MARKET OUTLOOK
- Today, the rupee opened at a level of Rs 82.00 against the dollar with a weakness of 3 paise. On the other hand, on Monday, the rupee closed at a level of Rs 81.97 against the dollar with a weakness of 12 paise.
- ISLAMABAD: Pakistan textile exports suffered a decline for a sixth consecutive month in March 2023, dropping by 22.6 percent to $1.257 billion year-on-year, as well as witnessing a decline in volumetric sales, the Pakistan Bureau of Statistics (PBS) said on Monday.
- While global cotton prices are trading at a four-month low on weak demand amid recessionary trend, the Indian mills are experiencing robust off-take due to higher consumption.
- ICE cotton futures flitted in a tight range on Monday as a stronger U.S. dollar offset supply concerns due to dry conditions in key growing areas.
- Bangladesh Garment Manufacturers and Exporters Association president Faruque Hssan on Sunday made the demand in a letter to finance minister AHM Mustafa Kamal saying that if the cash incentive was provided by the government for the diversification of fibre it would open up a new era of exports
North Zone:
Cotton traded steady tone across major spot market of north India on Tuesday. Prices were quoted up to 15-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,325-6,375 a maund. In Haryana, it offered at Rs 6,325-6,425 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 Tuesday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 62,500-63,000 a candy and 28.5mm (RD-74) quoted at Rs.61,500-62,000 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
US Cotton Futures :
Monday Cotton Closes In Black: Cotton futures ended the session with 8 to 44 point gains on Monday. May futures led the rally out of the weekend, widening the spread to Dec by 36 points to 42 points. NASS reported 8% of the 23/24 cotton crop was planted as of 4/16. That was a 2% point advancement through the week and compares to the 9% average pace. The Cotlook A Index was 75 points higher to 96.85 cents on 4/14. The AWP for cotton is 70.05 cents/lb. ICE certified stocks were 1,485 bales as of 4/14.
May 23 Cotton closed at 83.3, up 44 points,
Jul 23 Cotton closed at 83.28, up 35 points,
Dec 23 Cotton closed at 82.88, up 8 points
