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Cotton Prices Mixed In Central, South India On Selective Demand

6 Feb 2019 3:33 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled mixed in Central and South India on Wednesday amid selective demand.

Cotton prices have weakened in recent days despite a lower crop, on weak demand from both yarn mills and overseas markets.

Trade sources said the poor offtake by mills, which are saddled with yarn stocks, amidst rising arrivals and sluggish exports has resulted in a softening trend. Also, multinationals have stayed away from purchases on lack of export parity as the prices in the domestic market are higher than in the global market.

Globally, the most active cotton March contract on ICE Futures US settled firm by 0.64 cent, or 0.88 percent, at 73.4 cents per lb amid some bargain buying following losses in the previous two sessions, ahead of data from the US Department of Agriculture due later in the week and optimism over a trade deal between the United States and China.

The contact traded within a range of 72.65 and 73.74 cents a lb. Anticipation of a trade deal between the United States and China, and prospects for the USDA report later this week are helping prices.

The USDA, which has been hit by the partial shutdown of the US government, is expected to release its monthly crop supply/demand report on Feb. 8.

A US trade delegation will visit China in mid-February for a new round of talks to resolve the trade tussle.

Domestically, at the Multi Commodity Exchange (MCX), cotton for delivery this month was too trading higher by Rs 100 or 0.49 percent at Rs 20,650 per bale (15:50 hrs IST).

(By Commoditiescontrol Bureau)



(By Commoditiescontrol Bureau)

       
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