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                                              Quotation

                                                                                                                                  Date : 28/12/17

 

 

 

 

 

U.S. Futures Daily Cotton Market - 27th December, 2017

Contract

Open *

High

Low

Close *

Settle

Change

Mar '18

77.50

78.99

77.25

78.98

78.95

+1.52

May '18

77.82

78.99

77.39

78.99

78.92

+1.40

  Jul '18

78.04

79.09

77.56

79.06

79.05

+1.23

Oct '18

0

0

0

0

75.53

+0.57

Dec '18

73.90

74.10

73.38

73.98

74.03

+0.26

 Open and Close prices reflect the first and last trade in the market and do not correlate to any opening or        closing period 

 

Cotlook 'A' Index

80.10

(-0.50)

 

Required Ne 32/1 poly cotton combed (52/48) Single Jersey Grey Knitted Fabric Direct Exports

 

Required Ne 16/1 KW, Ne 21/1 KW, Ne 10/1 OE & Ne 7/1 OE Yarn in bulk quantity for Direct

Exports

**MARKET OUTLOOK**

 

 

India & International Market Highlights:

• Government will from next week begin to effect tax measures aimed at protecting local industries, such as the imposition of 30% customs duty on imported cotton fabric.

• Pakistan Cotton Ginners Association (PCGA) warned on Wednesday that tax-free import of cotton from India through the Wagah border would destabilise Pakistan’s economy and would have serious repercussions on next year’s crop.

North Zone:


Cotton traded steady tone across major spot markets of north India on Thursday. Prices were up Rs 30-40 per maund. In Punjab, ready delivery new crop cotton traded at Rs 4,240-4,260 a maund. In Haryana, it offered at Rs 4,250-4,270 while in Rajasthan, ready delivery quoted at Rs 4,250-4,300 a maund.

Central Zone:

 

Cotton spot prices steady tone across west India market on Thursday. Gujarat Sankar-6, A-Grade new crop (29 mm, 3.8 mic) cotton traded at  Rs 41300-41800 per candy. while B-Grade crop cotton traded flat at Rs 40300-40800 per candy. V 797 cotton offered at Rs 29500-32500 a candy. While in Maharashtra, mech-1 super quality new crop quoted at Rs 41300-41800 a candy.

South Zone:



Cotton spot price was steady tone across the major trading centers of south India.  

 

US Cotton Futures :

Cotton futures saw sharp triple digit gains in most nearby contracts on Wednesday, with help from outside markets. Crude oil futures had climbed back to nearly $60 per barrel yesterday, but were down 38 cents today. The US Dollar index was 249 points lower on Wednesday. Data from the CFTC show the total unpriced on-call position at 14.994 million bales. Online cash sales of 12,003 bales reported by the Seam averaged 72.23 cents/lb on December 26, 135 points higher than the previous day. The Cotlook A index was not reported for December 26 due to the Boxing Day holiday. The current AWP is at 68 cents/lb and should be updated on Thursday.Mar 18 Cotton closed at 78.950, up 152 points,May 18 Cotton closed at 78.920, up 140 pointsOct 18 Cotton closed at 75.530, up 57 points.

Pakistan :

Cotton firm: December 27, 2017 - Karachi : Slow trading was witnessed at the Karachi Cotton Exchange on Tuesday, while spot rates remained unchanged. The spot rates stood firm at Rs7,000/maund (37.324kg) and Rs7,502/ 40kg. Ex-Karachi rates also remained unchanged at Rs7,145/ maund and Rs7,657/ 40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively. An analyst said the market remained steady, while activity had slowed down because of December closing. A total of 11 transactions were recorded of around 16,000 bales at a price of Rs6,650 to Rs7,500/maund. Deals were recorded from Ghotki, Rohri, Rasoolabad, Lodhran, Shujaabad, Rajanpur, Shahar Sultan, Vehari, Haroonabad, Fort Abbas and Faqeerwali. Pakistan has made import contracts of 2.3 million bales to fulfil the industry demands, of which, deals of 0.3 million bales were made with India, which are uncertain because of quality issue and high prices.

