MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 58013.77 points with a gain of about 88.49 points. On the other hand, the NSE’s Nifty opened at a level of 17092.10 points with a gain of 15.20 points.
- China’s cotton industry will continue to improve supply quality to stimulate market demand and promote high-quality development, said the All China Federation of Supply and Marketing Cooperatives on Thursday.
- ISLAMABAD: Pakistan is facing a sharp decline in cotton production as its per-acre yield has contracted to just half of the cotton productivity in regional countries.
- ICE cotton futures retreated from session highs on Thursday, weighed down by technical selling even as data showed strong weekly export sales from the U.S Department of Agriculture (USDA).
North Zone:
Cotton traded steady tone across major spot market of north India on Friday. Prices were quoted up to 05-10 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,150-6,250 a maund. In Haryana, it offered at Rs 6,065-6,165 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,325-6,425 a maund.
Central Zone:
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Cotton spot prices steady tone across west India market on Friday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 60,000-60,500 a candy and 28.5mm (RD-74) quoted at Rs.59,000-59,500 a candy. V-797 trade at Rs 46,000-46,500 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 59,000-59,500 a candy
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
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online cotton trading platform, The Seam, reported 1,320 bales were sold on 3/22 for an average gross price of 73.41 cents. The Cotlook A Index was back up by 50 points on 3/22 to 92.30 cents/lb. The new adjusted world price for cotton is 225 points lower to 66.33 cents/lb. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 77.58, down 70 points,
Cotton End Session In Negative Territory: Front month cotton futures had rallied back towards yesterday’s highs overnight but turned southbound for the day session. At the close prices were 29 to 70 points in the red. FAS data had 310,236 RBs of cotton export sales for the week that ended 3/16. That is a 5-wk high and was near even with last year’s sale for the same week. Vietnam and China were the top buyers. The weekly data release also had 272,519 RBs of cotton exports for the week, which left the season’s total at 6.221 million – a 1.2% lag yr/yr. Outstanding sales remain well below last year, with total commitments at a 20% yr/yr lag through 3/16. The
