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Cotton Flat In Central, South India Barring Maharashtra

12 Oct 2019 6:56 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled steady in Central and South India, barring Maharashtra on Saturday.

Prices moved higher by Rs 100 per candy in Maharashtra amid demand from ginners and tracking gains in global market.

Cotton prices on the Intercontinental Exchange (ICE) ended sharply higher on Friday amid optimism surrounding the US-China trade deal as both countries agreed to a preliminary deal.

The most active December cotton contract ended up 4 percent at 63.88 cents per lb. Prices hit an over two-month high of 64.00 cents intraday.

The Cotton Association of India has organised a "Cotton India 2019" conference in Akola on 18-19 October, amid the arrival of new crops.

Despite the increase in arrival, the price of cotton is stable in the mandis of Gujarat. There is a difference of only Rs 1000-1500/candy in the prices of new and old cotton in the mandis of Gujarat.

According to traders, the moisture in the new crop is high. The focus of mills is more on old cotton.

The arrival of new cotton has increased in the mandis of Madhya Pradesh. However, due to high moisture in the new crop, its price is about Rs 2000-2500/candy less than the old one.

The arrival of new crops in Sendhwa, Khandwa and Dhar in Madhya Pradesh is good.

According to traders, the availability of old cotton is negligible, so most of the trade is being done in new cotton.

In South India too, the price of cotton was steady amid sustained demand against increased arrivals. Traders believe that there is good demand in the market from the mills.

Arrivals today stood at 4,000 bales in Maharashtra, 9,000 bales in Gujarat, 7,500 bales in Madhya Pradesh, 1,450 bales in Andhra Pradesh & Telangana and 600 bales in Karnataka.


       
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