MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 58351.67 points with a gain of about 451.48 points. On the other hand, the NSE’s Nifty opened at a level of 17179.50 points with a gain of 136.20 points.
- Today, the rupee opened at a level of Rs 82.34 against the dollar with a strength of 16 paise. On the other hand, on Tuesday, the rupee closed at a level of Rs 82.49 against the dollar with a weakness of 37 paise.
- Cotton yarn prices in South India remained stable today, despite slower demand from the downstream industry. In Mumbai and Tiruppur, cotton yarn was sold at previous levels.
• ISLAMABAD: The Economic Coordination Committee (ECC) fixed a cotton intervention price at Rs8,500 per 40 kg for current sowing in a bid to revive cotton production and bring stability to the domestic market• ICE cotton futures extended gains for a second straight session on Tuesday, as risk sentiment improved on are bound in U.S. equity markets after consumer prices rose in line with expectations.
Central Zone:-
Cotton spot prices steady tone across west India market on Wednesday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 61,000-61,500 a candy and 28.5mm (RD-74) quoted at Rs.60,000-60,500 a candy. V-797 trade at Rs 45,500-46,000 (12-15% trash condition) a candy for February / March delivery.While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 60,000-60,500 a candy.
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Post Modest Gains: Cotton futures saw 19 to 30 point gains on Tuesday, marginally extending the bounce from Monday. Limits are now expanded to 4 cents as futures are now back above the 80 cent mark. The US CPI inflation report showed February CPI up 6%, in line with expectations. Core inflation was up 5.5%. The US dollar index was slightly higher at the close. The Seam reported 1,775 bales sold on March 13th at an average price of 74.53 cents/lb, up 3 points from the previous day. The Cotlook A Index was down another 400 points to 92.55 cents for 3/13. The USDA’s FSA reduced the AWP for cotton by 78 points to 71.95 cents. It will be updated on Thursday.
May 23 Cotton closed at 81.37, up 19 points,
