Global cotton benchmarks flat or lower over past month: Cotton Inc

With the latest declines, the NY/ICE December contract has been testing the lower end of the shorter-term range between 85 and 90 cents/lb that has contained values since late August. Current values are near the middle of the longer-term range for nearby prices between 78 and 90 cents/lb that has held prices for nearly one year.

The A Index recently shifted a little lower alongside NY/ICE futures, with values easing slightly from 98 to 96 cents/lb, Cotton Inc said in its Cotton Market Fundamentals & Price Outlook - October 2023.

Chinese prices (China Cotton Index or CC 3128B) were stable at 113 cents/lb. In domestic terms, values were also steady, near 18,200 RMB/ton. The USD/RMB exchange rate was nearly unchanged over the past month, holding around 7.30 RMB/USD.

Indian spot prices (Shankar-6 quality) decreased from 95 to 90 cents/lb. In domestic terms, values fell from ₹62,000 to ₹59,000 per candy. The INR was steady against the dollar over the past month, near ₹83 per USD.

Pakistani spot prices decreased from 78 to 72 cents/lb between the middle of September and the present. In domestic terms, prices ranged between 19,000 to 16,600 PKR/maund. The PKR strengthened from 300 to 280 PKR/USD over the past month.

Fibre2Fashion News Desk (KD)