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Cotton Prices Mixed In Central, South India

22 Oct 2019 1:57 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled mixed in Central and South India on Tuesday amid selective demand.

Prices moved lower in Gujarat due to decrease in demand against increasing arrivals. The mills are purchasing only according to their need.

In Maharashtra, cotton gained at major markets which opened today after remaining closed yesterday due to assembly polls.

According to traders, due to the closure of the market on Monday, the demand from mills is being seen today. At the same time, cotton export demand is expected to emerge from the next month.

The cotton crop in Vidarbha is expected to suffer heavy losses due to the rains for the last two days. The Meteorological Department has predicted strong rains in Marathwada and central Maharashtra including Vidarbha even today.

Traders believe that due to heavy rains in South India, there is a possibility of damage to the cotton crop there. In such a situation, demand is also expected to increase from Karnataka, Andhra Pradesh and Telangana.

However, prices remained steady in Madhya Pradesh amid limited demand for the new crop which has higher moisture content. Good quality cotton arrivals are extremely low. The crop has suffered heavy losses due to rain and floods.

Meanwhile, after the last two days of rain, the weather is clear today.

In South India too, the price of cotton ruled stable today amid heavy rains and the possibility of crop damage. Karnataka, Andhra Pradesh and Telangana have been receiving heavy rains for the last 2 days. The Meteorological Department has issued an orange alert for rain in all these three states as well as in Tamil Nadu.

Arrivals today stood at 14,000 bales in Gujarat, 4,000 bales each in Maharashtra & Madhya Pradesh, 3,000 bales in Andhra Pradesh & Telangana and 3,500 bales in Karnataka.

Meanwhile, India Ratings and Research has said in a report that cotton prices may fall further as global production is likely to be higher than the demand growth.

"With local prices (MSP) being higher than international prices, cotton imports are rising. Till 31 August 2019, the import of cotton was 2.3 million bales, up 0.8 million bales than that recorded in the previous cotton season. This would further reduce domestic cotton prices," India Ratings and Research said.

SPOT COTTON PRICE IN CENTRAL/SOUTH INDIA
MARKET/VARIETY UNIT 22-Oct 20-Oct AVERAGE %Change US cent/lb
22-Oct 20-Oct ABS CHANGE*
Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC) Rs/Candy 39000-39700 39000-40000 39,350 39,500 -150 -0.38 70.14-71.38
Gujarat S-6 B Grade (28.5 mm) (3.5-3.7 MIC) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
Gujarat S-6 C Grade (28 mm) (3.2-3.5 MIC) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
Gujarat V797 B Grade Rs/Candy 31000-32000 31000-32000 31,500 31,500 0 0.00 55.75-57.54
MH 30mm Nagpur Line (3.8-4.2 MIC) Rs/Candy 39500-40000 39000-39500 39,750 39,250 500 1.27 71.04-71.92
MH 29mm+ (3.8-4.00 MIC) Nagpur Line Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
MH 29mm+ Jalgaon Line (3.6-3.7 MIC) Rs/Candy 37500-39500 37000-39000 38,500 38,000 500 1.32 67.44-71.02
MH 29mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 38800-39000 38300-38500 38,900 38,400 500 1.30 69.78-70.12
MH 28.5mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
MH 28mm Akola/Marathwada Line (MIC 3.6) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
MP-MECH 29mm+ (3.7-3.8 MIC) Rs/Candy 39000-39600 38800-39300 39,300 39,050 250 0.64 70.14-71.2
Telangana - Bhainsa 29.5mm (MIC 3.8-4.1) Rs/Candy 38000-39000 0-0 38,500 - 0 #DIV/0! 0-0
Telangana - Bhainsa 29mm (MIC 3.5-3.8) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
AP - Guntur A Grade (30-31mm) (MIC 4.2 -4.6) Rs/Candy 41500-42000 41500-42000 41,750 41,750 0 0.00 74.63-75.52
Karnataka 29mm (MIC 3.8-4.0) Rs/Candy 0-0 0-0 - - 0 #DIV/0! 0-0
Karnataka DCH Rs/Candy 53500-55000 53500-55000 54,250 54,250 0 0.00 96.21-98.89
Note: USD/INR= Rs 70.94
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg |MH - Maharashtra; MP - Madhya Pradesh; AP - Andhra Pradesh
*Average Change is the difference between average price of current date vs previous date

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