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Cotton Surges In Central, South India On Depleting Inventories, Weather Woes

18 Jul 2019 1:23 pm
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MUMBAI (Commoditiescontrol) – Cotton prices rose sharply in Central, South India on Thursday amid delayed rainfall and falling supplies.

Spot prices jumped by Rs. 200 per Candy at Rs. 44200 – 44400/Candy in Gujarat for the S-6 29mm Variety. In Maharashtra, cotton prices shot up by Rs. 500 per Candy. Following the same trend, Telangana cotton also rose by Rs. 200 per candy.

However, prices remained unchanged in Madhya Pradesh, Karnataka and Andhra Pradesh.


As per sources, ginners came forward with the good quality first picking cotton in Maharashtra which was earlier lying in the godowns for regaining moisture.


According to IMD, India's monsoon rains were 20% below average in the week ending on Wednesday. Cotton-growing central regions received 68% less rainfall in the week.


If dry spell of rainfall persisted for the next few days then the fear of re-sowing hovering in the minds of farmers may soon become a reality which could delay new crop arrival or reduce production, specifically in Maharashtra and Gujarat. Similar situation was observed in the major producing regions of Telangana and Karnataka.


Daily Arrivals fell in Gujarat and Maharashtra by 100 Bales at 600 Bales each. There were no arrivals today in Madhya Pradesh and Karnataka. In Andhra Pradesh and Telangana daily arrivals totalled 500 Bales. Supplies are diminishing as the season is close to the end.


Globally, the most active December cotton contract on ICE ended down 0.9% at 62.49 cents per lb on Wednesday.


The benchmark July contract on MCX was up by 0.18% at Rs. 21,780 per Bale of 170 kgs each.



       
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