The rupee declined by 9 paise to close at Rs 73.11 against the dollar this evening.Record closing of Sensex, closed higher by 167 pointsToday the stock market closed with a record high. Today, where the Sensex closed at a record level of 58296.91 points with a gain of about 166.96 points. On the other hand, the Nifty closed at a record level of 17377.80 with a gain of 54.20 points.
Pakistan cotton production likely to reach 8.46 million bales this season.Pakistan’s Sindh province expects production of 3.5 million bales of cotton this season, Cotton Crop Assessment Committee chairman Syed Fakhar Imam was informed recently. Because of less rainfall, overall cotton production is expected to increase, he was told. Production in Punjab is expected to touch 4.5 million bales, registering an increase of nearly 8.5 per cent from last year. The overall cotton production is expected to reach 8.46 million bales.A meeting of the committee was held on September 1. Imam is the federal minister for national food security and research.Due to a strong attack of mealybug, whitefly and CLCuV, cotton production has been adversely affected, according to an official release.
Rupee depreciates against dollar, loses 1 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 1 paise at Rs 73.02 against the dollar. At the same time, the rupee on Friday closed at Rs 73.03 with a strength of 4 paise against the dollar.Sensex opened at record high with a gain of 282 pointsToday the stock market opened with a record high. Today the BSE Sensex rose by about 282.12 points to open at a record level of 58412.07 points. On the other hand, the Nifty of NSE opened with a gain of 72.40 points at a record level of 17396.00 points.
Textile bodies welcome tn’s move to remove 1% cotton cessChairman of Confederation of Indian Textile Industry T Rajkumar told reporters in Coimbatore on Saturday that the scrapping of cess, which was a long-pending demand, would benefit cotton farmers and the industry across the cotton textile value chain.Textile trade bodies have welcomed the announcement of the Tamil Nadu government on the withdrawal of one per cent cess on purchase of cotton and cotton waste.Chairman of Confederation of Indian Textile Industry T Rajkumar told reporters here on Saturday that the scrapping of cess, which was a long-pending demand, would benefit cotton farmers and the industry across the cotton textile value chain.The Southern India Mills’ Association lauded the decision on the revoking of the tax as it would benefit 200k farmers and help increase cotton production from 500k bales to 2.5 million bales by 2030.This would also encourage farmers to switch over to cotton crop from other cash crops and may benefit 1 million farmers in the long run, the trade body said.The removal of the cess would attract several private cotton traders and the Cotton Corporation of India to open depots in the state and sell the cotton on a daily basis to small spinning mills, the trade bodies said, adding that this would reduce the working capital requirements and also the cost, time and transportation.
All India Weather Forecast for September 6, 2021Weather systems made across the countryThe Monsoon Trough is passing through Bikaner, Gwalior, Patna, Daltonganj and then north-eastwards over Bay of Bengal. A Cyclonic Circulation is persisting over Kutch and adjoining areas. A Cyclonic Circulation is persisting over East Central Bay of Bengal, under whose influence a Low Pressure Area is likely to develop during the next 24 hours. A windswept john is running between 5.8 and 7.6 km above sea level with about 15 degrees of longitude.Weather movement across the country during the last 24 hoursDuring the last 24 hours, Coastal Karnataka, North Interior Karnataka, Konkan & Goa, Madhya Maharashtra, Marathwada, parts of Telangana, Andaman and Nicobar Islands, isolated parts of Coastal Andhra Pradesh, parts of South and East Madhya Pradesh And in 1-2 parts of East Rajasthan, light to moderate rain with isolated heavy rain occurred at a few places. Light to moderate rain occurred over Lakshadweep, Kerala, parts of Tamil Nadu, Gujarat, Gangetic West Bengal, Interior Odisha, Chhattisgarh, parts of Bihar, western parts of Uttar Pradesh, Haryana, Uttarakhand and Himachal Pradesh.Light rain occurred over Northeast India, parts of Delhi NCR, Sib-Himalayan West Bengal, Sikkim, remaining parts of southeast Rajasthan, Rayalaseema and Coastal Andhra Pradesh.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with isolated heavy falls over Andaman and Nicobar Islands, Coastal Andhra Pradesh, parts of Chhattisgarh, Maharashtra, Coastal Karnataka, South Interior Karnataka, parts of Kerala and parts of Madhya Pradesh and South Odisha There is a possibility of heavy rain at some places. Light to moderate rain very likely over Northeast India, parts of Bihar, parts of Uttar Pradesh, Uttarakhand, Himachal Pradesh, remaining parts of Madhya Pradesh, southeast Rajasthan, Gujarat region, parts of Tamil Nadu, Interior Odisha and Lakshadweep .Light rain is possible over interior parts of Punjab, Haryana, Delhi, Northeast Rajasthan and Tamil Nadu. SiS Commited to update you on all textile related news real time.RegardsTeam SisAny query plz call 9111977771https://wa.me/919111977775
Cotton, bajra and groundnut see big drop in acreage, shows dataAs the kharif sowing season almost comes to an end, the acreage of cotton, bajra and groundnut has lagged the most, compared to the area covered last year. The latest data from the Department of Agriculture shows that area covered under cotton this year was 0.83 million hectares less than in 2020, while that covered under bajra was 0.52 million hectares less and groundnut was 0.22 million hectares less.The total area covered under all crops was more than their normal area, which is the average of the last five years. Meanwhile, the extended breaks in monsoon seems to have pulled down the reservoir levels and unless it rains heavily in September (IMD has predicted September rains to be more than 110 per cent of the Long Period Average, which is 170 millimeters), reservoir levels could be a cause for concern going forward into the rabi sowing season.
All India Weather Forecast for September 4, 2021Countrywide weather systemsA cyclonic circulation is over Saurashtra and Kutch, it will weaken after 24 hours. A trough is extending from the cyclonic circulation over Saurashtra and Kutch to Haryana via Rajasthan.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain at isolated places occurred over Tamil Nadu, Karnataka, parts of Kerala, Andaman & Nicobar Islands, Uttar Pradesh and Sikkim. Light to moderate rain at isolated places over Konkan and parts of Goa, Telangana, Assam, Nagaland, Rajasthan, Himachal Pradesh, Maharashtra and Gujarat One with light rain over Northeast India, Bihar, Andhra Pradesh and Uttar Pradesh Moderate rain occurred at two places. Light rain occurred in Chhattisgarh, Odisha and Madhya Pradesh.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with isolated heavy falls very likely over parts of Andaman & Nicobar Islands, Sub-Himalayan West Bengal, Andhra Pradesh and Telangana. Vidarbha, Konkan & Goa and Karnataka & Tamil Nadu Light to moderate rain with isolated heavy falls may occur at isolated places. Light to moderate rain is possible over Northeast India, parts of Bihar, Uttar Pradesh, Jharkhand, Chhattisgarh, Madhya Pradesh, Odisha and Uttarakhand. Light rain is possible over East Rajasthan, parts of Gujarat, Interior Karnataka, Kerala, Himachal Pradesh, Gangetic West Bengal and Lakshadweep.
Today evening the rupee strengthened by 4 paise to close at Rs 73.02 against the dollar. Record closing of Sensex, closed up by 277 pointsToday the stock market closed sharply. Today, where the Sensex rose by about 277.41 points, it closed at the level of 58129.95 points. On the other hand, Nifty closed at 17323.60 with a gain of 89.40 points.
*Bangladesh's exports rise 14% in August to $3.38 billion**Apparel shipments, particularly knitwear, brought in $3.38 billion for the country**Following a more than 11% drop a month ago, Bangladesh's export earnings made a dramatic recovery in August, growing by a little over 14% year-on-year.**Apparel shipments, particularly knitwear, brought in $3.38 billion for the country, according to the Export Promotion Bureau (EPB). However, it's still behind the monthly target of $3.71 billion.**The EPB said that the combined earnings in July and August declined by 0.31% year-on-year, which was $6.87 billion in the same period last year and it remained 7.84% below the export target of $7.44 billion for the period.**Last month, the readymade garment sector saw an increase of 11.56% year-on-year, with exports totaling $2.75 billion, up from $2.46 billion the previous year.**However, in July and August of 2021, the apparel sector's shipping fell by 1.27% year-on-year to $5.64 billion.**Apart from jute and jute goods, all main industries have seen strong growth, including agriculture, leather and leather products, home textiles, frozen and live fish, engineering products, medicines, specialist textiles, and plastic products.*
PAKISTAN COTTON MARKET UPDATESharp decline on cotton marketThe Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was a little bit low.The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 200 per maund and closed it at Rs 14000 per maund. The Polyester Fiber was available at Rs 222 per kg. The rate of cotton in Sindh is in between Rs 13500 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13700 to Rs 14000 per maund. The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6100 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6050 per 40 kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1700 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13700 to Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6100- 6800 per maund.The Cotton Crop Assessment Committee (CCAC) revised downward the cotton production target by 19.5 percent, i.e., from 10.5 million bales set for 2021-22 to 8.46 million bales, after missing the sowing target by 13.4 percent, it was learnt.
ICE COTTON SUMMERYCotton rebounds from one-week trough on weaker dollarICE cotton futures rose on Thursday, as a weakened dollar provided some respite after concerns over higher supply of the natural fiber sent it to a one-week low in the previous sessionhaving hit its lowest since Aug. 24 on Wednesday. * Lowering the cost of purchasing cotton for buyers holding other currencies and potentially boosting demand, the dollar index fell to a near one-month trough.“The market could be sensitive to where the dollar goes going forward and a lot of times the dollar can overwhelm supply and demand numbers,” said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.Adding support to the cotton market was an uptick across US grain markets.But weighing on cotton, concerns of increased supply have emerged due to improving crop conditions with a United States Department of Agriculture (USDA) report earlier this week showing that about 70% of the crop was in good-to-excellent condition, well above the 44% for the same period a year ago.Kansas-based commodity analyst Sid Love said that the report raised doubts over the USDA lowering its production estimate by a million bales last month and that it could increase its ending stocks estimate to about 3.5-4 million bales in its September demand and supply report.“But that’s not significantly tighter, especially by historical standards, so it really shouldn’t have that much of a longer-term impact,” he added. Market participants also took stock of the USDA’s weekly export sales report, which showed net sales of 105,200 running bales for 2021/2022 compared to the 245,100 RB reported in the prior week.
All India weather forecast for September 3, 2021Weather systems made across the countryThe Monsoon Trough is passing through Surat, Indore, Raipur, Gopalpur and then towards South East Central Bay of Bengal. A Cyclonic Circulation is persisting over Gujarat. It is very likely to move northwestwards during the next 24 hours and weaken. A trough is extending from South Gujarat to Coastal Andhra Pradesh at 3.5 to 5.8 km above mean sea level.Another trough is extending from Gujarat to East Rajasthan up to Northwest Uttar Pradesh.Weather movement across the country during the last 24 hoursDuring the last 24 hours, Monsoon remained active over Konkan and parts of Goa and Gujarat. These areas received moderate to heavy rain with one or two very heavy showers. Light to moderate rain occurred at isolated places over Delhi & NCR, South & East Rajasthan, parts of Madhya Pradesh, isolated parts of Telangana, Coastal Karnataka and parts of Assam. Light to moderate rain occurred over Himachal Pradesh, Uttarakhand, Haryana, West Uttar Pradesh, parts of Bihar, West Bengal, isolated parts of Jharkhand, parts of Chhattisgarh, Coastal Andhra Pradesh, Kerala and rest of Northeast India. Rest of Uttar Pradesh, Odisha, Tamil Nadu, Lakshadweep, Andaman and Nicobar Islands and Interior Karnataka received light rain.Possible weather activity during next 24 hoursDuring the next 24 hours, some parts of Gujarat, Southwest Rajasthan, Foothills of Uttar Pradesh, parts of Sikkim, Sub-Himalayan West Bengal, parts of Assam, Andaman and Nicobar Islands, Coastal Andhra Pradesh, some parts of Telangana Light to moderate rain with heavy to very heavy falls at isolated places over parts of East Madhya Pradesh. . Light to moderate rain is likely over Himachal Pradesh, Uttarakhand, rest of Rajasthan, Bihar, Vidarbha, Konkan & Goa, Coastal Karnataka, Kerala, Rayalaseema, parts of Tamil Nadu and rest of Northeast India.Light rain is possible over Jharkhand, Gangetic West Bengal, Odisha, Chhattisgarh, Interior Karnataka, Lakshadweep, Delhi and Haryana.
