Textile Sphere News Roundup - 3rd September 2024
1. Cotton Prices Experience
Volatility Amid Decreased Acreage and Export Surge
Cotton prices in India have
seen significant fluctuations due to a combination of reduced acreage and
increased export activity. With the area under cotton cultivation dropping by
approximately 9% compared to last year, the Cotton Association of India (CAI)
anticipates further reduction in total acreage. The shift in farming practices,
as farmers move away from cotton due to lower yields and high production costs,
is contributing to this decrease. Additionally, exports to Bangladesh have surged,
leading to tighter opening stocks for the next year.
Despite these challenges,
the cotton market remains active, with technical indicators showing signs of
short covering. The market is poised at a critical juncture, with resistance
levels observed at 58,000 INR per bale. Any movement above this threshold could
lead to a further rise in prices.
2. Improvement in China's
Manufacturing Sector Midway Through Q3 2024
China’s manufacturing sector
showed signs of recovery midway through the third quarter of 2024, according to
the Caixin China purchasing managers’ index (PMI). The index rose to 50.4 in
August, signaling a return to growth after a brief downturn in July. The
improvement was driven by a resurgence in new orders and a stabilization of
employment levels.
However, challenges remain,
particularly in export orders, which saw a marginal decline for the first time
this year. Despite this, the overall outlook for the sector is optimistic, with
firms expecting improvements in economic conditions and business development
efforts in the coming months.
3. PAU Scientists Conduct
Surveys of Cotton Fields in Punjab
In Punjab, scientists from
the Punjab Agricultural University (PAU) have been actively surveying cotton
fields in various villages to monitor the condition of the Narma cotton crop.
The surveys revealed that the crop is generally in good condition, with the
pink worm pest largely under control. Farmers were advised on proper fertilizer
management and the use of PAU-recommended pesticides to mitigate pest issues.
The PAU’s efforts are part
of a broader initiative to support cotton farmers in the region, ensuring that
the crop remains healthy and productive throughout the season.
4. CITI Hosts ESG Program
for Textile Sustainability in Mumbai
The Confederation of Indian
Textile Industry (CITI) recently hosted its inaugural Management Development
Program on Environmental, Social, and Governance (MDP-ESG) in Mumbai. The
program brought together industry leaders, academics, and experts to discuss
the pressing sustainability challenges facing the textile sector.
With global markets like the
EU imposing stringent sustainability mandates, the textile industry is at a
critical juncture. The MDP-ESG program provided participants with valuable
insights into sustainability reporting, circular economy practices, and other
key ESG issues, equipping them to navigate this complex landscape.
Note:
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