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.
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.
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)
