MARKET OUTLOOK
- Today, trading has started with a decline due to heavy fall in Share Market IT stocks. Today, the BSE Sensex opened at a level of 59913.24 points with a fall of 517.76 points.
- Today, the rupee opened at a level of Rs 82.89 against the dollar with a weakness of 4 paise. On the other hand, on Thursday, the rupee strengthened by 23 paise to close at Rs 81.85 against the dollar.
- Textile and apparel exports contracted 13.9 % in 2022-2023 compared with the previous year. At $41.3 billion exports in 2021-2022, textiles and apparel constituted 9.79% of total goods exports.
- Chinese seed company Jinghua started trial of single and triple gene Chinese Bt cotton varieties in the farms of Central Cotton Research Institute (CCRI) Multan to assess how these high yielding, long staple and disease resistant varieties respond to the Pakistani soil and climatic conditions.
- • Cambodia’s apparel exports fell 22.56 per cent to $1.65 billion in Q1 2023, accounting for 30.7 per cent of the country’s total foreign income
North Zone:
Cotton traded steady tone across major spot market of north India on Monday. Prices were quoted up to 15-25 / maund Saturday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,300-6,350 a maund. In Haryana, it offered at Rs 6,300-6,400 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,500-6,600 a maund
Central Zone:
Cotton spot prices steady tone across west India market on Monday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 62,300-62,800 a candy and 28.5mm (RD-74) quoted at Rs.61,300-61,800 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.
INTERNATIONAL UPDATES
Friday Weakness In Cotton Market: Front month cotton futures were down 4 to 49 points at the closing bell on Friday. That left the May contract at a 6 point premium to Dec, after the two fell a net 34 and 44 points respectively from last Friday. USDA’s FAS reported 143,203 RBs of cotton sales for the week that ended 4/6. Cotton exports were 334,569 RBs for the week the accumulated export reached 7.146m RBs, still 4% lower
