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Cotton Prices Firm In North India On Positive Global Cues, Lower Arrivals

7 Feb 2019 11:42 am
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MUMBAI (Commoditiescontrol)- Cotton prices continued to rule firm in Punjab, Haryana and upper Rajasthan on Thursday, tracking gains in ICE US and on lower arrivals.

Cotton was trading at Rs 4,340-4,420 per maund in Punjab. It was at Rs 4,360-4,460 per maund in Haryana. In upper Rajasthan, it quoted at Rs 4,330-4,370/maund.

Total daily arrivals today stood lower at 11,500 bales from 14,000 bales on Wednesday. Rainfall and cloudy weather conditions in most parts of North India, including Punjab and Haryana, mainly affected arrivals today.

Globally, the most active cotton March contract on ICE Futures US settled firm by 0.26 cent, at 73.66 cents per lb on Wednesday on optimism about export sales to be announced today.

Export sales announced last Thursday for a week before Christmas, ending 21st Dec was highest in this marketing year. Market is now hoping that same pace of export will continue for the post-Christmas week export also that is to be announced today.

Domestically, at the Multi Commodity Exchange (MCX), cotton for delivery this month was trading lower by Rs 80 or 0.39 percent at Rs 20,640 per bale (13:05 hrs IST).

Cotton prices are expected to remain firm this year due to lower production in the country, apart from rising consumption in both the domestic and overseas markets, exporters and analysts said.

Prices may rise by March end, when market despatches will reduce. A weakening of the rupee will also help overseas demand for India’s cotton exports, they said. India shipped about 25 lakh bales of cotton in the four months ended January to Bangladesh, Pakistan, Indonesia, Vietnam and China.

According to Atul Ganatra, president of Cotton Association of India, prices are expected to go up by March end. “We have shipped 25 lakh bales from October to January and we have kept a target to export 51lakh bales. This will be lower than 68 lakh bales we exported last year,” he said.

The CAI said production is expected to be the lowest since 2010-11 at 335 lakh bales for the 2018-19 season due to lower rainfall in the key cotton-growing states and pink bollworm attack.


(By Commoditiescontrol Bureau)

       
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