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Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
ICE cotton gains further on short covering amid trade deal prospects
ICE cotton futures continued to rise on Friday as easing trade tensions lifted market sentiment. Former President Trump's announcement of prospective trade deals with multiple countries encouraged speculators to cover their short positions. ICE cotton posted gains throughout the week, with only a few contracts dipping slightly on Monday. The most active December 2025 contract on ICE settled at 69.32 cents per pound (0.453 kg), up 0.52 cent. The contract reached an intraday high of 69.52 cents, the highest level since April 25, marking a two-month high. It gained a total of 262 points, or 3.9 per cent, over the six sessions during the week. Other contracts gained between 18 and 66 points on Friday. On a weekly basis, cotton contracts posted gains ranging from 167 to 348 points. ICE cotton futures extended gains as easing US-China trade tensions and short covering lifted sentiment. December 2025 contract hit a two-month high at 69.32 cents/lb. Strong weekly gains, lower deliverable stocks, and a weaker US dollar supported the rally. China's confirmation of the trade framework with the US further boosted market optimism. Except for a slight dip on Monday in the expiring July and nearby October contracts, all cotton contracts ended higher each day this week. Trading volume stood at 35,926 contracts, while the cleared volume for June 26 was 39,350 contracts. The average daily trading volume for the week was calculated at 40,958 contracts, indicating robust activity and interest in cotton futures. According to ICE data, deliverable stock under the No. 2 cotton futures contract was 51,495 bales as of June 26, significantly down from 61,136 bales on the previous trading day, suggesting a tightening supply situation. Market analysts said the US' announcement of its intent to reach trade agreements with multiple countries prompted speculators to cover short positions, contributing to the price rally. A weakening US dollar during the session also supported cotton prices, as commodities priced in dollars become more affordable to international buyers when the greenback declines. A spokesperson from China's Ministry of Commerce confirmed that China and the United States had finalised details under the China–US London Framework. As part of the agreement, China will review and approve export applications for controlled items according to its laws, and the US will cancel several restrictive measures against China—potentially boosting trade sentiment and cotton demand. The easing of trade tensions between the US and China, one of the world's largest cotton consumers, is viewed as a positive fundamental factor for the global cotton market, further supporting this week's rally. ICE cotton for December 2025 settled at 69.32 cents per pound (up 0.52 cent). Cash cotton was settled at 67.55 cents (up 0.66 cent), the July 2025 contract at 67.52 cents (up 0.45 cent), the October 2025 contract at 68.80 cents (up 0.66 cent), the March 2026 contract at 70.60 cents per pound (up 0.48 cent), and the May 2026 contract at 71.59 cents (up 0.43 cent). Fibre2Fashion News Desk (KUL)
Hindustan Times
5 days ago
- Hindustan Times
ATS busts fake currency racket in Hapur; mastermind, 2 others arrested
LUCKNOW The UP Anti-Terrorist Squad (ATS), on Friday, arrested a counterfeit currency smuggling gang from west UP's Hapur district. The mastermind, Gajendra Yadav, and his associates, Siddharth Jha and Vijay Veer Chowdhary, were apprehended with fake currency to the face value of ₹ 3.9 lakh, stated officials in a release. The mastermind, Gajendra Yadav, and his associates, Siddharth Jha and Vijay Veer Chowdhary, were apprehended with fake currency to the face value of ₹ 3.9 lakh. (Pic for representation) After a tip-off, the ATS conducted a raid at a Dinesh Nagar locality on Farid Nagar road, leading to the arrests and seizure of counterfeit currency. Officials also recovered material used for printing counterfeit notes, including watermark paper, computers, and other things. They said the fake Indian currency notes (FICN) were in denominations of ₹ 500, ₹ 200, and ₹ 100. The recovered FICN included as many as 400 notes of 500 denomination, 800 notes of 200 denomination, and 300 notes of 100 denomination. A senior ATS official informed that Gajendra Yadav and his associate, Siddharth Jha, were involved in printing fake Indian currency notes using special paper purchased from Vijay Veer Chaudhary, who procured it online. He said they used laptops, printers, and other printing equipment to produce the counterfeit notes. 'Gajendra Yadav would then supply these notes to various districts in Uttar Pradesh through his associates. The gang would use social media to find buyers and make contact with them to supply the counterfeit currency. The mentioned buyers are currently being tracked,' he added. He said the case was registered under Bharatiya Nyay Sanhita sections 178 for counterfeiting or using counterfeit coins and currency notes, as well as sections 179, 180, 181 that cover related offences, such as possessing or using forged documents or instruments resembling currency or stamps, and 61(2) for criminal conspiracy, particularly in the context of destroying or tampering with evidence or providing false information to shield an offender.
