The December NY/ICE futures contract, which reflects price expectations after the 2022-23 harvest, rose around the middle of May and touched values above 130 cents/lb. Later in May, December prices fell below 120 cents/lb before recovering in June.
The direction of the A Index was erratic over the past month, but the current values are nearly even with those a month ago (164 cents/lb).
The China Cotton Index (CC 3128B) is lower month-over-month. In international terms, it dropped from 151 to 147 cents/lb. In domestic terms, values fell from 22,300 to 21,300 RMB/ton. The RMB strengthened against the dollar from 6.73 to 6.68 RMB/USD.
Indian spot prices (Shankar-6 quality) decreased from 164 to 160 cents/lb and from ₹99,000 to ₹97,500 per candy of 356 kgs. The INR consistently traded near ₹78 per USD over the past month, according to the Cotton Inc report.
Pakistani spot prices fell from 137 to 127 cents/lb between the middle and end of May. Near the start of June, prices bounced as high as 139 cents/lb but later retreated to 126 cents/lb. Domestic prices were comparatively steady between 21,000 and 22,500 PKR/maund (37.32 kg). The PKR was volatile and weakened from 188 to 200 PKR/USD.
ALCHEMPro News Desk (KD)
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