Over the past month, most global benchmark cotton prices have decreased. Set to expire soon, the 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 late May rally that brought prices up to 79 cents per pound, according to Cotton Incorporated.

The A Index also declined from 86 cents 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 reported in its Monthly Economic Letter - Cotton Market Fundamentals & Price Outlook for June 2024.

In India, spot prices for Shankar-6 quality cotton fell from 88 to 85 cents per pound, with domestic values decreasing from Rs 57,500 to Rs 55,900 (~$688 to $669) per candy. The rupee held steady around Rs 83 per US dollar. 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.