MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 59484.82 points with a gain of about 349.69 points. On the other hand, the NSE’s Nifty opened at a level of 17520.80 points with a gain of 107.90 points.
- Today, the rupee opened at a level of Rs 81.86 against the dollar with a strength of 17 paise. On the other hand, on Friday, the rupee closed at a level of Rs 82.04 against the dollar with a weakness of 6 paise.
- It is the first time that Punjab has decided to give a subsidy for this cash crop and the state agriculture officials said farmers having up to 5 acres of land under cotton cultivation will be eligible for the subsidy.
- It seems beyond dispute that Pakistan’s textile industry must now bid farewell to the export bonanza of the last two financial years. After breaking the $13 billion barrier for the first time in FY21, textile exports rose to $18.5 billion by FY22, but are now set to recede back below $17.5 billion during current year, with only downside risk of slipping further.
- North Zone:
- Cotton traded easy tone across major spot market of north India on Monday. Prices were quoted down to 50-75 / maund Saturday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,200-6,300 a maund. In Haryana, it offered at Rs 6,100-6,200 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,275-6,375 a maund.
Central Zone:
- Cotton spot prices easy 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 45,500-46,000 (12-15% trash condition) a candy for February / March delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 60,000-60,500 a candy.
South Zone:
Cotton spot price was easy tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
- US Cotton Futures :
May Cotton Closes Down A Limit: After officially taking over as the lead month with March’s expiration, May cotton fell by the allotted 4c limit. The other front months also closed near their lows for the day on 250 to 395 point losses. The Dollar Index was down 0.7% on Friday amid ripple effects from the SVB bank failure, US employment data and pre-weekend profit taking. The updated Commitment of Traders data showed a managed money cotton selling program for the week that ended 2/21. The 11k new shorts and 4k fewer longs flipped the group to net short by 13k contracts. USDA confirmed another 9,245 bales of upland cotton were classed this week bringing the season’s total to 13.633 million, with 14.084m bales of total cotton including pima. That is 96% of the 22/23 production estimate. USDA’s weekly Cotton Market Review had 9,030 bales sold at spot for the week at an average price of 80.87 cents. The Cotlook A Index was down by 25 points to 96.95 cents for 3/9. The USDA’s FSA reduced the AWP for cotton by 78 points to 71.95 cents.