China :

Nylon yarn prices roll over in Asia: 26-12-2017 : In China, nylon FDY70D/24F SD prices were stable in the second week of December, while FDY40D rolled over on the week. Nylon DTY 70D/24F and 30D/10F prices were flat during the week. Monofilament 30D prices were steady while nylon staple fiber 1.5D prices unchanged on the week. Nylon filament yarn prices rolled over in Asia while demand was low amid insipid trading. Demand for FDY did not increase amid less sidelined stance, while that for DTY and POY was still on a need-to basis. Overall, nylon yarn prices are likely to be stable to weak in coming weeks as supply has been slightly higher. Courtesy: Weekly PriceWatch Report

 

Yarn Prices as on 28th December, 2017:

Prices FOB Indian Port 

 

LC at Sight:

Ne 20/1 Carded Hosiery Yarn

USD 2.65/Kg.

Ne 20/1 Combed Hosiery Yarn  

USD 2.90/Kg.

Ne 21/1 Carded  Weaving Yarn

USD 2.65/Kg.

Ne 26/1 Combed Hosiery Yarn   

USD 3.05/Kg.

Ne 30/1 Carded Hosiery Yarn            

USD 2.92/Kg.

Ne 30/1 Combed Hosiery Yarn

USD 3.10/Kg.

Ne 32/1 Carded Weaving Yarn

USD 2.95/Kg.

Ne 34/1 Combed Hosiery Yarn

USD 3.25/Kg.

Ne 40/1 Combed Hosiery Yarn

USD 3.40/Kg.

Ne 40/1 Carded Weaving Yarn

USD 3.30/Kg.

Ne 30/2 Carded Hosiery Yarn

USD 3.35/Kg.

Ne 32/2 Combed Knitting Yarn

USD 3.47/Kg.

Ne 32/2 Carded Hosiery Yarn

USD 3.37/Kg.

Ne 40/2 Combed Hosiery Yarn  

USD 3.94/Kg.

 

 

Ne 30/1 Combed Compact Weaving Yarn

USD 3.20/Kg.

Ne 40/1 Combed Compact Weaving Yarn

USD 3.55/Kg.

Ne 50/1 Combed Compact Weaving Yarn

USD 4.05/Kg.

Ne 16/1 Open End Yarn

USD 2.09/Kg.

Ne 21/1 Open End Yarn

USD 2.28/Kg.

Ne 24/1 Open End Yarn

USD 2.58/Kg

 

Prices from Indonesia (Fob Semarang) :

 

 

Ne 30s 100% Polyster Yarn                                   

USD 1.77 / Kg

Ne 30s 100% Viscose Yarn                                   

USD 2.73 / Kg

Ne 30s PC 52/48 Combed Yarn

USD 2.68 / Kg

Ne 30s PC 52/48 Carded Yarn

USD 2.42 / Kg

Ne 30s PV 65/35 Yarn

USD 2.10 / Kg

Ne 30s PC 65/35 Combed Yarn

USD 2.34 / Kg

Ne 30s PC 65/35 Carded Yarn

USD 2.22 / Kg

 

 

Prices from Vietnam (Fob Hochimin City) : 

 

 

Ne 30s 100% Polyster for Knitting Yarn                                 

USD 1.75 / Kg.

Ne 40s 100% Polyster for Knitting Yarn                                 

USD 1.98 / Kg.

Ne 30s 100% Viscos Yarn                                

USD 2.68 / Kg.

Ne 40s 100% Viscos Yarn                                

USD 3.28 / Kg.

Ne 30s PV 65/35 Yarn

USD 2.28 / Kg

Ne 40s PV 65/35 Yarn

USD 2.68 / Kg

Ne 30s Polyester / Cotton Combed 52/48 Blend Yarn  

USD 2.80 / Kg.

Ne 30s Polyester / Cotton Carded 52/48 Blend Yarn  

USD 2.57 / Kg.

Ne 30s Polyester / Cotton Combed 65/35 Blend Yarn  

USD 2.36 / Kg.

Ne 30s Polyester / Cotton Carded 65/35 Blend Yarn  

USD 2.28 / Kg.

 

 

Prices from China (Fob China Main Port) :

 

 

Ne 30s 100% Polyester Yarn                               

USD 1.72 / Kg.

 

Market Arrival & Price of Cotton in Various Regions of India 

 

* Rate (INR) per Maund (1 Maund = 37.324 KG.)