South Wales Guardian
20-06-2025
- Business
- South Wales Guardian
Government borrowing jumps despite boost from national insurance hike
The Office for National Statistics (ONS) said so-called compulsory social contributions, largely made up of national insurance contributions (NICs), jumped by £3.9 billion or 14.7% to a record £30.2 billion in April and May combined. It followed the move by Rachel Reeves in April to increase NICs for employers, which has seen wage costs soar for firms across the UK as they also faced a rise in the minimum wage in the same month. In spite of this, borrowing still surged to £17.7 billion last month, the second highest figure on record for May, surpassed only at the height of Covid. Public sector net borrowing excluding public sector banks was £17.7 billion in May 2025. This was £0.7 billion more than in May 2024 and the second-highest May borrowing since monthly records began in 1993. ➡️ — Office for National Statistics (ONS) (@ONS) June 20, 2025 The ONS said May borrowing was £700 million higher than a year earlier, though it was slightly less than the £18 billion most economists had been expecting. Borrowing for the first two months of the financial year to date was £37.7 billion, £1.6 billion more than the same two-month period in 2024. Rob Doody, deputy director for public sector finances, said: 'Last month saw the public sector borrow £0.7 billion more than at the same time last year, with only 2020, affected as it was by Covid-19, seeing higher May borrowing in the time since monthly records began. 'While receipts were up, thanks partly to higher income tax revenue and national insurance contributions, spending was up more, affected by increased running costs and inflation-linked uplifts to many benefits.' While May's borrowing out-turn was lower than economists were expecting, it was more than the £17.1 billion pencilled in by the UK's independent fiscal watchdog, the Office for Budget Responsibility (OBR) in March. Public sector net financial liabilities excluding public sector banks were provisionally estimated at 83.9% of GDP at the end of May 2025. This was 2.5 percentage points more than at the end of April 2024, but 12.5 percentage points less than for public sector net debt. — Office for National Statistics (ONS) (@ONS) June 20, 2025 But the figures showed that central government tax receipts in May increased by £3.5 billion to £61.7 billion, while higher NICs saw social contributions rise by £1.8 billion to £15.1 billion last month alone. Public sector net debt, excluding public sector banks, stood at £2.87 trillion at the end of May and was estimated at 96.4% of gross domestic product (GDP), which was 0.5 percentage points higher than a year earlier and remains at levels last seen in the early 1960s. The ONS said the sale of NatWest, formerly Royal Bank of Scotland, cut net debt by £800 million last month, but did not have an impact on borrowing in the month. Interest payments on debt, which is linked to inflation, fell £700 million to £7.6 million due to previous falls in the Retail Prices Index. Interest payments depend on inflation from two months earlier. But recent rises in RPI are expected to see debt interest payments race higher in June. Thomas Pugh, economist at audit and consulting firm RSM UK, warned that despite the NICs increase, Ms Reeves is still likely to have to announce further tax increases in the autumn budget. Commenting on today's public sector finances figures for May 2025, ONS Deputy Director for Public Sector Finances Rob Doody said: (quote 1 of 2) — Office for National Statistics (ONS) (@ONS) June 20, 2025 He said: 'The under-performance of the economy and higher borrowing costs mean the Chancellor may already have lost the £9.9 billion of fiscal headroom that she clawed back in March. 'Throw in the tough outlook for many Government departments announced in the spending review and U-turns on welfare spending and the Chancellor will probably have to announce some top-up tax increases after the summer. 'We are pencilling in tax increases of £10 billion to £20 billion.' Darren Jones, chief secretary to the Treasury, insisted the Government had 'stabilised the economy and the public finances'. 'Since taking office, we have taken the right decisions to protect working people, begin repairing the NHS, and fix the foundations to rebuild Britain.'
