MARKET OUTLOOK
Prices of cotton yarn in south India remained stable, despite slow demand from the downstream industry. Cotton yarn was sold at earlier prices in Mumbai and Tiruppur. Spinning mills in south India were aggressively selling yarn in Maharashtra, while due to the absence of migrant workers after Holi, weaving and garment industries were facing a labour shortage.
- The International Organic Accreditation Service (IOAS) recently suspended certifications rights of Control Union (CU) India for organic cotton after appeal efforts fell through.
- Pakistan -The local cotton market turned bearish on Wednesday with thin trading volumes. Cotton analyst Naseem Usman said that the price of cotton in Sindh is Rs 17,500 to Rs 19,500 per maund.
North Zone:
- Cotton traded easy tone across major spot market of north India on Thursday. Prices were quoted down to 40-50 / maund yesterday 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 readty delivery at Rs 6,275-6,375 a maund.
Central Zone:
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Cotton spot prices easy tone across west India market on Thursday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 60,800-61,300 a candy and 28.5mm (RD-74) quoted at Rs.59,800-60,300 a candy. V-797 trade at Rs 45,000-45,500 (12-15% trash condition) a candy for February / March delivery.While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 59,500-60,000 a candy.
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South Zone:
Cotton spot price was easy tone across the major trading centers of south India.
INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Pressured By Outside Markets: Cotton futures posted losses of 90 to 226 points across the board on Wednesday. Daily prices limits have reverted back to the 3 cent limit as May is back below the 80 cent mark. The U
