MARKET OUTLOOK
- The Southern India Mills’ Association has appealed to the Central government to exempt cotton from 11% import duty till October this year.
- Cotton yarn prices in north India remain stable, despite weak demand from the downstream industry.
- Textile exports reached $12,476.459 million during the first nine months of the current fiscal year (2022-23), the Pakistan Bureau of Statistics (PBS) reported.
- ICE cotton futures rose more than 1% on Tuesday, tracking strength across wider financial and commodity markets, and on weaker dollar.
- Brazil’s cotton exports will fall in the 2022/23 marketing year, an exporter group said, dashing hopes of the country surpassing the United States as the world’s biggest exporter of the natural fiber as Brazilian buyers scramble or turn to alternative suppliers
North Zone:
Cotton traded steady tone across major spot market of north India on Wednesday. Prices were quoted up to 20-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,350-6,425 a maund. In Haryana, it offered at Rs 6,350-6,450 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,550-6,650 a maund
-
Central Zone:
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 62,500-63,000 a candy and 28.5mm (RD-74) quoted at Rs.61,500-62,000 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
- INTERNATIONAL UPDATESUS Cotton Futures :
Cotton Gains Triple Digits On Tuesday: Front month cotton prices were up 106 to 155 points on the day led by the July contract. July futures now hold a 28 point carry from the spot May. Dec is still a 34 point discount. China imported 70k MT of cotton in March, a 64.8% drop from March ’22. Their full year import is 300k MT for 2023, up by 52% yr/yr. NASS reported 8% of the 23/24 cotton crop was planted as of 4/16. That was a 2% point advancement through the week and compares to the 9% average pace. The Cotlook A Index for 4/17 was 45 points weaker to 96.40 cents/lb. The AWP for cotton is 70.05 cents/lb. ICE certified stocks were 1,485 bales as of 4/14.
May 23 Cotton closed at 84.55, up 125 points,
Jul 23 Cotton closed at 84.83, up 155 points,
Dec 23 Cotton closed at 84.21, up 133 points
