MARKET OUTLOOK
- Today, the BSE Sensex opened at a level of 59094.97 points with a gain of 103.45 points. On the other hand, NSE’s Nifty opened at 17391.00 points with a gain of 31.20 points.
- Today, the rupee opened at a level of Rs 82.45 against the dollar with a weakness of 29 paise. On the other hand, on Friday, the rupee strengthened by 17 paise to close at Rs 82.16 against the dollar.
- Bhatinda -In view of the declining ground water level, efforts are being made by the Department of Agriculture and Farmers Welfare to promote the cultivation of cotton under crop diversification. The farmers are being given 33 per cent subsidy on soft seeds for early sowing of cotton crop.
- • China’s apparel exports rose 7.05 per cent to $167.876 billion during 2022 despite economic slowdown and restrictions from the US. However, this increase in value was due to a rise in per unit price in the segment, which increased by 9.27 per cent to $4.24 in 2022 compared to $3.88 in 2021.
North Zone:
while in Upper Rajasthan, quoted readty delivery at Rs 6,400-6,500 a maund.Cotton traded steady tone across major spot market of north India on Monday. Prices were quoted up to 20-25 / maund Saturday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,225-6,325 a maund. In Haryana, it offered at Rs 6,150-6,250 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 61,000-61,500 a candy and 28.5mm (RD-74) quoted at Rs.60,000-60,500 a candy. V-797 trade at Rs 47,000-47,500 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 61,000-61,500 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 Red Into Weekend: Front month cotton futures closed Friday’s session with 29 to 83 point losses. For the week, May cotton was still a 6.24 cents per pound higher and Dec was a nickel higher. During the month of March, May traded within a 10.55 cent range and ended at a 1.25 cent loss. CFTC data showed the managed money firms were 23,475 contracts net short in cotton as of 3/28. That was a 780 contract lighter net short through the week via short covering. The commercials added 1.8k new shorts for a 17,358 contract net short as of the Tuesday settle. Cotton area was reported at 11.256m acres in NASS’s Prospective Plantings report. That is down from 13.76m last year, but 350k above the Feb projection. Traders were looking for 11 million flat going into the report, so this was regarded as slightly bearish. USDA’s weekly Cotton Market Review showed 27,608 bales were sold for the week at an average price of 78.66. The season’s total sales were 521,745 bales. The Seam reported 9,302 bales were sold on 3/30 for an average gross price of 77.71 cents. The Cotlook A Index was another 20 points higher on 3/30 to 96.70 cents/lb. USDA’s FSA raised their AWP for cotton by 151 points to 67.84 cents/lb.
