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Cotton Falls Further In Lower Rajasthan On Subdued Demand

22 Oct 2019 2:58 pm
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MUMBAI (Commoditiescontrol) - