Rupee strengthens by 2 paise and closed at 74.19 levelRupee has seen strength today against the dollar. Rupee today closed at 74.19 with a gain of 2 paise against the dollar.Sensex rises further, closes by increasing 403 pointsToday the stock market closed sharply. Today, where the Sensex closed at the level of 55958.98 points, up by about 403.19 points. At the same time, the Nifty closed at the level of 16624.60 with a gain of 128.10 points.
CHICAGO: US soybean futures firmed on Monday in a modest recovery from last week’s two-month low as crude oil markets rebounded and lifted soyoil prices more than 3%, traders said.Wheat also gained as the US dollar softened and as weekly export inspections topped trade expectations.Corn was flat to weaker, capped by forecasts for a large US crop and worries over demand from biofuel producers after news last week that the Environmental Protection Agency would recommend reducing federal biofuel blending mandates.Grain and oilseed futures had fallen sharply last week as worries about global economic growth and rising coronavirus infections pressured broader markets. Crude oil and metals prices rose on Monday after bargain hunting drove equity markets higher across Asia and Europe.“The macros are taking the foot off the throat of commodities today, except for corn. Traders are still very nervous about the biofuel RINs and what kind of exclusions will be given to refiners,” said Mike Zuzolo, president of Global Commodity Analytics.Chicago Board of Trade December corn fell 2 cents to a one-month low of $5.35 a bushel by 11:32 a.m. CDT (1632 GMT). November soybeans gained 4-1/4 cents at $12.95 a bushel.CBOT September wheat rose 7-1/2 cents to $7.21-3/4 a bushel. The US Department of Agriculture (USDA) said on Monday 657,854 tonnes of US wheat were inspected for export last week, higher than expected. Corn and soybean inspections were in line with trade forecasts.
Palm oil ends over 1pc higherKUALA LUMPUR: Malaysian palm oil futures reversed early losses on Monday, tracking sharp gains in rival oils and crude futures, but expectations of a buildup in August stockpile capped gains.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed 58 ringgit, or 1.36%, at 4,323 ringgit ($1,023.44) a tonne, after declining 2.4% earlier in the day.Prices recovered on fresh fears about rising COVID-19 cases spreading from some estates to mills, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.Sentiment were hit by the Southern Peninsula Palm Oil Millers’ Association’s estimates for production during Aug. 1-20 to rise 11.5% month-on-month, traders said.“We expect an increase in production and decrease in exports, resulting in the addition of inventories at the end of August,” said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.Cargo surveyors last week said palm oil shipments during Aug. 1-20 fell between 8.7% and 11.5% from the month before.India, the world’s biggest vegetable oil importer, on Friday cut base import taxes on crude and refined soyoil and sunflower oil to 7.5% from 15% until Sept. 30.This puts soft oil imports at parity with those of palm oil and may cap a recovery in palm oil prices, traders and analysts said.India may restore higher duty structure for palm and soft oils after Sept. 30, hence exporters will seek to ship to India as much as possible before the deadline, Bagani said.Oil prices jumped 3% with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant, making palm a more attractive option for biodiesel feedstock.Dalian’s most-active soyoil contract gained 0.3%, while its palm oil contract rose 0.6%. Soyoil prices on the Chicago Board of Trade were up 2.5%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Rupee gains, gains 11 paise to open at 74.10Like the equity market, the rupee has also started on a strong note. Rupee today opened with a gain of 11 paise against the dollar. Rupee opened today at 74.10 level against dollar. On the other hand, the rupee had strengthened by 18 paise today and closed at 74.21 against the dollar in Monday's trade.Sensex opened fast, increased by 197 pointsToday the stock market opened with a boom. Today the BSE Sensex rose by about 197.30 points to open at the level of 55753.09 points. On the other hand, the Nifty of NSE opened with a gain of 74.50 points at the level of 16571.00 points. Today, trading started in a total of 1,391 companies in the BSE, out of which about 662 shares opened with a rise and 629 with a fall. At the same time, the share price of 100 companies opened without increasing or decreasing.
India's Nahar Group to consider swap ratio for acquiring Cotton CountyIndia-based Nahar Industrial Enterprises Ltd is considering the swap ratio in view of SEBI directions through stock exchanges to merge Cotton County Retail Limited with Nahar Industrial Enterprises Limited, as per a filing with the Stock Exchanges. The company has scheduled a meeting of board of directors of the company on Friday, August 27.The filing also said that trading window for dealing in the securities of the company shall remain closed for the promoters, directors, key managerial personnel, designated employees, connected persons and their immediate relatives from August 20 to August 27, 2021.Nahar Industrial Enterprises Ltd is a vertically integrated textile manufacturer, with operations ranging from spinning, weaving and processing, while Cotton County Retail Limited is a subsidiary of Nahar Group of companies offering a wide range of products across summer wear (formal, casual shirts, t-shirts, cotton trousers and denims) and winter-wear (sweaters, jackets, coats, suits, sweat-shirt).
Modi government made cooking oil cheaper by cutting import dutyGiving some relief to the common people from inflation, the government has decided to reduce the import duty on soya oil and sunflower oil from 15% to 7.5%. Earlier, the government had also cut import duty on crude palm oil.Overall, the effective duty has been reduced by 8.25% inclusive of all taxes. The overall fee has come down from 38.50 per cent to 30.25 per cent. Agricultural Cess and Social Welfare Cess are also included in the total fee.The reduction in import duty will directly benefit the kitchen budget of the common people, although this reduction in import duty is only till 30 September. At present, the government imports 15 million tonnes of edible oil annually, valued at around Rs 70,000 crore. While the country's annual consumption is 25 million tonnes of edible oil. Palm oil in India is imported from both Malaysia and Indonesia. India imported 7.2 million tonnes of palm oil from Malaysia and Indonesia last year. Palm oil accounts for about 55 per cent of the total imports. 34 lakh tonnes of soybean oil was imported from Brazil and Argentina and 2.5 million tonnes of sunflower oil was imported from Russia and Ukraine.Earlier, the Modi government had approved the plan of Palm Oil Mission in the cabinet meeting held on Wednesday. To increase the availability of edible oils, the government announced a Palm Oil Mission (National Edible Oil Mission-Oil Palm- NMEO-OP) worth Rs 11,040 crore. The government has taken this step to make India self-reliant in the matter of edible oils. This mission of the government will reduce the dependence on import of palm oil and will also pave the way for increasing the income of the farmers. At the same time, the oil industry will also benefit.It was also decided in the cabinet meeting that if the market fluctuates and the price of the farmer's crop falls, then the difference amount will be paid by the central government to the farmers through DBT. The amount which was given earlier in agricultural material has also been increased. In order to enable people to set up industries in the North-East region, it was decided to provide an assistance of Rs.5 crore to the industry.
BANGLADESH SPINNERS UNWILLING TO REDUCE YARN PRICESBangladesh spinners are not willing to yield to demands of apparel and terry towel exporters, and reduce yarn prices. As per a Daily Star report, spinners may have another round of meeting with exporters to find an amicable solution to this problem. Mohammad Ali Khokon, President, Bangladesh Textile Mills Association (BTMA) informs, spinners have honored a previous commitment made during a meeting with garment exporters last week to maintain the current yarn prices. Currently, most highly in demand was being sold for about $4.25 per kg in local markets, he adds.Shahadat Hossain Sohel, Chairman, Bangladesh Terry Towel & Linen Manufacturers & Exporters Association, has urged spinners to ensure adequate supply of yarn at competitive prices as they have a lot of work orders from international buyers. Mohammad Hatem, First Vice-President, Bangladesh Knitwear Manufacturers and Exporters Association, hoped that the impasse may soon come to an end through consultation among the leaders of relevant trade bodies.
