MARKET OUTLOOK
- Cotton yarn prices in North India remained stable today due to sluggish demand from the downstream industry. Unseasonal rains in Punjab on the first trading day of the new fiscal limited trading activities.
- The Better Cotton Initiative (BCI) has signed an MOU with Tajikistan’s Ministry of Agriculture to further support the production of more sustainable cotton across the Central Asian nation.
- LAHORE: The country has produced 34 per cent less cotton this year as compared with the crop yield last season, reveals data with Pakistan Cotton Ginners Association(PCGA)
North Zone:
-
Cotton traded steady tone across major spot market of north India on Tuesday. Prices were quoted down to 10-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,200-6,300 a maund. In Haryana, it offered at Rs 6,140-6,240 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,375-6,475 a maund
Central Zone:
-
Cotton spot prices steady tone across west India market on Tuesday. Sankar-6, new crop 29 mm (RD-75 & MIC-3.8), in Gujarat traded at Rs 61,000-61,500 a candy and 28.5mm (RD-74) quoted at Rs.60,000-60,500 a candy. V-797 trade at Rs 47,000-47,500 (12-15% trash condition) a candy for ready delivery. While in Maharashtra, new crop good grade cotton (29mm) quoted at Rs 61,000-61,500 a candy
South Zone:
Cotton spot price was steady tone across the major trading centers of south India.
- INTERNATIONAL UPDATES
- US Cotton Futures :
April Cotton Trade Starts With Red Candle: Front month cotton futures closed the first trade day of the new month with 19 to 50 point losses. For May that came after a 176 point range from -122 to +54. December futures ended the day 123 points off their daily high and 47 points above their session low. National cotton planting was marked at 4% complete in NASS’s Crop Progress report. TX was 7% planted as of 4/2, compared to 8% on average. Arizona was reported at 7% planted compared to their 5-yr average of 21%. The monthly Cotton Systems data from NASS had 697 RBs consumed in February. That was the month’s lowest consumption on record since 2015 and was the 5th lowest for any month (discounting confidential data in 2020). Stocks were 4.1% tighter from Jan to 3,257 RBs. The Cotlook A Index was up by 85 points to 97.55 cents on 3/31. The AWP for cotton is 67.84 cents/lb.
May 23 Cotton closed at 82.38, down 40 points,
Jul 23 Cotton closed at 82.64, down 46 points,
