Similarly, the A Index has surged from 90 to 96 cents/lb. The China Cotton Index (CC 3128B) climbed from 105 to 107 cents/lb in international terms, while domestically, values remained steady, trading between 16,600 and 17,000 RMB/ton. The stability of the RMB against the dollar, hovering around 7.18 RMB/USD, has contributed to the resilience of Chinese cotton prices, Cotton Incorporated said in its Monthly Economic Letter – Cotton Market Fundamentals & Price Outlook – February 2024.
Cotton prices have surged globally in the past month, with the NY/ICE March contract rising from 80 to 88 cents/lb and the A Index from 90 to 96 cents/lb.
The China Cotton Index climbed from 105 to 107 cents/lb internationally, while Indian prices remained stable at around 85 cents/lb.
Pakistani spot prices soared from 79 to 89 cents/lb.
Contrary to some expectations, Indian spot prices for Shankar-6 quality cotton have remained unchanged, maintaining a level around 85 cents/lb. Domestically, values fluctuated between ₹55,000 and ₹55,900 per candy, with the INR holding steady near ₹83 per USD.
Meanwhile, Pakistani spot prices have witnessed a notable surge, jumping from 79 to 89 cents/lb. In domestic terms, values have risen from 19,000 to 20,500 PKR/maund, while the Pakistani rupee has maintained its position close to 280 PKR/USD.
Fibre2Fashion News Desk (KD)