The rupee declined by 15 paise to close at 74.38 against the dollar this evening.Huge fall in the stock market, Sensex closed by breaking 300 pointsToday the stock market closed with a fall. Today, where the Sensex closed at the level of 55329.32 points, down by about 300.17 points. On the other hand, Nifty closed at 16450.50 with a fall of 118.30 points.
Palm rises, set for near 6% weekly loss on weak exportsMalaysian palm oil futures firmed on Friday, but they are on course for a near 6% weekly loss on anticipation of a sharp decline in August exports and cheaper Dalian oils.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 18 ringgit, or 0.42%, to 4,256 ringgit ($1,004.25), after falling to a 10-day low in the previous session.Palm oil may test support at 4,261 ringgitFor the week, it is set to fall 5.7%.FUNDAMENTALSInvestors are awaiting cargo surveyors to release Aug. 1-20 export data scheduled later in the day. Market rumours have pegged shipments during that period to decline around 10%, traders said.Dalian's most-active soyoil contract fell 1%, while its palm oil contract lost 1.2%. Soyoil prices on the Chicago Board of Trade were up 0.4%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.Palm oil may break a support at 4,221 ringgit per tonne and fall to 4,125 ringgit, Reuters technical analyst Wang Tao said.
US not looking for a new trade agreement, says Union minister Piyush GoyalUnion Commerce and Industry Minister Piyush Goyal on Thursday said that the possibility of a trade agreement between India and the United States is not being considered at the moment, reported Smart info services.In such a trade deal, partners cut down on tariff-related hurdles on a specific number of goods in order to boost trading.“The US, as of now, has kind of indicated that they are not looking for new trade agreements, but we will look at working with them on market access issues on both sides,” Goyal said during an event with exporters.The minister added that even the resolution of the problems related to a trade pact would boost outbound trade to the United States.Goyal noted that matters such as non-tariff barriers, reaching mutually recognised agreements and aligning on better quality of international standards would lead to a spike in trade between the United States and India.Goyal also specified the Centre’s priority list of countries with which it was going to forge a free trade agreement.“Australia is first on the list, United Kingdom, then the United Arab Emirates, and if the UAE happens, the pact with GCC [Gulf Cooperation Council] will also be expedited,” he said. “We have already started the dialogue with the UAE and one more country from the Middle East.”So far, Australia has shown the “highest level of engagement”, Goyal said, according to Business Standard, adding that the country has displayed a lot of interest in early harvest agreement. This early harvest deal is considered a precursor to a free trade deal.He also noted that discussions with the United Kingdom was “progressing well”.The minister also said that discussions with the Canadian government had been impacted due to the Covid-19 crisis. Goyal added that the talks were likely to resume after the elections in Canada.“We also have to open our markets to others if we are wanting a larger pie in their markets,” he said, according to The Hindu. “Therefore, my appeal to all of you is to also identify areas where we have confidence that we can withstand competition.”SiS Commited to update you on all textile related news real time.RegardsTeam SisAny query plz call 9111977771https://wa.me/919111977775
Rupee collapses against dollar, opens weak by 15 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a gain of 15 paise at Rs 74.39 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 74.24 with a strength of 11 paise against the dollar.Sensex and Nifty fallToday the stock market opened with a heavy fall. Today the BSE Sensex fell by about 457.28 points and opened at the level of 55172.21 points. On the other hand, NSE's Nifty fell by 139.80 points and opened at the level of 16429.00 points.
