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Cotton Firm In North Amid Tight Supplies, Weather Woes

20 Aug 2019 1:33 pm
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MUMBAI (Commoditiescontrol) – Cotton traded higher in North India spot markets on Tuesday as incessant spell of rainfall may hit the production.

Prices were up by Rs. 10/15 per Maund in Punjab, Haryana and Upper Rajasthan. Similarly, in Lower Rajasthan, the commodity traded higher by Rs. 100/150 per Candy.

As per Sources, the delay in the new crop arrivals and diminishing supplies are pushing the prices up. On the demand side, buyers are willing to actively participate in the market however due to short supplies sellers are unavailable.

Meanwhile, cotton farmers apprehend that more rain in the coming days may spell trouble for their crop. As of now the crop is safe, although the rainy spell in near future might take a toll on the crop, particularly in the low-lying areas.

Globally, the most active December contract on ICE ended down 1.5% at 59.24 cents per lb on Monday.

On MCX, Cotton for delivery in August was unchanged from previous session with trading sideways at Rs. 20,910 per Bale of 170 kg each.

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