MUMBAI (Commoditiescontrol) – Cotlook A Index ruled above all key cotton indicator throughout November after it overtook India’s Shankar-6 marker in mid-October. The Cotlook A Index is calculated by taking a simple average of the day’s cheapest FIVE of the 18 Far Eastern prices at which cotton is offered to the final consumers, the mills.
However, it was reacting immediately to the overnight movement in US Futures in proximity. During the 22 trading sessions in November, both Cotlook and US Futures fell day on day in 11 sessions, rose on 9-10 sessions and remained unchanged 1-2 sessions. It maintained a healthy premium of 10-13 per cent over US Futures.
In November, Cotlook gained 0.4 per cent or US cents 0.35 from end-October while in similar comparison US Futures gained 3.2 per cent or US cent 2.21.
Among other Asian indicators, China’s 3128B was the fastest mover rising 2.4 per cent or US cents 2.50 while Pakistan’s KCA spot was up 4 per cent or US cents 2.80. India’s Shankar-6 spot moved the least at 0.1 per cent or US cent 0.07. By the close of the month, India was below Pakistan and above US Futures 1 per cent.
(By Commoditiescontrol Bureau; +91-22-40015522)