In the US, the December NY/ICE futures contract, which had been on a downward trajectory since April, found support at 67 cents per pound in mid-August. Since then, prices have fluctuated between 67 and 71 cents per pound.

The A Index remained relatively stable, maintaining levels near 80 cents per pound. Similarly, the Chinese Cotton Index (CC Index 3128B) held steady near 94 cents per pound, with domestic prices in China ranging from 14,700 to 15,000 RMB per tonne. The renminbi also strengthened slightly against the US dollar, moving from 7.17 to 7.11 RMB/USD, Cotton Inc said in its Monthly Economic Letter - Cotton Market Fundamentals & Price Outlook September 2024.

India saw a rise in cotton prices, with spot prices for Shankar-6 quality increasing from 86 to 90 cents per pound. In domestic terms, prices rose from ₹56,500 to ₹59,900 per candy. The Indian rupee remained stable at around ₹84 per USD.

In Pakistan, cotton prices also experienced an uptick, with spot prices increasing from 76 to 81 cents per pound. Domestic values rose from 17,400 to 18,500 PKR per maund, while the Pakistani rupee held steady at approximately 279 PKR/USD.

Fibre2Fashion News Desk (KD)