HARYANA (J-34)  

PUNJAB (J-34)  

 

Rate S/G* (Ready) 

Rate R/G* 
(Ready)

 ELLENABAD

4220

4250

 SIRSA

4230

4260

 UCHANA

4240

4270

 Arrival (Bales)

11000

 

Rate S/G* (Ready) 

Rate R/G* 
(Ready)

 MANSA

4210

4240

 BHATINDA

4220

4250

 ABOHAR

4230

4260

 Arrival (Bales)

5000

RAJSTHAN (J-34)  

 

Rate S/G* 
(Ready) 

Rate R/G* 
(Ready)

 SRI GANGANAGAR

4220

4250

 HANUMANGARH

4250

4280

 SANGARIA

4270

4300

 Arrival (Bales)

6000

 

** Rate (INR) per Candy (1 Candy = 355.6188 KG.)

MAHARASHTRA 

MADHYA PRADESH 

 

Rate**(Ready)

Estimated Length HVI

 MECH-1

40800-41800

29 mm

 MECH-1 

41800-42300

30 mm

 MECH-1 

42800-43300

31 mm

 Arrival (Bales)

45000

Rate**(Ready)

Estimated Length HVI

 MECH-1 

40700-41700

29 mm

 MECH-1 

41700-42200

30 mm

 DCH-32  

56500-59500

33-35 mm

 Arrival (Bales)

                      15000

GUJARAT

TELANGANA / ANDHRA PRADESH

 

Rate**(Ready)

Estimated Length HVI

 V-797 (Kalayan)

29500-32500

22 mm

 SHANKAR-6 

40300-40800

28 mm (B-Grade)

 SHANKAR-6 

41300-41800

29 mm (A-Grade)

 Arrival (Bales)

45000

 

Rate**(Ready)

Estimated Length HVI

 MECH-1 (Adilabad)  

40800-42300

29-30 mm

 Bunny / Brahma
 (Warangal) 

40800-42300

29-30 mm

 MCU-5   (Guntur)

40800-43300

29-31 mm

 Arrival (Bales)

25000

KARNATAKA 

 

Rate**(Ready)

Estimated Length HVI

 MECH-1

41300-41800

29 mm

 Bunny / Brahma

41800-42300

30 mm

 DCH-32

56500-59000

33-35 mm

 Arrival (Bales)

10000

 

 

Total Arrival : 1,62,000 Bales

CURRENCY CONVERSION

   Major Currencies

PRICE

CHANGE

Indian Rupee

USD/INR

64.1900

+0.0757

 

 

 

COTTON &  TEXTILES NEWS :

High demand brings acche din for cotton farmers: Dec 27, 2017 - AHMEDABAD: Minimum support price (MSP) remained a major poll issue in the recently concluded elections in Gujarat which saw BJP badly losing in Saurashtra, the hub of cotton farming. The good news for the farmers is that the demand for cotton in Pakistan, China, Vietnam and Indonesia has gone up considerably, pushing the price of cotton by around Rs 400 per quintal in the last one week. Against the MSP plus bonus price of Rs 954, cotton farmers are now getting Rs 1,100 per cotton bale in the market yards with commitments of around four lakh bales being placed. "December saw surge in demand from Bangladesh, Pakistan, Vietnam, Indonesia and China. Cotton prices have firmed up in the international market too. This has led to increase in cotton prices in local markets by Rs 1,500 to Rs 2,000 per candy over the last 10 days or so," said Arun Dalal, a city-based cotton trader. According to traders, the prices of benchmark Shankar-6 variety, widely grown in Gujarat, are being quoted in the range of Rs 40,200 to Rs 40,600 per candy currently (a candy weighs 356 kg). "The price even touched Rs 41,000 per candy. However, it has come down from that level with improvement in arrivals of cotton in local markets, which had slowed down on account of marriage season and elections few weeks back," Dalal added. Traders and exporters estimate that around 15 lakh bales so far this season have been booked for exports in India, of which nine lakhs have been dispatched. The cotton shipments from Gujarat has been 3.5 lakh to four lakh bales. In order to meet growing demand from its textile industry, Pakistan allowed imports of cotton from India recently. "This has boosted export sentiments as the neighbouring country is expected to import 10 lakh bales from India. Current export commitment to Pakistan is estimated at 3 lakhs to 3.5 lakh bales, shipments of which would start from January 2018. Pakistan importers are quoting higher price of Rs 41,000 to Rs 41,500 per candy for importing cotton from India," said Nirav Patel, an exporter from Ahmedabad. As far as local market is concerned, around 42,000 to 44,000 bales of cotton are arriving daily in the market. So far, 20 lakh bales have arrived in the market in Gujarat. B R Tejani, secretary of the Rajkot APMC, said that the farmers are currently getting more price than the MSP declared by the government. The MSP was Rs 854 and a bonus of Rs 100 announced by the Gujarat government. He further said the increase in the price was because of the increase in demand. P P Pandya, the APMC secretary of Amreli, said, "The increase in price is owning to the increase in demand in the international market." The farmers are expecting that the prices will go up further. Courtesy –  The Times of India

