MARKET OUTLOOK
Today, the BSE Sensex opened at a level of 58571.37 points with a gain of about 611.28 points. On the other hand, the NSE’s Nifty opened at a level of 17256.10 points with a gain of 175.40 points.
- The Tamil Nadu government has favoured establishing the Cotton Corporation of Tamil Nadu with a public-private partnership (PPP) model and a separate commission for procuring cotton and selling directly to the spinning mills would be considered at an “appropriate time”.
- . The Bangladesh Garment Manufacturers and Exporters Association, which is the apex body of the garment makers in Bangladesh has called on the policymakers from the USA to persuade the United States Government to provide duty-free market access to made in Bangladesh apparel made from US cotton.
- ICE cotton futures climbed to their highest in over three weeks on Thursday, lifted by declines in dollar, with the natural fiber traders looking ahead to the release of U.S. plantings report by the Department of Agriculture
North Zone:
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Cotton traded steady tone across major spot market of north India on Friday. Prices were quoted up 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 6,150-6,250 a maund.while in Upper Rajasthan, quoted readty delivery at Rs 6,350-6,450 a maund.
Central Zone:
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Cotton spot prices steady tone across west India market on Friday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 60,500-61,000 a candy and 28.5mm (RD-74) quoted at Rs.59,500-60,000 a candy. V-797 trade at Rs 46,000-46,500 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 60,500-61,000 a candy.
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Futures Rally On Thursday: Ahead of the Prospective Plantings report the cotton market rallied 56 to 89 points. December futures stayed in a 131 point range for the day. Weekly cotton bookings were reported at 281,281 RBs for the week that ended 3/23. That was down from 310k last week but was 20% above the same week last year. China was the week’s top buyer with 85k RBs of the total. USDA reported cotton exports at 341k RBs for the week, bringing the season’s total to 6.562 million. The Cotlook A Index for 3/29 was 265 points higher to 96.50 cents/lb. USDA’s FSA raised their AWP for cotton by 151 points to 67.84 cents/lb.
