Indore – In Nimar region of Madhya Pradesh, around 50 per cent of the ginning units have shut down operations due to poor availability of raw materials, according to a report in the TOI.
- Textile industry body The Tamilnadu Spinning Mills Association (TASMA) has requested International Organic Accreditation Service (IOAS), Global Organic Textile Standard (GOTS) and Textile Exchange to permit organic cotton or textile products of its members certified by Control Union (CU) India before its suspension from certification operations on 3rd March.
- LAHORE: A delegation led by Pakistan Cotton Ginners Association Chairman Waheed Arshad met Provincial Minister of Industry and Commerce and Energy SM Tanveer. During the meeting the problems faced by cotton ginners were discussed.
- ICE cotton futures extended their fall for a third consecutive day to their lowest in about two weeks on Thursday, weighed down by weaker export sales numbers, with lower grains market adding to the downbeat mood.
North Zone:
Cotton traded easy tone across major spot market of north India on Friday. Prices were quoted down to 20-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,325-6,425 a maund.
South Zone:
Cotton spot price was easy tone across the major trading centers of south India.
Central Zone:
Cotton spot prices easy tone across west India market on Friday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 61,500-62,000 a candy and 28.5mm (RD-74) quoted at Rs.60,500-61,000 a candy. V-797 trade at Rs 46,500-47,000 (12-15% trash condition) a candy for February / March deliveryWhile in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 60,500-61,000 a candy.
- INTERNATIONAL UPDATES
US Cotton Futures :
Red Thursday In Cotton Market: The front month cotton futures ended the session 4 to 44 points lower. May futures saw nearly a 2 cent range from +110 points to -90 points. Equity markets were sharply lower on expectations of another Fed rate hike this month and ideas that stocks are overpriced relative to Treasuries. Weekly FAS data had cotton bookings at 114,525 RBs for the week that ended 3/2. That was a 3-wk low and was 68% lower than the same week last year. USDA reported 287k RBs were shipped during the week for a season total of 5.674m RBs. The Seam reported 1,518 bales of cotton was sold on 3/8 at an average gross price of 74.54 cents/lb. The Cotlook A Index was 50 points firmer to 99.40 for 3/7. The USDA’s FSA reduced the AWP for cotton by 78 points to 71.95 cents.
Mar 23 Cotton closed at 82.3, down 44 points,
May 23 Cotton closed at 82.18, down 44 points,
