Compared to the previous month, the global cotton market registered a modest growth in prices, as per a report by the Cotton Incorporated.
By mid-August, the US December NY/ICE futures contract, which had been trending downward since April, stabilised at 67 cents per pound. Since then, prices have fluctuated between 67 and 71 cents per pound.
The A Index remained relatively stable, averaging 80 cents per pound. In China, domestic prices ranged between 14,700 and 15,000 RMB per tons, with the Chinese Cotton Index (CC Index 3128B) holding steady at approximately 94 cents per pound.
According to Cotton Incorporated’s September 2024 Monthly Economic Letter – Cotton Market Fundamentals & Price Outlook, the renminbi (Chinese yuan) appreciated slightly against the U.S. dollar, moving from 7.17 to 7.11 RMB/USD.
In India, the spot price of Shankar-6 quality cotton rose from 86 to 90 cents per pound. Domestically, prices increased from Rs. 56,500 to Rs. 59,900 per candy, while the Indian rupee remained stable at around Rs. 84 to the U.S. dollar.
In Pakistan, the spot price of cotton increased from 76 to 81 cents per pound, indicating a rise in market value. While the Pakistani rupee held steady at approximately 279 PKR/USD, domestic prices climbed from 17,400 to 18,500 PKR per maund.
This overall trend reflects slight price increases and currency movements across major cotton-producing regions.
