The NY/ICE December contract has been testing the upper end of the range that has contained values since November 2022. Over the past month, values briefly climbed above 90 cents/lb level (on September 1) but retreated in more recent trading. The latest values are near the level one month ago.
Around the time NY/ICE futures touched values over 90 cents/lb, the A Index climbed over $1 for the first time since February. More recently, the A Index has been 96 cents/lb.
Chinese prices (China Cotton Index or CC 3128B) traded between 111 and 115 cents/lb over the past month. In domestic terms, values were generally between 18,000 and 18,500 RMB/ton. The RMB was mostly stable against the dollar, holding near 7.30 RMB/USD.
Indian spot prices (Shankar-6 quality) traded between 92 and 96 cents/lb. In domestic terms, prices were between ₹60,000 and ₹62,500 per candy. The INR was steady against the dollar over the past month, near ₹83 per USD.
Pakistani prices increased in the second half of August and into September, rising from 75 to 83 cents/lb. More recently, prices moved lower, with current values near 75 cents/lb. In domestic terms, prices ranged between 18,000 to 20,800 PKR/maund. The PKR weakened against the dollar, from less than 290 PKR/USD in early August to more than 300 PKR/USD recently.
ALCHEMPro News Desk (KD)
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