Textile Sphere News Roundup- 17th Oct 2024
ICE Cotton Prices Decline
Amid Stronger Dollar and Lower Crude Oil Prices
ICE cotton prices have been
declining recently due to the strengthening of the US dollar and a drop in
commodity prices like crude oil, making cotton purchases more expensive and
polyester a cheaper alternative. Despite these pressures, cotton futures saw a
slight rebound as traders anticipate improved demand around 70 cents per pound.
Factors such as favorable weather conditions in key growing regions and
expectations of a robust US cotton harvest continue to influence market
sentiment. (Read More)
CPI Seeks Lt. Governor's
Intervention for a Textile Park in Puducherry
The CPI has urged Lt.
Governor K. Kailashnathan to support the establishment of a textile park in
Puducherry under the PM MITRA scheme. A delegation led by State Secretary AM
Saleem submitted a memorandum highlighting the benefits of creating a textile
hub in the region. The proposed park aims to boost local industry, create
employment opportunities, and position Puducherry as a significant player in
the textile sector.
Niranjan Reddy Demands
Immediate Opening of CCI Cotton Purchase Centers in Telangana
BRS leader and former
minister S Niranjan Reddy has demanded the immediate opening of Cotton
Corporation of India (CCI) purchase centers in Telangana. He emphasized that
Telangana farmers should receive the same support price for cotton as their
counterparts in Gujarat. Reddy criticized the delay in setting up purchase
centers, which has forced farmers to sell their cotton at lower prices, and
urged central ministers to address the disparity in pricing between the states.
Trade Deficit Hits 5-Month
Low as Textile Exports Surge
India's trade deficit narrowed to a five-month low of $21 billion in September, down from $30 billion in August, primarily due to a surge in textile exports and a significant drop in gold imports. Textile exports recorded a 17% increase as garment orders shifted to India from conflict-affected regions like Bangladesh. The rise in exports of engineering and electronic goods also contributed to the improved trade balance. The Federation of Indian Export Organisations (FIEO) noted that despite global challenges, India’s export market showed resilience, although trade finance remains a key issue for MSMEs. (Read More)
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