MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 57815.07 points with a gain of about 201.35 points. On the other hand, NSE’s Nifty opened at a level of 17016.20 points with a gain of 64.50 points.
- Today, the rupee opened at a level of Rs 82.25 against the dollar with a weakness of 6 paise. On the other hand, on Tuesday, the rupee strengthened by 18 paise to close at Rs 82.19 against the dollar.
- . Cotton yarn prices in South India remained steady today with slow demand, but the increase in cotton prices boosted sentiments in the yarn market. Trade participants were more confident about better demand and steady to upside prices for cotton yarn in South India in the coming month. Cotton yarn prices remained stable in Mumbai and Tiruppur.
- KARACHI: Khalid Siraj Textile Mills Ltd (KSTML) said on Monday it’s shutting down operations until May 31 owing to political unrest, import restrictions and an “unchecked” increase in the dollar rate.
North Zone:
Cotton traded steady tone across major spot market of north India on Wednesday. Prices were quoted up to 90-100 / 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 6,150-6,250 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,375-6,475 a maund.
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 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 45,500-46,000 (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
US Cotton Futures :
Cotton Closes Near Limit Gain: May cotton closed at its 3 cent limit gain for the day, though the July contract backed off its limit gain for the close. Limits will be 4 cents/lb in the midweek session, upped due to price level but not expanded as only May settled at the limit. New crop futures were also up by triple digits at the close, with futures 239 to 253 points in the black, anticipating a sharp reduction in 2023 US cotton plantings to be reported by USDA on Friday. The Seam reported 3,574 bales sold for 3/27 at 69.97 cents/lb. The 3/27 Cotlook A Index was a penny weaker at 91.05 cents/lb. The updated AWP 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 82.52, up 300 points,
