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Most global cotton benchmarks surge in January

12 Feb '24

2 min read

Pic: Adobe Stock

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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.

Over the past month, cotton prices have seen a significant uptick across various international benchmarks. The NY/ICE March contract, reflecting a longer-term trading range, has witnessed a notable climb from the lower end to the higher end. Starting at 80 cents/lb, the March contract now stands at 88 cents/lb, Cotton Incorporated said in a report.

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.

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)

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