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Cotton Trades Higher In Central, South On Restricted Supply

25 May 2019 3:24 pm
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MUMBAI (Commoditiescontrol) – Cotton traded higher at major markets in Central, South India, moving in tandem with an uptrend in ICE and MCX.

The demand for quality cotton by the local spinning mills mainly supported the increase in prices. However, the sellers were uninterested to participate because they might incur losses by selling cotton with lower moisture content.

Globally, the July contract on ICE edged higher by 1.4% at 68.39 cents/pound while the December contract was up by 1.1% at 67.55 cents/pound.

On MCX, cotton for the delivery in Jun’19 was up by Rs. 250, ending on a positive note at Rs. 21, 590/Bale of 170 Kg each. The open interest was higher on Friday at 12,775 lots compared to previous open interest at 12,250 lots on the accumulation of long positions by traders.

(By Commoditiescontrol)

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