Today, the BSE Sensex opened at a level of 58351.67 points with a gain of about 451.48 points. On the other hand, the NSE’s Nifty opened at a level of 17179.50 points with a gain of 136.20 points.
- Today, the rupee opened at a level of Rs 82.34 against the dollar with a strength of 16 paise. On the other hand, on Tuesday, the rupee closed at a level of Rs 82.49 against the dollar with a weakness of 37 paise.
- Cotton yarn prices in South India remained stable today, despite slower demand from the downstream industry. In Mumbai and Tiruppur, cotton yarn was sold at previous levels.
• ISLAMABAD: The Economic Coordination Committee (ECC) fixed a cotton intervention price at Rs8,500 per 40 kg for current sowing in a bid to revive cotton production and bring stability to the domestic market• ICE cotton futures extended gains for a second straight session on Tuesday, as risk sentiment improved on are bound in U.S. equity markets after consumer prices rose in line with expectations.
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 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.
Cotton spot price was steady tone across the major trading centers of south India.
US Cotton Futures :
Cotton Post Modest Gains: Cotton futures saw 19 to 30 point gains on Tuesday, marginally extending the bounce from Monday. Limits are now expanded to 4 cents as futures are now back above the 80 cent mark. The US CPI inflation report showed February CPI up 6%, in line with expectations. Core inflation was up 5.5%. The US dollar index was slightly higher at the close. The Seam reported 1,775 bales sold on March 13th at an average price of 74.53 cents/lb, up 3 points from the previous day. The Cotlook A Index was down another 400 points to 92.55 cents for 3/13. The USDA’s FSA reduced the AWP for cotton by 78 points to 71.95 cents. It will be updated on Thursday.
May 23 Cotton closed at 81.37, up 19 points,