Crude Oil: Price gains on easing oversupply concerns Crude oil posted its biggest weekly gain in the last week of July this year since late May with a hike on Friday as data this week eased concerns about surplus supplies, after Saudi Arabia pledged to lower imports while U.S. crude supplies fell more than expected.The market was strengthened by larger than expected inventory drawdowns on Wednesday and signals from Saudi Arabia that the world's biggest oil producer would further reduce output in August.Saudi Arabia pledged earlier this week to lower crude exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below the level last year.The US crude futures settled at US$49.71 a barrel, up US$3.94 from previous week while European Brent crude futures settled at US$48.06 a barrel, rose US$4.46on the week. U.S. crude futures gained 8.6 percent for the week while Brent climbed 9.3 per cent. The gains in Brent pushed the difference between the two benchmarks to the widest in two months. Oilfield services firm Baker Hughes reported its weekly count of oil rigs operating in the United States ticked down by two rig to a total of 766. For the month, 10…
Cotton Sowing Report as on 13/07/2017 State wise Arrivals Central Agri Ministry (Lakh hact.) 2017-18 2016-17 Punjab 03.850 02.560 Haryana 06.560 04.980 Rajasthan 04.900 03.680 Gujarat 19.900 13.650 Maharashtra 31.360 29.910 M. P. 04.880 05.000 A.P. 02.850 02.030 Telengana 13.650 09.410 Karnataka 02.410 03.100 Tamilnadu 00.050 00.030 Other 01.340 00.970 Total 91.750 75.320 Domestic Market Summary: Starting from mid-June, most textile mills had reduced their cotton procurement to maintain minimum inventory before the Goods and Services Tax (GST) came into force on 1st July 2017.Since then, the mills have not been able to cover mush cotton due to various reasons. 1) Because of insufficient rains in many cotton growing centres of India (parts of Gujarat, M.P., Maharashtra, Telangana, A.P., Karnataka, etc), the sellers were not very keen to off load quality cotton stocked in ware houses. As a result, prices of good quality varieties ruled stronger. 2) Fall in yarn demand since March has weakened the mills purchasing capacity. The situation has worsened post GST as the yarn prices have fallen by Rs 5 to Rs 8 per kg in many counts. 3) Mills with lower reserves/lower cotton stocks and high interest burden have started facing cash losses. All of…
Crude Oil Crude oil prices plunged to 5-month lows in May amid record trading volume in Brent crude, as OPEC and other producers apparently ruled out deeper production cuts to reduce the global bloating inventories and supply glut.Prices were also pressuredon worries that US President's withdrawal from the climate accord could accelerate US production and flood the global oil market. US crude prices declined 5.3% on the month while Brent was down 4.9%as compared to previous month’s average. US Futures averaged US$48.49 a barrel, down US$2.72 from Apriland Brent averaged US$51.30a barrel, down US$2.63 on the month.Asian naphtha market continued its downward trajectory as cracks declined due to increasing length and softening demand. Reports from traders said that the market is getting weaker. The market remained soft, as cargoes continued to flow out from India, and less-than-expected demand was seen from Taiwan as it had last bought 100,000 ton for H2 June delivery.ForMay, spot naphtha prices fell 7.9% on the month to average US$439.58 a ton CFR Japan. Polyester Chain Ethylene prices continued to plunge in Asian markets, touching their 16-month lows in May under pressure from rising supply.In Europe, spot ethylene prices declined as markets remained bearish ahead of…
Mr. Vinod Chotani, MD of Sudha Mills India Pvt. Ltd. GST is new buzz word for India but in the world it is following from many years. GST is efficient Tax system where different substitute taxes demolishes and only one single TAX is imposed that is Goods & Service Tax. GST will make our system more transparent and strengthen our economy. In the system of this tax, Our PM Mr. Narendra Modi had given assurance of getting the input credit money within 7 to 10 days. 2- Mr. Shiv Kanodia, Ex- Hon General Secretary, Bharat Merchant Chamber GST is something new, as a association GST has a diversified view. Every Association has their different point of view. Textile Industry is very complex as far as its diversity is concern. So some people are against GST as we Indian not adopt change easily, but it’s gradually effective in future. GST close down Multi Window Taxation, it must came much before. Textile Industry needs to be organized and adopt changes which ultimate outcome is our nation progress is our progress. 3- Mr. Manish Kumar, MD of Shree Mahavir Textiles GST is good but there are some drawbacks of GST, like we deliver…
MMF traders starts indefinite strike opposing GST : Business losses of more than Rs.1000 crore Country's largest Man-Made Fabric (MMF) production centre, Surat is come to a grinding halt as over 70,000 textile traders has started indefinite strike against the Goods and Servives tax (GST) regime. Earlier in June, Textile GST Sangarsh Samiti (TGSS) has demanded exemption from GST and had kept total 4 days of strike. But when central government has not given any relief and refused their demand, the samiti has called indefinite strike from July 3. The entire textile industries including weaving, processing, trading is adversely affected and incurred business losses to the tune of over Rs. 1000 crore in total week period. Powerloom weavers and textile traders are unhappy with higher tax rates of 18 per cent on yarn and 5 per cent on fabrics under GST regime. On monday(3rd July) morning, the situation at the textile markets on Ring Road was tensed as large numbers of traders gathered to protest against GST. Some group of people and police were enforcing the traders to open their shops and when they refused, police resorted to lathicharge. After the police action, traders shouted slogans against local leaders and…
India's overall exportdrops in july India’s merchandise exportin July 2016 was valued at US$21.69 billion (INR145,770 crore),down6.8 per cent (1.6 per cent lower in INR terms) compared to the levels in July 2015. Total exports for the period April-July2016-17 was down 3.6 per cent at US$87 billion (INR528,731 crore, up 1.6 per cent) over the same period last year. Imports in July 2016 were valued at US$29.5 billion (INR197,932 crore) and were 19 per cent lower (14.5 per cent lower in INR terms) over the level of imports in July 2015. Cumulative imports for the period April-July 2016-17 was at US$113.99billion, down 16.3 per cent (INR763,687 crore, down 11.8 per cent) over the same period last year. Crude oil imports declined 28.1 per centin July 2016 and 25 per cent drop during April-July 2016-17. In similar comparison, non-oil imports were 15.8 per cent lower in July 2016 and 13.4 per cent lower in April-July 2016-17. As a result, trade deficit for April-July, 2016-17 was at US$26.99 billion, which was lower than the deficit of US$45.98 billion in April-July, 2015-16. Indian textile sector may get hurt by TPP Textile and clothing sector accounts for roughly 5 per cent of India’s GDP,…
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