*Rupee opens 2 paise stronger against dollar*Rupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 2 paise at Rs 73.03 against the dollar. *Sensex starts sharply, rises 131 points to open at record level*Today the stock market opened with great momentum. Today, the BSE Sensex opened at a record level of 57983.45 points with a gain of 130.91 points. On the other hand, the Nifty of NSE opened at a record level of 17262.00 points with a gain of 27.80 points.
The U.S. would be ‘wise’ to cut tariffs on China, says former trade negotiatorHigher U.S. tariffs on Chinese goods hurt American businesses and consumers, and it would be “wise” to reduce them, said Frank Lavin, a former undersecretary of Commerce for international trade.Mutual reduction in tariffs would improve the working relationship between the U.S. and China, said Lavin, who also once served as U.S. ambassador to Singapore.“And then let’s start tackling some of these trade issues one by one and help China move to world norms,” he added.Higher U.S. tariffs on Chinese goods hurt American businesses and consumers, and it would be “wise” to cut those levies, a former American diplomat and trade negotiator said Thursday.If both countries were to reduce tariffs on each other, their relationship could improve, said Frank Lavin, a former U.S. ambassador to Singapore and undersecretary of Commerce for international trade.He told CNBC that a “mutual reduction” in tariffs would also allow the U.S. to address longstanding concerns about China’s trade practices.Lavin was asked what advice he would give to the Biden administration on its policy toward China.“I would say don’t step away from the issue, there’s some serious trade issues there and I think a lot of President Trump’s criticisms were valid so don’t drop that agenda,” Lavin, now chief executive and founder of consultancy Export Now, told CNBC’s “Street Signs Asia.”Still, Lavin said the U.S. could hold Xi to his word in pursuing a reduction in tariffs and improved relationship.“So I’d say if we can just have a mutual reduction in those tariffs, we’re going to have a better working relationship,” said Lavin. “And then let’s start tackling some of these trade issues one by one and help China move to world norms.”
U.S. EXPORT SALES FOR WEEK ENDING 26/08/2021 Cotton: Net sales of 105,200 RB for 2021/2022 were primarily for Pakistan (27,600 RB), Vietnam (17,200 RB, including decreases of 8,800 RB), Turkey (14,400 RB), Ecuador (8,800 RB), and China (8,400 RB). Total net sales for 2022/2023 of 23,800 RB were for Turkey. Exports of 168,600 RB were primarily to Turkey (33,400 RB), China (33,000 RB), Vietnam (25,000 RB), Pakistan (18,900 RB), and Bangladesh (17,400 RB). Net sales of Pima totaling 14,500 RB were primarily for Peru (6,300 RB), India (6,200 RB), Austria (500 RB), Taiwan (400 RB), and Egypt (400 RB). Exports of 4,700 RB were primarily to India (2,200 RB), China (1,200 RB), Honduras (800 RB), Peru (300 RB), and Guatemala (100 RB).Optional Origin Sales: For 2021/2022, the current outstanding balance of 8,800 RB is for Pakistan. Exports for Own Account: For 2021/2022, the current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).
In the evening, the rupee strengthened by 3 paise to close at Rs 73.06 against the dollar.Sensex set a new record of uptrend, increased by 514 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 57852.54 points with a gain of about 514.33 points. On the other hand, Nifty closed at 17234.20 points down by 157.90 points.
Rupee opens 5 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 5 paise at Rs 73.03 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 73.08 with a weakness of 8 paise against the dollar.Sensex opened with a gain of 85 points, Nifty also rose by 13 pointsToday the stock market opened with great momentum. Today, the BSE Sensex opened with a gain of 85.44 points at the level of 57423.65 points. On the other hand, the Nifty of NSE opened with a gain of 12.70 points at the level of 17089.00 points.
