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Cotton Slightly Firm In North On Positive Global Cues

19 Aug 2019 1:42 pm
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MUMBAI(Commoditiescontrol) – Cotton prices rule firm in Northern Spot markets tracking positivity in the U.S. cotton futures.

Prices traded higher by Rs. 8/15 per Maund in the range of Rs. 4450 – 4525 per Maund in Punjab, Haryana and Upper Rajasthan. In Lower Rajasthan, prices quoted for cotton were unchanged from previous session.


Meanwhile, sufficient rains have been reported in entire cotton growing areas of Northern India. Rains are relatively lesser in Abohar-Fazilka & Malout area in Punjab and Upper Rajasthan. But sufficient for development of healthy crop.


Plants have attained desired vegetative growth but flowering and fruiting is reported to be lower in pockets in comparison to plant growth. Main reasons attributed for lower flowers and fruits are more moisture, late fruiting due to seed variety, regular blowing moisture laden eastern winds and delayed sowing.


Hereafter no rains should be there means western wind should blow- leading to sunny days and moisture less conditions, conducive for better flowering & fruits and lesser pests to cotton plants.


Climatic conditions in next one month will decide quality and quantity of coming crop.


Assuming that weather will be clear in Northern India from tomorrow onwards, we expect that movement of crop will start in by August end in Palwal/Hodal area and in rest of region from 10-15th September.


On the Global Bourse, Cotton prices on the Intercontinental Exchange ended firm during the week on hopes of some progress in trade relations between the US and China after the former deferred tariff hikes on Chinese goods to December. The most active December cotton contract ended up 2.1% at 60.13 cents per lb.


On MCX, Cotton for delivery in August is trading higher by 0.29% at Rs. 20,840 per Bale of 170 kg each.






       
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