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Global cotton market sees price decline over past month

14 Aug '24

1 min read

Global cotton market sees price decline over past month

Pic: Adobe Stock

Insights

Over the past month, global cotton prices declined across all major benchmarks.
The December NY/ICE futures fell below 70 cents per pound for the first time since November 2020.
The A Index also dipped below 80 cents per pound, while China's Cotton Index dropped to 93 cents per pound.
In India, Shankar-6 cotton prices fell from 88 to 86 cents per pound.

All major cotton benchmarks experienced a decline over the past month. The December NY/ICE futures contract fell below 70 cents per pound in mid-July, marking the first time it has dropped below this level since November 2020. The A Index also decreased, dipping below 80 cents per pound for the first time since December 2020.

China's Cotton Index (CC Index 3128B) fell below 100 cents per pound in June and continued declining in July, reaching 93 cents per pound. Domestic prices in China dropped to 14,700 RMB per ton, with the RMB strengthening against the dollar from 7.28 to 7.17 RMB/USD, Cotton Incorporated said in its Monthly Economic Letter- Cotton Market Fundamentals & Price Outlook - August 2024.

In India, spot prices for Shankar-6 quality cotton decreased slightly from 88 to 86 cents per pound, with domestic prices falling from ₹58,000 to ₹56,500 per candy. The INR remained stable at around ₹84 per USD.

Pakistani spot prices declined from 80 to 76 cents per pound, with domestic prices dropping from 18,300 to 17,400 PKR per maund. The PKR held steady at around 279 PKR/USD.

Fibre2Fashion News Desk (KD)

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