MARKET OUTLOOK
Brazil’s main trading partner, China, is the destination for over a quarter of total Brazilian exports, involving more than US$90 billion in 2022 in transactions of commodities such as soy, crude oil, and iron ore – products that dominate the bilateral agenda between the two nations.
- Sustainability initiative Better Cotton hosted stakeholders in Cote D’Ivoire to explore new partnerships and programmes across West and Central Africa.
- ICE cotton futures steadied near a three-week peak on Wednesday, buoyed by improving risk appetite among investors and a firm grains market, while an uptick in the U.S. dollar kept gain
North Zone:
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Cotton traded steady tone across major spot market of north India on Thursday. Prices were quoted down to 20-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,225-6,325 a maund. In Haryana, it offered at Rs 6,125-6,225 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,350-6,450 a maund
Central Zone:
Cotton spot prices steady tone across west India market on Thursday. 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 45,500-46,000 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm)quoted at Rs 60,000-60,500 a candy.
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South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Closes The Midweek Session Mixed: Old crop May and July contracts bounced back from midday losses to close the session 23 to 24 points higher. New crop prices also firmed up for the close, but were still 3 to 13 points in the red. The May contract followed its limit gain on Tuesday with a 211 point range from -121 to +90. The Seam reported 10,300 bales were sold at spot on 3/28 for an average gross price of 73.59 cents. The 3/28 Cotlook A Index was 280 points higher to 93.85 cents. The AWP for cotton is 66.33 cents/lb through Thursday. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 82.76, up 24 points,
Jul 23 Cotton closed at 83.2, up 23 points,
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Dec 23 Cotton closed at 83.25, down 3 poi
