Global cotton prices steady amid marginal decreases in key markets

December futures on the New York Intercontinental Exchange (NY/ICE) have hovered within a trading range of 67 to 75 cents per pound, a level that has held since June. After reaching the higher end of this range in late September, prices edged downward but have since stabilised near 71 cents per pound.

The global A Index, an indicator of world cotton prices, dipped marginally from 85 to 83 cents per pound. Meanwhile, China's Cotton Index (CC Index 3128B) fell from 101 to 97 cents per pound, translating to a decrease from 15,700 to 15,300 RMB per tonne domestically. This movement comes as the yuan slightly weakened against the dollar, moving from 7.05 to 7.16 RMB/USD, Cotton Incorporated said in its Monthly Economic Letter – Cotton Market Fundamentals & Price Outlook, November 2024.

In India, the Shankar-6 quality spot prices saw a decrease from 87 to 83 cents per pound, with domestic prices falling from ₹57,400 to 55,100 per candy. The Indian rupee remained steady against the dollar at around ₹84 per USD.

Pakistan’s cotton market remained relatively stable, with spot prices fluctuating around 80 cents per pound. In domestic terms, prices traded between 18,200 and 17,600 PKR per maund, currently at 18,000 PKR per maund, as the Pakistani rupee held steady at approximately 278 PKR/USD.

Fibre2Fashion News Desk (KD)