Login ID:
Password:
Partner Login
Contact Us : 07666977977

Cotton Price Increases In Central/South India On Sustained Demand

3 Jan 2017 2:06 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) – Cotton prices increased Rs 200-600/candy in Central India and surged nearly Rs 1000/candy in South India triggered by sustained demand amid slower arrivals.

Sluggishness was witnessed in cotton arrival today as they were short of 7,000 bales in Central India receiving 79,000 bales compared to previous day. Maharashtra witnessed a fall of 5,000 bales at 40,000 bales while Gujarat and Madhya Pradesh witnessed a fall of 1,000 bales receiving 34,000 and 10,000 bales, respectively.

Cotton arrival in South India was steady at 24,000 bales. Andhra Pradesh received 20,000 bales while Karnataka received 4,000 bales.

The surging futures price on the NCDEX prompted farmers to hold back stock creating an shortage in supply during this peak season. The April contract settled higher 1.77 percent at Rs 965/per 20kg on Monday.

Good demand for cotton seed and oil cake amid slow arrival of Kapas kept price higher on the NCDEX market. The February contract of cotton seed oil cake on the NCDEX settled higher by 3.11 percent at Rs 2,120/quintal on Monday.

Meanwhile, demand from MNCs and buyers from North India was another factor pushing price higher in Maharashtra (Nagpur Line) by Rs 600/candy at Rs 41,000-41,200/candy.

Small and medium spinning mills were actively purchasing to meet their term requirements as price increased Rs 1000/candy in Andhra Pradesh (Bhainsa).

Exporters were buying on limited basis as international markets were slowly resuming from New Year holidays. The export prospects for Indian cotton is still positive as depreciation in rupee provided ample support. The currency plunged 30 paise to settle at 68.22/$ on Monday breaching the 68 mark at the beginning of the new year.

Meanwhile, various MNCs have quoted offers for March delivery ranging Rs 42,300-42,850/candy (ex-gin) in Maharashtra (Vidharbha Zone).



(By Commoditiescontrol Bureau; +91-22-40015534)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
China Auction Floor Price Falls To New Low Since Commen...
ICE Cotton Dec Rallies Off 10 1/2 Intraday Low; Settles...
DJ ICE: 240 Jul Cotton Notices Posted, Total 1,068
DJ ICE Futures U.S. Cotton Close - Jun 26
DJ USDA Crop Progress: Cotton Condition Index-Jun 26
more
Top 5 News
Desi Chana Opens Firm In Delhi On Good, Demand, Lower S...
DJ Global Markets Higher; Australia Is the Exception --...
Small Cardamom Shows A Firmer Tone
DJ Newlands FSU Wheat Weather - Jun 27
DJ U.S. Northern Plains Spring Wheat Weather - Jun 27
Top 5 Special Reports
Weekly: Turmeric Gains Most This Week; Chilli Remains B...
Weekly: Major Pulses Weak Ahead Of GST; Kharif Sowing D...
Cotton Weekly: Market Trending In Oversold Levels
Indian RBD Palmolein May Trade Bearish
Indian Mustardseed Prices Likely To Stabilize Next Week...
Copyright © CC Commodity Info Services LLP. All rights reserved.