UP govt grants approval to the new textile and garment policy: 2017-12-27 – Lucknow : The Uttar Pradesh government on Tuesday in a cabinet meeting presided by Chief Minister Yogi Adityanath, the proposal of the Handloom, Power loom, Textile and Garment policy 2017 was granted approval to promote its textile industry. Talking about the decisions of the Cabinet meeting, UP government Spokesperson and Health Minister Sidhharthnath Singh said that the decision will lead to increase in employment, as well as business opportunities, while industries like Silk and weaving will get promoted,. The traders will get help in finance and marketing through this scheme, apart from rebate in GST and electricity bill, along with reimbursement of transportation and Provident Fund. Also the investors in UP investor summit scheduled in February, will be benefited through this policy. Courtesy – http://www.yarnsandfibers.com

Govt imposes 30% duty on cotton fabrics starting Jan 1: December 28, 2017 -  Government will from next week begin to effect tax measures aimed at protecting local industries, such as the imposition of 30% customs duty on imported cotton fabric. This was announced by Finance minister Patrick Chinamasa in his 2018 National Budget statement, where he said the duty will increase from 10% to 30%. “Notwithstanding support measures availed by government to the textile manufacturing industry, the sector continues to face competition due to the influx of dumped cheap imported fabrics,” he said. “It is further proposed to increase customs duty on cotton fabric from 10% to 30% plus $2,50 per kilogramme, with effect from January 1, 2018,” he said. The Finance minister said the problem had been compounded by limited administrative capacity to identify the various types of fabrics, resulting in importers using the capacity gap at borders to declare imported products under tariff codes which attract lower rates of duty. Chinamasa said to combat the false declarations, in 2018 his ministry will introduce a fabric specification declaration form that will be used in the verification of fabrics. He said the Zimbabwe Revenue Authority will collaborate with the textile industry to capacitate their officers to verify the fabrics. On importation of wine, there will also be suspension of excise duty on raw wine for approved manufacturers. Chinamasa said the reason is because local production of raw wine is still insufficient to meet the requirements of domestic distillers. “In order to encourage local value addition, as well as enhance competitiveness of locally-produced wine, it is proposed to extend the ring-fenced excise duty free importation of raw wine for another period of 12 months. The 2018 budget further proposes to increase the quantity of imported raw wine under concession from 30 000 to 90 000 litres. On re-treading of tyres, Chinamasa said he will enhance the viability of the tyre treading industry and affordability of tyres by ring-fencing 150 000 tyre casings imported by approved tyre re-treaders at a lower rate of duty of 15% with effect from January 18. He said a number of companies have invested in the tyre re-treading business, hence are expected to produce about 150 000 tyres in 2018. On the suspension of customs duty on luxury buses, Chinamasa had ring-fenced importation of 30 luxury buses at a reduced rate of 5% for a period of 12 months beginning January this year (2017), but bus operators failed to utilise the facility due to shortages of foreign currency. He extended the quota for a further one year. Courtesy – https://www.newsday.co.zw

PCGA opposes cotton import from India: December 28, 2017 - MULTAN: Pakistan Cotton Ginners Association (PCGA) warned on Wednesday that tax-free import of cotton from India through the Wagah border would destabilise Pakistan’s economy and would have serious repercussions on next year’s crop. Addressing a press conference, PCGA Chairman  Haji Muhammad Akram along with other officials said that 1.623 million bales of cotton are lying at ginneries as unsold stock and textile millers are reluctant to purchase it. They said that there was no justification for lifting an ‘undeclared’ ban on imports of ginned cotton from India or any other country at the cost of local growers. He said that the ginneries had sufficient stock of cotton lint available so there was no justification to import the commodity from India, while deploring that the government did not fix the support price for cotton, leaving growers at the mercy of textile millers. Courtesy – The Express Tribune

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Regards/Aditya Sekhsaria