MARKET OUTLOOK
BSE’s Sensex opened at a level of 57594.51 points with a gain of about 67.41 points. On the other hand, NSE’s Nifty opened at a level of 16975.00 points with a gain of 30.00 points. Today
- Today, the rupee opened at a level of Rs 82.35 against the dollar with a strength of 13 paise. On the other hand, on Friday, the rupee closed at a level of Rs 82.48 against the dollar with a weakness of 22 paise.
- Adilabad: Cotton farmers are a disillusioned lot following a steep fall in prices as many had stocked cotton in their houses without selling hoping for a good price. Cotton prices have slumped to Rs 7,260 from a robust Rs 9,000 last November.
- The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is seeking negotiation through American lawmakers to obtain duty-free market access to the US market for apparel made from American cotton.
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North Zone:
- Cotton traded easy tone across major spot market of north India on Monday. Prices were quoted down to 50-60 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,100-6,200 a maund. In Haryana, it offered at Rs 6,000-6,100 a maund.while in Upper Rajasthan, quoted readty delivery at Rs 6,250-6,350 a maund.
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Central Zone:
Cotton spot prices easy tone across west India market on Monday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 59,500-60,000 a candy and 28.5mm (RD-74) quoted at Rs.58,500-59,000 a candy. V-797 trade at Rs 45,000-45,500 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm)quoted at Rs 58,500-59,000 a candy.
South Zone:
Cotton spot price was easy tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Closes Lower For Weekend: The cotton market settled Friday’s session down by 59 to 104 points. The May contract ended the week a net 129 points below last Friday. Weekly CFTC data showed the funds were adding new shorts in cotton through the week of 3/21. That extended the group’s net short by 10,602 contracts to 24,255. Farm Futures magazine released their acreage survey results, signaling a 15.4% loss to cotton acres. They pegged the 23/24 cotton area at 11.65m acres. USDA’s weekly Cotton Market review had 7,855 bales sold at spot this week for an average price of 75.43 cents/lb. The Cotlook A Index was 92.80 cents from 3/23, up by 50 points. The updated AWP for cotton is 225 points lower to 66.33 cents/lb. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 76.54, down 104 points,
