MARKET OUTLOOK
- Cotton yarn market in north India is struggling due to weak demand from the downstream industry and stable cotton yarn prices.
- North Indian cotton prices continue to slide due to slow demand from spinners and limited arrivals.
- Vietnamese NA chairman’s visit to Argentina is expected to create more opportunities for trade cooperation between the two countries, especially in the textile sector.
- An ongoing conflict in Sudan will not have any major impact on Bangladesh’s import of cotton from the country as it accounts for a very small part of the import and there are some alternative African sources for local importers, spinners and millers
North Zone:
Cotton traded steady tone across major spot market of north India on Friday. Prices were quoted up 20-25 / maund yesterday evening. Today weather clear. New crop – cotton traded at ready delivery – In Punjab, Rs 6,225-6,300 a maund. In Haryana, it offered at Rs 6,200-6,300 a maund. while in Upper Rajasthan, quoted readty delivery at Rs 6,400-6,500 a maund
Central Zone:
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 61,200-61,700 a candy and 28.5mm (RD-74) quoted at Rs.60,000-60,500 a candy. V-797 trade at Rs 48,000-48,500 (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 easy tone across the major trading centers of south India
INTERNATIONAL UPDATES
US Cotton Futures :
Cotton Futures Rally Triple Digits: Nearby cotton prices were 132 to 212 points higher on Thursday. That moved Dec futures back into the black for the week, settling 24 points above last Friday’s close. The weekly Export Sales report showed 194,936 RBs of old crop cotton was sold during the week that ended 4/20. That was a 4-wk high, but included late reported business. The report had 19k RBs of new crop sales, setting the forward book at 1.456m. That is half of the volume at the same time last season. Old crop commitments were marked at 12.02m RBs, an 18% lag from last year’s pace. The 4/26 Cotlook A Index was down by 205 points to 91.70 cents/lb. The updated AWP for is 66.53 cents/lb. That compares to 70.82 cents last week.
May 23 Cotton closed at 78.63, up 212 points,
Jul 23 Cotton closed at 80.4, up 204 points,
Dec 23 Cotton closed at 80.62, up 146 points