Rhyl Journal
20-06-2025
- Business
- Rhyl Journal
Government borrowing jumps despite boost from national insurance hike
The Office for National Statistics (ONS) said so-called compulsory social contributions, largely made up of national insurance contributions (NICs), jumped by £3.9 billion or 14.7% to a record £30.2 billion in April and May combined. It followed the move by Rachel Reeves in April to increase NICs for employers, which has seen wage costs soar for firms across the UK as they also faced a rise in the minimum wage in the same month. In spite of this, borrowing still surged to £17.7 billion last month, the second highest figure on record for May, surpassed only at the height of Covid. Public sector net borrowing excluding public sector banks was £17.7 billion in May 2025. This was £0.7 billion more than in May 2024 and the second-highest May borrowing since monthly records began in 1993. ➡️ — Office for National Statistics (ONS) (@ONS) June 20, 2025 The ONS said May borrowing was £700 million higher than a year earlier, though it was slightly less than the £18 billion most economists had been expecting. Borrowing for the first two months of the financial year to date was £37.7 billion, £1.6 billion more than the same two-month period in 2024. Rob Doody, deputy director for public sector finances, said: 'Last month saw the public sector borrow £0.7 billion more than at the same time last year, with only 2020, affected as it was by Covid-19, seeing higher May borrowing in the time since monthly records began. 'While receipts were up, thanks partly to higher income tax revenue and national insurance contributions, spending was up more, affected by increased running costs and inflation-linked uplifts to many benefits.' While May's borrowing out-turn was lower than economists were expecting, it was more than the £17.1 billion pencilled in by the UK's independent fiscal watchdog, the Office for Budget Responsibility (OBR) in March. Public sector net financial liabilities excluding public sector banks were provisionally estimated at 83.9% of GDP at the end of May 2025. This was 2.5 percentage points more than at the end of April 2024, but 12.5 percentage points less than for public sector net debt. — Office for National Statistics (ONS) (@ONS) June 20, 2025 But the figures showed that central government tax receipts in May increased by £3.5 billion to £61.7 billion, while higher NICs saw social contributions rise by £1.8 billion to £15.1 billion last month alone. Public sector net debt, excluding public sector banks, stood at £2.87 trillion at the end of May and was estimated at 96.4% of gross domestic product (GDP), which was 0.5 percentage points higher than a year earlier and remains at levels last seen in the early 1960s. The ONS said the sale of NatWest, formerly Royal Bank of Scotland, cut net debt by £800 million last month, but did not have an impact on borrowing in the month. Interest payments on debt, which is linked to inflation, fell £700 million to £7.6 million due to previous falls in the Retail Prices Index. Interest payments depend on inflation from two months earlier. But recent rises in RPI are expected to see debt interest payments race higher in June. Thomas Pugh, economist at audit and consulting firm RSM UK, warned that despite the NICs increase, Ms Reeves is still likely to have to announce further tax increases in the autumn budget. Commenting on today's public sector finances figures for May 2025, ONS Deputy Director for Public Sector Finances Rob Doody said: (quote 1 of 2) — Office for National Statistics (ONS) (@ONS) June 20, 2025 He said: 'The under-performance of the economy and higher borrowing costs mean the Chancellor may already have lost the £9.9 billion of fiscal headroom that she clawed back in March. 'Throw in the tough outlook for many Government departments announced in the spending review and U-turns on welfare spending and the Chancellor will probably have to announce some top-up tax increases after the summer. 'We are pencilling in tax increases of £10 billion to £20 billion.' Darren Jones, chief secretary to the Treasury, insisted the Government had 'stabilised the economy and the public finances'. 'Since taking office, we have taken the right decisions to protect working people, begin repairing the NHS, and fix the foundations to rebuild Britain.'
