs 76.06 against the dollar. At the same time, on Tuesday, the rupee closed at a level of Rs 75.86 with a weakness of 10 paise against the dollar.
Strong opening in Sensex, opened up 65 pointsToday the stock market opened with great momentum. Today the BSE Sensex opened with a gain of 65.43 points at the level of 58182.52 points.
*All India Weather Forecast for December 15, 2021**Weather systems made across the country*A Western Disturbance can be seen over eastern parts of Jammu and Kashmir and Ladakh.A fresh Western Disturbance, which will weaken, is likely to affect Western Himalayan regions from the evening of December 15.A cyclonic circulation can be seen over western parts of Rajasthan.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain occurred over South Coast of Andhra Pradesh and Coastal Tamil Nadu.Light rain occurred over parts of Rayalaseema, South Interior Karnataka and Interior Tamil Nadu.Gujarat's minimum temperature drops by 2 to 3 degrees*Weather activity likely during next 24 hours*During the next 24 hours, isolated light to moderate rain with isolated heavy falls very likely over Coastal Tamil Nadu and light to moderate rain over South Coast of Andhra Pradesh and Interior Tamil Nadu.Light rain is possible over Andaman and Nicobar Islands and South Interior Karnataka.Light rain and snow may occur in the upper areas of Gilgit-Baltistan, Muzaffarabad, Ladakh and Jammu and Kashmir.
Today evening, the rupee depreciated by 10 paise to close at Rs 75.86 against the dollar.Today the stock market fell, Sensex fell by 166 pointsToday, where the Sensex closed at a level of 58117.09, down 166.33 points. On the other hand, Nifty closed at the level of 17324.90, down by 43.40 points.
Rupee collapses against dollar, opens weak by 17 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 17 paise at Rs 75.94 against the dollar. At the same time, on Monday, the rupee strengthened by 1 paise against the dollar to close at Rs 75.76.
As soon as it opened, Sensex broke open, breaking 383 pointsToday the stock market opened with a fall. Today the BSE Sensex fell by about 382.88 points and opened at the level of 57900.54 points.
*All India Weather Forecast for December 14, 2021**Weather systems made across the country*A Western Disturbance is persisting over Jammu and Kashmir and adjoining areas.There is no significant weather system in the rest of the country.*Weather movement across the country during the last 24 hours*During the last 24 hours, Tamil Nadu received light to moderate rain.Light rain occurred over South Coast of Andhra Pradesh, parts of South Kerala and Andaman and Nicobar Islands.Moderate to dense fog covered parts of Punjab, Uttar Pradesh, Uttarakhand and Odisha.*Weather activity likely during next 24 hours*During the next 24 hours, light to moderate rain is likely over Tamil Nadu.Light rain is very likely over the south coast of Andhra Pradesh, Kerala, Lakshadweep and Andaman and Nicobar Islands.Light rain and snow are possible in the upper reaches of Western Himalayas.The minimum temperature of East India may drop by 1 to 2 degrees.*-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111977775