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Cotton Extends Gains In Central, South On Supply Worries

19 Aug 2019 4:49 pm
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MUMBAI(Commoditiescontrol) – Cotton Gains in Central, Southern spot markets as supplies have called a halt and anticipated delay in new arrivals.

Prices were unchanged from previous session in Gujrat, Andhra Pradesh and Karnataka. In Maharashtra it was up by Rs. 200 per Candy. Similarly, in Telangana it traded higher by Rs. 300/500 per Candy.


The halt in the arrivals and delay in the new crop season is keeping the supplies tight.


Moreover, Importers of cotton are increasingly hedging their rupee exposure as the local currency has weakened over the past week, increasing their cost.


Atul Ganatra, the president of the Cotton Association of India, said with the rupee depreciating 3.5% in the past 15 days, import of cotton has become costlier by Rs 1,500 per candy of 356 kg each. 'This will slow down import of cotton to India, but in the coming season (October-September), it will help exporters. We expect the rupee to touch 72.50 by September,' he said.


Meanwhile, heavy discharge of floodwater from Pulichintala Project, commercial crops yam, papaya, chillies, turmeric, cotton and maize were inundated in Guntur district. The agriculture fields were found under a sheet of water for the third consecutive day on Sunday.


According to preliminary estimates, so far agriculture crops were inundated in 5,285 hectares. Cotton fields were submerged in 4,283 hectares.


Globally, 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 0.77% at Rs. 20,940 per Bale of 170 kg each.



       
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