MARKET OUTLOOK
- According to Agriculture Ministry data, India’s cotton production increased to 33.72 million bales (of 170 kg each bale) in 2022-23 crop year (July-June) against 31.12 million bales year before.
- India’s cotton exports are expected to slide sharply for 2022-23 and match imports into the top producer for the first time in about two decades on low domestic stocks among other factors, USDA said.
- India’s readymade garmentexports increased by 1.10 per cent to $16,191.47 million in FY23, but exports of cotton yarn, fabrics, made-ups, and handloom products declined by 28.45 per cent to $10,946.20 million.
- The cotton yarn trade in North India shows mixed trends, with prices rising in Ludhiana and remaining stable in Delhi.• Bangladesh, which exports garments worth $3.9 billion a month, targets $100 billion annual exports in the coming years and is looking for suppliers of yarn and fabric from India
North Zone:
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Cotton traded steady tone across major spot market of north India on Friday. Prices were quoted up to 10-20 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,250-6,350 a maund. In Haryana, it offered at Rs 6,240-6,340 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,450-6,550 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 62,000-62,500 a candy and 28.5mm (RD-74) quoted at Rs.61,000-61,500 a candy. V-797 trade at Rs 48,500-49,000 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 61,500-62,000 a candy
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