U.S. EXPORT SALES FOR WEEK ENDING 12/08/2021 Cotton: Net sales of 242,400 RB for 2021/2022 primarily for China (161,900 RB, including 3,400 RB switched from Singapore, 600 RB switched from Hong Kong, and decreases of 11,100 RB), Turkey (46,100 RB, including decreases of 2,800 RB), Pakistan (16,400 RB, including decreases of 700 RB), Vietnam (12,400 RB, including 4,000 RB switched from China, 1,000 RB from Japan, and decreases of 1,400 RB), and Peru (4,900 RB), were offset by reductions primarily for Singapore (3,400 RB) and Japan (1,400 RB). Total net sales of 59,500 RB for 2022/2023, were for Pakistan. Exports of 221,100 RB were primarily to Pakistan (49,600 RB), Vietnam (38,000 RB), Turkey (31,700 RB), China (22,100 RB), and Bangladesh (17,600 RB). Net sales of Pima totaling 10,600 RB primarily for China (3,800 RB, including 300 RB switched from Germany), India (2,600 RB, including decreases of 600 RB), Pakistan (2,200 RB), the United Arab Emirates (900 RB), and Turkey (500 RB), were offset by reductions for Germany (300 RB). Exports of 3,700 RB were to India (1,400 RB), China (1,100 RB), Peru (800 RB), and Pakistan (400 RB). Exports for Own Account: For 2021/2022, new exports for own account totaling 100 RB were to Vietnam. The current exports for own account outstanding balance of 4,800 RB is for China (4,700 RB) and Vietnam (100 RB).
Palm oil slides nearly 3%Malaysian palm oil futures slumped nearly 3% on Wednesday, hitting a one-week closing low on fears of lower export demand and anticipation of an increase in production.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed lower 105 ringgit, or 2.38%, to 4,303 ringgit ($1,015.82) a tonne, after rallying to a record high last week.The correction in prices was likely induced by expectations that demand will fall by about 15% over Aug. 1-20, said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.“Also, the Indian demand for August is fully covered, while subscriptions for September-October have reached a standstill at current prices,” Cultrera added.Export shipments during the first half of August plunged between 15% and 24% from the previous month, cargo surveyors data showed on Monday.Indonesia, the world’s largest palm exporter, experienced greater demand than Malaysia over July and August, partly due to lower export taxes and higher discounts for its crude and refined palm oil.The situation will change in September as Indonesia is expected to raise its export duties for September to $166 from $93 in August, Cultrera said.
Cotton yarn and product exports drive record cotton consumption in VietnamRobust growth in Vietnam’s cotton yarn and product exports is projected to drive 2020-2021 cotton consumption to a record 7.3 million bales, 700,000 higher than the previous year’s downfall from COVID-19, according to the weekly report by the US Department of Agriculture (USDA).Yarn exports during 2020-2021 have exceeded the previous year’s record by more than 10 per cent through the first 11 months of the marketing year. Foreign demand has been primarily driven by China, with Vietnam’s cotton yarn exports to the country accounting for roughly 60 per cent of Vietnam’s total cotton lint consumption.China is the world’s largest cotton yarn importer and Vietnam’s largest customer with the geographic proximity and foreign investment by Chinese companies driving record exports. China’s August to June imports of Vietnamese cotton yarn were a record (for the period) and equal to roughly four million bales of cotton lint consumption.China’s robust demand is expected to persist with projected growth in China’s cotton fabric and product exports, in addition to greater domestic consumption of cotton products. The United States WRO (Withhold Release Order) on cotton lint from China’s Xinjiang region is further supporting current and future demand for Vietnam’s cotton yarn.Practically all cotton yarn spun in Vietnam is produced with cotton lint imported from outside of China. Garment and textile manufacturers in China seeking to circumvent the WRO are likely substituting imported cotton yarn for domestic with roughly two-thirds containing Xinjiang lint.Greater domestic consumption in Vietnam of cotton yarn is also driving cotton consumption higher. Significant foreign and domestic investment in Vietnam’s garment industry has driven greater demand for cotton knitted fabrics and thus domestic consumption of cotton yarn by knitters. According to Vietnam customs data, garment and textile exports in 2020-2021 are expected to recover from the previous year’s decline and rise to more than $30 billion; the garment industry is one of the country’s largest valued source for exports.Vietnam’s largest export market for cotton textiles and garments is the United States, which is also the world’s largest importer. US imports from Vietnam were a record in the first 11 months at more than $5 billion. Knitted cotton sweaters, pullovers, and other similar articles of clothing were the largest product category, accounting for roughly 30 per cent of the total value of US cotton product imports from Vietnam.This particular category has historically been dominated by China, however, two factors have driven Vietnam’s market share of US imports higher – the 2020 and 2021 WROs and ongoing tariffs specific to China. Both have lowered US imports of knitted cotton sweaters, pullovers, among others from China nearly 20 per cent thus far in 2020-2021 (August-June) despite US imports of this product category rising over 10 per cent on-year during the same period.Robust export prospects for both cotton yarn and products are expected to boost 2021-2022 cotton consumption even higher to 7.6 million bales, and further support Vietnam’s rise as a major global cotton importer as well as exporter and consumer of cotton yarn and products.
