MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 57487.02 points with a fall of about 502.88 points. On the other hand, NSE’s Nifty opened at a level of 16944.00 points with a fall of 156.00 points.
- Today, the rupee opened at a level of Rs 82.45 against the dollar with a strength of 10 paise. On the other hand, on Friday, the rupee strengthened by 15 paise to close at Rs 82.55 against the dollar.
- VIJAYAWADA: Heavy rains lashed Visakhapatnam city and different parts of North coastal districts during the intervening night of Saturday and Sunday. Moderate to heavy rains were also reported in Konaseema, Kadapa and parts of the NTR district in the wee hours of Sunday.
- ISLAMABAD: Amid a global economic slowdown, Pakistan’s exports of non-textile products decreased 6.16 per cent year-on-year to $7.46 billion in the first eight months of FY23.
North Zone:
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 6,200-6,300 a maund.In Haryana, it offered at Rs 6,100-6,200 a maund. while in Upper Rajasthan, quoted readty0 delivery at Rs 6,300-6,400 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 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 45,500-46,000 (12-15% trash condition) a candy for February / March deliveryWhile in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 59,500-60,000 a candy.
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Drops Triple Digits On Friday: Front month cotton futures dropped by triple digits across the front months, with May closing 133 points in the red. That flipped the week’s net change negative, settling 35 points under last Friday. The new crop December contract ended the week at a 74 point loss and the lowest close since Jan 4th. 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 Cotlook A Index dropped 225 points on 3/16 to 93.55 cents. The USDA’s FSA lowered the AWP for cotton by 337 points to 68.58 cents/lb.
May 23 Cotton closed at 77.83, down 133 points,
Jul 23 Cotton closed at 78.44, down 126 points,
