Prices for the December NY/ICE contract (reflective of market expectations after the onset of the 2023-24 harvest) rose from levels below 80 cents/lb to as high as 84 cents/lb after the release of last month’s report. Values then retreated below 80 cents/lb near the end of May before recovering to reach the current level near 82 cents/lb, Cotton Inc said in the Cotton Market Fundamentals & Price Outlook - June 2023.
The A Index followed the same pattern as NY/ICE futures. Values climbed from 91 to 98 cents/lb, dropped back to 91 cents/lb, and later recovered to recent levels near 94 cents/lb.
Chinese prices, represented by the China Cotton Index (CC 3128B), increased slightly over the past month (from 107 to 110 cents/lb). In domestic terms, prices rose from 16,300 and 17,400 RMB/ton. The RMB weakened against the dollar, from 6.94 to 7.13 RMB per USD
Indian spot prices (Shankar-6 quality) decreased from 94 to 87 cents/lb between the middle and end of May. More recently, prices recovered some ground, and the latest values are near 91 cents/lb. Domestic prices decreased from ₹60,700 to ₹56,200 per candy before recovering to ₹58,000 per candy. The INR was steady against the dollar, holding near ₹82 per USD.
Pakistani prices were steady around 85 cents/lb during the past month. In domestic terms, prices held at exactly 20,000 PKR/maund since late April but ticked up to 20,300 in the latest data. The Pakistani rupee was generally stable near 285 PKR per USD.
ALCHEMPro News Desk (KD)
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