PAKISTAN COTTON MARKET UPDATESpot rate firm on cotton marketOfficial spot rate halted further increase on the cotton market on Wednesday, dealers said.The rate of cotton in the local market on Wednesday decreased by Rs 300 to Rs 400 per maund. Cotton Analyst Naseem Usman told Business Recorder that under the influence of international market local market remained bearish. Trading volume was a little bit low.The rate of cotton in Sindh is in between Rs 13800 to Rs 13900 per maund and the rate of cotton in Punjab is in between Rs 13900 to Rs 14000 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 5700 to Rs 6100 per 40 kg. The rate of Phutti in Punjab is in between Rs 5700 to Rs 6000 per 40 kg. The rate of Banola in Sindh is in between Rs 1700 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1700 to Rs 1800 per maund. The rate of cotton in Balochistan is Rs 13800 per maund. The rate of Phutti in Balochistan is Rs 6200- 6800 per maund.The Spot Rate remained unchanged at Rs 14200 per maund. The Polyester Fiber was available at Rs 222 per kg.
ICE COTTON SUMMARYCotton hits 1-week low on fears over increased supplyICE cotton futures fell to a one-week trough on Wednesday as traders were concerned over increased supply amid improving crop conditions in key-growing regions.“The crop conditions are good, and though the crop in West Texas is still a bit late, the potential is there to make a fairly big crop,” Peter Egli, director of risk management at British merchant Plexus Cotton, said, adding US supply seemed to be larger than the US Department of Agriculture’s (USDA) projection in August.The USDA said it would review acreage estimates for cotton in the September report, after it lowered its production estimate by over half a million bales for the 2021/22 crop year in last month’s supply and demand report.Adding to concerns over increased cotton supply, the USDA’s weekly crop progress report on Monday showed 70% of the cotton crop was in a good-to-excellent condition in the week ending August 29. That compares with only 44% for the same period a year ago.Analysts also said Hurricane Ida, which swept through Louisiana, Mississippi and New Orleans, did not cause major damage to the cotton crop. Market participants now eye the USDA’s weekly export sales report due on Thursday.
All India Weather Forecast for September 2, 2021Countrywide weather systemsThe low pressure area over North Madhya Maharashtra has weakened.A Cyclonic Circulation is persisting over North Madhya Maharashtra and adjoining southern parts of Gujarat.The axis of Monsoon trough is moving eastwards towards East Central Bay of Bengal via Baroda, Akola, Ramagundam, Kalingapatnam.Weather movement across the country during the last 24 hoursDuring the last 24 hours, moderate to heavy rains occurred over South Gujarat and North Konkan and Goa with very heavy rainfall at a few places. Monsoon was very active in these areas.Light to moderate rain and heavy rain occurred at isolated places over East Rajasthan, Delhi NCR, parts of Gujarat region, parts of Madhya Maharashtra, Goa and Telangana.Light to moderate rain has occurred over parts of Haryana, South and West Madhya Pradesh, Saurashtra and Kutch, Coastal Andhra Pradesh, parts of Chhattisgarh, Assam, Meghalaya, Sub-Himalayan West Bengal, Sikkim and Northeast Bihar. Light rain occurred at one or two places over Jammu and Kashmir, Himachal Pradesh, Uttarakhand, parts of Punjab, Uttar Pradesh, Odisha, Gangetic West Bengal, Andaman and Nicobar Islands, Lakshadweep and rest of Northeast India.Possible weather activity during next 24 hoursDuring the next 24 hours, scattered light to moderate rain over parts of Madhya Maharashtra, North Konkan and Goa, Gujarat, South and Southeast Rajasthan, Sub-Himalayan West Bengal, Sikkim, parts of Assam, Andaman and Nicobar Islands and parts of Telangana and Andhra Pradesh. Moderate rain with heavy rain at a few places. Light to moderate rain at isolated places over rest parts of Northeast India, Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Interior Karnataka, Kerala, South Konkan and Goa, Delhi and NCR and Uttarakhand It may rain heavily for a while.