Over the past month, most global benchmark cotton prices have seen a decrease. The soon-to-expire July NY/ICE futures contract dropped from 77 to 72 cents per pound. However, a surge in the second half of May saw July prices rise as high as 82 cents per pound. Similarly, the December NY/ICE futures contract fell from 75 to 72 cents per pound, despite a rally in late May that brought prices up to 79 cents per pound, as per Cotton Incorporated.

The A Index also saw a decline, moving from 86 to 83 cents per pound. The Chinese Cotton Index (CC Index 3128B) slightly decreased from 104 to 102 cents per pound in international terms, and from 16,500 to 16,200 RMB per ton in domestic terms. The exchange rate of the RMB remained relatively stable against the dollar, near 7.24 RMB/USD, Cotton Inc said in its Monthly Economic Letter - Cotton Market Fundamentals & Price Outlook June 2024.

In India, spot prices for Shankar-6 quality cotton fell from 88 to 85 cents per pound, with domestic values decreasing from ₹57,500 to 55,900 (~$688 to $669) per candy. The INR held steady around ₹83 per USD. Meanwhile, Pakistani spot prices remained stable near 86 cents per pound, with domestic values constant at 19,700 PKR per maund. The PKR was steady around 278 PKR/USD.

Fibre2Fashion News Desk (KD)

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Global benchmark prices decline over past month: Cotton Inc

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