Maharashtra: The unrest among onion and cotton growers in the state has been escalating over plunging prices and the failure of the Centre to extend a helping hand to the farmers in crisis.
- According to preliminary data released on Monday by the All Pakistan Textile Mills Association (APTMA), Pakistan’s textile sector exports experienced a significant decline of 28%, coming in at $1.2 billion in February 2023 as opposed to $1.67 billion recorded in the same month of the previous year.
- ICE cotton futures rose more than 1% on Monday, supported by a dip in U.S. dollar, although weakness in wider grains market capped the gains ahead of a keenly watched supply-demand report this week.
North Zone:
Cotton traded steady tone across major spot market of north India on Tuesday. Prices were quoted up to 20-25 / maund Saturday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,375-6,475 a maund. In Haryana, it offered at Rs 6,300-6,450 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,500-6,600 a maund.
Central Zone:
Cotton spot prices steady tone across west India market on Tuesday. 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 48,000-48,500 (12-15% trash condition) a candy for February / March delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 61,000-61,500 a candy.
US Cotton Futures :
Monday Cotton Trade Finished In Black: Cotton futures closed ~60 points off their intra day highs, but were still 49 to 91 points higher for the day. The Cotlook A Index from 3/3 was 170 points weaker to 98.40 cents/lb. USDA’s weekly Cotton Market Review showed 31,860 bales were sold at spot this week for an average price of 82.41 cents. The AWP for cotton is now 72.73 cents/lb from 70.78 cents.
May 23 Cotton closed at 84.71, up 54 points,
Jul 23 Cotton closed at 85.44, up 65 points,
Dec 23 Cotton clos