North Wales Chronicle
20-06-2025
- Business
- North Wales Chronicle
Government borrowing jumps despite boost from national insurance hike
The Office for National Statistics (ONS) said so-called compulsory social contributions, largely made up of national insurance contributions (NICs), jumped by £3.9 billion or 14.7% to a record £30.2 billion in April and May combined. It followed the move by Rachel Reeves in April to increase NICs for employers, which has seen wage costs soar for firms across the UK as they also faced a rise in the minimum wage in the same month. In spite of this, borrowing still surged to £17.7 billion last month, the second highest figure on record for May, surpassed only at the height of Covid. Public sector net borrowing excluding public sector banks was £17.7 billion in May 2025. This was £0.7 billion more than in May 2024 and the second-highest May borrowing since monthly records began in 1993. ➡️ — Office for National Statistics (ONS) (@ONS) June 20, 2025 The ONS said May borrowing was £700 million higher than a year earlier, though it was slightly less than the £18 billion most economists had been expecting. Borrowing for the first two months of the financial year to date was £37.7 billion, £1.6 billion more than the same two-month period in 2024. Rob Doody, deputy director for public sector finances, said: 'Last month saw the public sector borrow £0.7 billion more than at the same time last year, with only 2020, affected as it was by Covid-19, seeing higher May borrowing in the time since monthly records began. 'While receipts were up, thanks partly to higher income tax revenue and national insurance contributions, spending was up more, affected by increased running costs and inflation-linked uplifts to many benefits.' While May's borrowing out-turn was lower than economists were expecting, it was more than the £17.1 billion pencilled in by the UK's independent fiscal watchdog, the Office for Budget Responsibility (OBR) in March. Public sector net financial liabilities excluding public sector banks were provisionally estimated at 83.9% of GDP at the end of May 2025. This was 2.5 percentage points more than at the end of April 2024, but 12.5 percentage points less than for public sector net debt. — Office for National Statistics (ONS) (@ONS) June 20, 2025 But the figures showed that central government tax receipts in May increased by £3.5 billion to £61.7 billion, while higher NICs saw social contributions rise by £1.8 billion to £15.1 billion last month alone. Public sector net debt, excluding public sector banks, stood at £2.87 trillion at the end of May and was estimated at 96.4% of gross domestic product (GDP), which was 0.5 percentage points higher than a year earlier and remains at levels last seen in the early 1960s. The ONS said the sale of NatWest, formerly Royal Bank of Scotland, cut net debt by £800 million last month, but did not have an impact on borrowing in the month. Interest payments on debt, which is linked to inflation, fell £700 million to £7.6 million due to previous falls in the Retail Prices Index. Interest payments depend on inflation from two months earlier. But recent rises in RPI are expected to see debt interest payments race higher in June. Thomas Pugh, economist at audit and consulting firm RSM UK, warned that despite the NICs increase, Ms Reeves is still likely to have to announce further tax increases in the autumn budget. Commenting on today's public sector finances figures for May 2025, ONS Deputy Director for Public Sector Finances Rob Doody said: (quote 1 of 2) — Office for National Statistics (ONS) (@ONS) June 20, 2025 He said: 'The under-performance of the economy and higher borrowing costs mean the Chancellor may already have lost the £9.9 billion of fiscal headroom that she clawed back in March. 'Throw in the tough outlook for many Government departments announced in the spending review and U-turns on welfare spending and the Chancellor will probably have to announce some top-up tax increases after the summer. 'We are pencilling in tax increases of £10 billion to £20 billion.' Darren Jones, chief secretary to the Treasury, insisted the Government had 'stabilised the economy and the public finances'. 'Since taking office, we have taken the right decisions to protect working people, begin repairing the NHS, and fix the foundations to rebuild Britain.'