As cotton prices rule firm, CCI sees little scope for market interventionBut the state-run firm will be fully prepared for MSP operationsAs cotton prices continue to rule high, state-run Cotton Corporation of India Ltd (CCI) sees no scope for market intervention in the new season starting October. CCI, which made a record purchase of cotton at the minimum support price (MSP) during the 2020-21 season, expects its carry forward stocks for the next year to be in the range of 2-3 lakh bales.Ahead of the cotton harvest season starting mid-September, the raw cotton (kapas) prices are currently ruling high at over ₹7,000 per quintal. Also, cottonseed prices are hovering around ₹4,500-5,000 per quintal.“Everything is in a booming mode, and I think the CCI’s intervention may not be required as farmers are already getting 30 per cent more than the MSP rates. Next year, they may be fully satisfied with the market forces,” P K Agarwal, chairman and managing director, the CCI told Business Line.“However, as per our duty, CCI would be fully preparing for the MSP operations,” Agarwal said, adding that the intensity will certainly be lower. “In case our intervention is required, may be in the interior or far-flung places, where the competition is not there, we may have to help the farmers in those areas. In case MSP is not there, we may think of commercial operations,” Agarwal said.Further, Agarwal believes that the current high prices will not sustain for a longer period. “In every commodity, when the peak arrivals are there, the prices are bound to come down. It may come down by ₹500-700 but still be better than MSP,” he added.ProcurementCCI had purchased 92 lakh bales at MSP during the pandemic hit 2020-21 season, when there were no takers in the market, Agarwal said. “Farmers were protected through the MSP operations as they got an assured price,” he said. The opening stocks during October 2020 stood at 60 lakh bales. The Centre has fixed an MSP for medium staple cotton at ₹5,716 per quintal for 2021-22 season higher than the previous year’s ₹5515 per quintal. For the long-staple cotton, the MSP for 2021-22 has been fixed at ₹6025 per quintal over ₹5825.In 2021, CCI disposed of a record 140 lakh bales on good demand from the mills. It also exported about 1 lakh bales during 2020-21. “It was more than a good year. Because of the booming market and price improvement, the MSP losses have also come down substantially to around ₹17,000 crore” Agarwal said.The 2020-21 season started with around ₹40,000 per bale in October, higher than the corresponding previous year’s ₹36,000. “Now, the cotton prices are ruling between ₹53,000-55,000 range on good demand in the market as the mills have started operations, and their requirement has improved,” Agarwal said. Also, most mills have built up inventory and have covered stocks to meet their requirement for the next 2-3 months.InventoriesFurther, Agarwal said that CCI currently has stocks of around 8 lakh bales. “We wish to keep these stocks till September end to avoid any starvation like situation. We are selling about 1,000-2,000 bales daily and by mid-October we may be finishing our stocks,” he added. Agarwal expects CCI’s carry forward stocks for the next season to range between 2-3 lakh bales. The overall carry forward stocks for the country is expected to be 60-70 lakh bales.“The situation is very comfortable because, in the past there had been no occasion when the carry forward stocks were more than 40 lakh bales. This is because of the pandemic situation, India may end up with 60-70 lakh bales, which is almost two-month requirement. The position is not as worse as people are visualising it,” he added. By September end, the new crop will hit the market in North India, he said.
