MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 57850.55 points with a gain of about 221.60 points. On the other hand, the NSE’s Nifty opened at a level of 17047.80 points with a gain of 59.40 points.
- Today, the rupee opened at a level of Rs 82.57 against the dollar with a gain of 9 paise. On the other hand, on Monday, the rupee closed at a level of Rs 82.66 against the dollar with a weakness of 8 paise.
- India’s viscose import stood at $221.348 million (93.071 million kg) during January-November 2022. The value and volume of viscose imports increased by more than 50 per cent in the first eleven months of 2022.
- Brazil’s cotton prices have remained weak, with the export parity value underpinned by the dollar’s appreciation. Despite this, domestic market remuneration has been higher than that from exports, with domestic prices higher than that paid for the cotton already exported.
- China’s foreign direct investment (FDI) in actual use saw a growth of 6.1 per cent year-on-year (YoY) to reach 268.44 billion yuan in January and February 2023, as per government data. In terms of US dollars, FDI inflow increased by 1 per cent YoY to $39.71 billion.
North Zone:
Cotton traded easy tone across major spot market of north India on Tuesday. Prices were quoted down to 20-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,175-6,275 a maund.In Haryana, it offered at Rs 6,075-6,175 a maund.while in Upper Rajasthan, quoted readty0 delivery at Rs 6,275-6,375 a maund.
Central Zone:
Cotton spot prices easy tone across west India market on Monday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 60,500-61,000 a candy and 28.5mm (RD-74) quoted at Rs.59,500-60,000 a candy. V-797 trade at Rs 46,000-46,500(12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 59,000-59,500 a candy.
South Zone:
Cotton spot price was easy tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
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US Cotton Futures :
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Cotton Drops Extended Downside For Cotton Market: Nearby cotton futures pressed the downside on Monday, but were off their early session lows. May cotton saw a 281 point range from -176 to +105. The other front months ended the day 35 to 74 points lower. Stock market futures (SPY) bounced and the dollar ($DXY) weakened on Monday, however the bank liquidity issues heightened concerns about a recession in 2023 – and the corresponding implied loss of textile consumption. The 3/17 Cotlook A Index was 93.55 cents/lb, UNCH from the prior quote. USDA’s weekly Cotton Market Review showed the 9,240 bales sold this week averaged 77.44 cents/lb. That brought the total spot sales to 486k bales, compared to 1.49 million at this point last year. The week’s AWP for cotton is 68.58 cents/lb. ICE certified stocks were 1,661 bales as of 3/17.
