The A Index, a global indicator, also showed strength, increasing from 79 to 84 cents/lb in the same period, Cotton Incorporated said in its Monthly Economic Letter - Cotton Market Fundamentals & Price Outlook for October 2024.
China's cotton market showed significant growth, with the Chinese Cotton Index (CC Index 3128B) rising from 94 to 100 cents/lb. In domestic terms, prices advanced from 14,700 RMB/ton to 15,600 RMB/ton. A slight strengthening of the RMB against the US dollar, from 7.12 to 7.08 RMB/USD, also contributed to this increase.
In contrast, India and Pakistan experienced price declines. Indian spot prices for Shankar-6 quality cotton decreased from 91 to 86 cents/lb, or from ₹60,000 to ₹56,700 per candy in local terms, while the INR remained stable at around ₹84 per USD.
Similarly, Pakistani spot prices fell from 81 to 77 cents/lb, with domestic prices dropping from 18,500 to 17,700 PKR/maund. The exchange rate held steady at approximately 278 PKR/USD.
ALCHEMPro News Desk (KD)
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