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

12 Dec '23

2 min read

Pic: Adobe Stock

Insights

Over the last month, global cotton prices have mostly stagnated or dropped slightly.
NY/ICE March contract fluctuated between 78 and 82 cents per lb, briefly surpassing this range on December 7 before falling back.
Current rates are around 81 cents per lb.
Chinese, Indian, and Pakistani cotton prices also declined, with respective local currency adjustments.

Over the past month, global cotton benchmarks have remained flat or have decreased slightly, according to Cotton Incorporated.

Prices for the NY/ICE March contract tested both sides of their shorter-term range between 78 and 82 cents/lb over the past month. With a limit-up move on December 7, prices breached the upper end of that range, but they dropped back into it the next trading day. Current values are near 81 cents/lb, Cotton Inc said in its Cotton Market Fundamentals & Price Outlook for December 2023.

The A Index was below 90 cents/lb most of the past month, but with the surge in NY/ICE futures on December 7, it climbed to 92 cents/lb the following day.

Chinese prices (China Cotton Index or CC 3128B) eased from 106 to 103 cents/lb. In domestic terms, values dropped from 17,000 to 16,200 RMB/ton. The RMB strengthened against the dollar, from 7.29 to 7.15 RMB/USD.

Indian spot prices (Shankar-6 quality) slipped from 87 to 85 cents/lb. In domestic terms, values fell from ₹56,700 to ₹55,200 per candy. The INR was steady near ₹83 per USD over the past month.

Pakistani spot prices decreased slightly from 75 to 73 cents/lb. In domestic terms, values fell from 17,500 to 17,000 PKR/maund. The Pakistani rupee held near 284 PKR/USD.

Fibre2Fashion News Desk (KD)

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