MARKET OUTLOOK
Today the BSE Sensex opened at a level of 57911.17 points with a fall of 303.42 points. On the other hand, the Nifty of NSE opened at a level of 17064.10 points with a fall of 87.80 points.
- Agriculture officials said the acreage for cotton cultivation soared this year owing to the high prices the crop fetched last year.
- Cotton yarn prices in South India remained stable today as the demand from downstream industries continued to be weak. However, mills and traders were not willing to reduce the prices and preferred to hold onto the stock until mid-April.
- The market for polyester-cotton yarn and poly spun yarn in India experienced thin trade due to muted demand. Prices in the Ludhiana market in North India remained steady, while Surat saw a recovery of ₹2-3 per kg after a fall in prices the previous week.
- ICE cotton futures rose more than 1% to a near one-week high on Wednesday as the dollar lost further ground ahead of a crucial interest rate decision by the U.S. Federal Reserve
North Zone:
Cotton traded steady tone across major spot market of north India on Thursday. Prices were quoted up to 25-50 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,150-6,250 a maund. In Haryana, it offered at Rs 6,065-6,165 a maund.while in Upper Rajasthan, quoted readty delivery at Rs 6,325-6,425 a maund.
Central Zone:
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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 60,000-60,500 a candy and 28.5mm (RD-74) quoted at Rs.59,000-59,500 a candy. V-797 trade at Rs 46,000-46,500 (12-15% trash condition) a candy for ready deliveryWhile in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 59,000-59,500 a candy.
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
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US Cotton Futures :Cotton Closes In Black On Tuesday:
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Cotton futures ended off their highs on Tuesday, but still went home in the black with help from a weaker US dollar. May cotton settled 131 points under its session high, but held on to a 63 point gain for the day. The other nearbys were up by 75 to 100 points at the bell. CFTC reported Commitment of Traders data as of the 3/14 settle, showing that managed money had added 8,800 new shorts through the week. That extended the groups net short to 13,653 contracts. The commercial hedgers were both adding new longs and closing short hedges for a net 8,027 contract weaker net shortThat had the group 24,678 contracts net short as of the 3/14. NOAA’s 7-day QPF has more rainfall for the North MS/Al/GA. From Eastern OK through TN, NOAA sees 2 to 4” of rainfall this week. The soil moisture WMO from USDA’s Crop Explorer already has the region in 90-100% excessive soil moisture as cotton planting is just around the corner. The 3/20 Cotlook A Index was 125 points lower to 92.30 cents. The week’s AWP for cotton is 68.58 cents/lb.
