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Cotton Rules Steady To Firm In Central, South India Amid Sluggish Trade

17 Aug 2019 3:09 pm
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MUMBAI (Commoditiescontrol) – Cotton prices ruled steady to firm in Central, Southern spot markets on Saturday amid sluggish activity.

Prices were steady in Gujarat and Madhya Pradesh, unchanged from previous session. In Maharashtra, prices rose by Rs. 300 per Candy. Similarly, in Andhra Pradesh and Karnataka, the commodity was up by Rs. 250 – 300 per Candy.


However, as per sources, there was no activity in the market and participants are anticipating a further rise in prices due to short supplies.

While sellers are holding on to their stock to gain more profits amid rise in prices. Moreover, delay in the new crop arrivals added to the worries of tight supplies.


Globally, the most active December contract on ICE crossed the 60 cent mark closing higher by 0.8% at 60.72 cents per pound on Friday.


On MCX, the August contract on Friday ended higher by 0.82% at Rs. 20,800 per Bale of 170kg each.



       
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