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Cotton Prices Slightly Firm In North India On Positive Global Cues

26 Apr 2019 12:52 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved slightly up in Punjab, Haryana and Upper Rajasthan on Friday, tracking overnight gains in US natural fiber futures after two consecutive days of fall.

In Punjab the prices were up Rs. 10 or 0.3% at Rs. 4900-4970 per Maund. In Haryana and Upper Rajasthan prices also rose by 0.2 and 0.4 percent, respectively.

The total arrivals in North today stood lower at 1900 Bales from 2100 Bales on Thursday. As per the CCI latest report, the cotton arrivals in India were at 27.88 Million Bales as on 16th April’19 this season ending September.

Globally, the US cotton market was firm on Thursday despite the modest US weekly export sales data as traders covered their short positions in anticipation of the US-China trade deal.

US Department of Agriculture on Thursday showed US net cotton sales at 239,000 RB, up 10% from the previous week, but was down 9% from the prior four-week average.

Meanwhile, the focus has now shifted to the trade negotiations between US and China after US President Donald Trump said on Thursday that China’s president, Xi Jinping, would be coming soon to the White House. This fuelled expectations of a deal between the two countries soon.

On Multi Commodity Exchange (MCX), cotton for delivery in May was trading higher by Rs. 60 or 0.27% at Rs. 22,460 per Bale. (1215 Hrs. IST)

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