MARKET OUTLOOK
- The Committee on Cotton Production and Consumption (CCPC), a body set up by the government comprising all textile industry stakeholders including farmers, has estimated cotton production for the current season to September at 337.23 lakh bales (of 170 kg each).
- As per the provisional figures, knitwear exports from Tirupur grew just 2.5% to Rs 34,350 crore in FY23, which is not only lower by the historical trend excepting the pandemic period, but was also lower than the country’s overall knitwear export growth of 3.76% in the year.
- Vice General Secretary of the Vietnam Textile & Apparel Association (VITAS) Nguyen Thi Tuyet Mai said the US and EU – two major textile and garment import markets of Vietnam – have recently issued stricter regulations on the origin of products.
- ISLAMABAD: Pakistan’s exports of non-textile products fell 5.81 per cent year-on-year to $8.58 billion in the first nine months of the current fiscal year owing to the rising cost of production and a dip in demand from the international market
North Zone:
Cotton traded steady tone across major spot market of north India on Monday. Prices were quoted up to 30-50 / maund Saturday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,275-6,350 a maund. In Haryana, it offered at Rs 6,250-6,350 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,475-6,575 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 62,000-62,500 a candy and 28.5mm (RD-74) quoted at Rs.61,000-61,500 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
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INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Closes Friday Mixed: July cotton ended Friday’s trade with a 6 point gain, as did the thinly traded October contract. The other nearby futures were 20 to 83 points lower on the day. May futures closed the week at a 4.45 cent loss – mostly driven by the limit drop on Thursday. May futures enter the delivery process on Monday. The Commitment of Traders report showed managed money firms were adding new longs and closing shorts in the cotton market during the week that ended 4/18. On net, the group was 7,424 contracts less net short to 7,349. Their net short in cotton has reached 9 weeks. Commercial cotton traders lifted 15k long hedges through the week which left the group 42,487 contracts net short. The Cotlook A Index was 125 points lower to 96.9 cents/lb. The AWP for cotton is 70.82 cents, up 77 points.
May 23 Cotton closed at 78.41, down 83 points,
Jul 23 Cotton closed at 80.15, up 6 points