Today evening, the rupee strengthened by 11 paise to close at Rs 74.24 against the dollar.Sensex could not sustain the momentum, closed after breaking 163 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 55629.49, down 162.78 points. On the other hand, Nifty closed at a level of 16568.80 points down by 45.80 points.
Palm oil falls over 2% on expectations of weak export demandMalaysian palm oil futures slumped as much as 2.8% on Wednesday, hitting a one-week low, amid anticipation of an increase in production and bleak demand outlook.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange slid 77 ringgit, or 1.75%, to 4,331 ringgit ($1,023.27) a tonne by the midday break, after rallying to a record high last week.The correction in prices was likely induced by expectations demand will fall by about 15% over August 1-20, said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.Palm falls on August export plunge, profit-taking"Also, the Indian demand for August is fully covered while subscriptions for September-October have reached a standstill at current prices," he added.Export shipments during the first half of August had plunged between 15% and 24% from the previous month, cargo surveyors data showed on Monday.Indonesia, the world's largest palm exporter, had enjoyed greater demand than Malaysia over July and August, partly due to lower export taxes and higher discounts for its crude and refined palm oil.Cultrera said things will change in September as Indonesia is expected to raise its export duties for September to $166 from $93 in August.Top buyer India is also expected to raise their import tax structure for crude and refined palm oil from end-September as subscriptions for the Diwali festival are finalised, Cultrera added.Malaysia kept its September export tax for crude palm oil at 8%, but raised its reference price to 4,255.52 ringgit ($1,006.51) per tonne. The market is also hopeful for a rise in Malaysia's palm oil production amid the seasonal peak production season.The Southern Peninsula Palm Oil Millers' Association earlier this week forecast a 10.6% rise in August 1-15 production, according to traders.Dalian's most-active soyoil contract fell 2%, while its palm oil contract eased 3.8%. Soyoil prices on the Chicago Board of Trade were down 0.5%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may fall to 4,261 ringgitThe contract failed three times to break a resistance at 4,557 ringgit, around which, a small triple-top has formed and been confirmed.The pattern suggests a target of 4,261 ringgit. It is not very clear if palm oil could drop to a lower level, as the rise from the Aug. 2 low of 4,093 ringgit does not fit well into the wave category of the preceding uptrend from the June 18 low of 3,251 ringgit.Palm oil fallsResistance is at 4466 ringgit, a break above which could lead to a gain into a range of 4557 - 4649 ringgit. On the daily chart, the big black candlestick on Tuesday suggests a further fall on Wednesday.A break above 4,493 ringgit could lead to a gain into 4,587-4,698 ringgit range.Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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 74.30 against the dollar. At the same time, on Tuesday, the rupee strengthened by 10 paise to close at Rs 74.35 against the dollar.Sensex opened sharply, up 212 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 212.39 points to open at the level of 56004.66 points. On the other hand, the Nifty of NSE opened with a gain of 57.90 points at the level of 16672.50 points.
Oilseeds prices soften due to fall in foreign prices, fall in soybean, palmoleinMost oilseeds, including mustard, soybean and palmolein, closed at a lower price in the Delhi oil-oilseeds market on Tuesday amid a declining trend in foreign markets, while the rest of oilseeds remained at their previous level.Traders said that the Malaysia Exchange and the Chicago Exchange lost around one per cent each. He said that due to the breakdown of foreign markets, the futures price of soybean has also declined. In NCDEX Indore, the price of October contract of soybean has been quoted below the spot price of soybean by Rs 31 per kg.He said that despite domestic festive demand due to fall in foreign countries, the prices of Mustard Dana, Sarson Dadri, Sarson Pakki and Kachchi Ghani, Soyabean Oil Oilseeds, Cottonseed and Palmolein Oils closed softly, while crude palm oil (Crude Palm Oil) due to demand. CPO) and groundnut prices remained unchanged.Sources said that it has become necessary to increase the production of oilseeds in the country as in this case it is not appropriate to depend on imports for almost 70 per cent of our requirements. Due to such massive dependence, the country may have to bear the arbitrariness of foreign companies.