Prices for the December NY/ICE contract, reflecting market expectations for the 2023/24 crop year, dipped to values near 82 cents/lb in the middle of February but otherwise traded sideways near 85 cents/lb for most of the past month.
Most cotton benchmarks moved slightly lower over the past month, according to Cotton Incorporated. The May NY/ICE contract tested the lower end of its range between 78 and 88 cents/lb, which has held values since November. Prices rebounded to levels near 85 cents/lb before the end of last month and have traded between 82 and 85 cents/lb through early March.
The A Index was relatively stable near $1 for much of the past month, but shifted to values below 100 cents/lb since the middle of February.
Chinese prices represented by the China Cotton Index (CC 3128B) decreased from early February to early March (from 107 to 101 cents/lb), erasing most of the gains made in the previous month. In terms of RMB/ton, values eased from 15,900 to 15,600. The RMB weakened against the USD over the past month, from 6.78 to 6.93 RMB/USD.
Indian spot prices (Shankar-6 quality) increased slightly over the past month, from 94 to 97 cents/lb. In terms of INR/candy, values rose from ₹61,500 to ₹62,400. The INR traded held at levels near ₹82 per USD.
Pakistani prices decreased from 97 to 88 cents/lb. In domestic terms, prices fell from 22,000 to 20,000 PKR/maund. Exchange rates for the PKR were volatile over the past month, but it finished the period near the same level it started (275 PKR/USD).
Fibre2Fashion News Desk (KD)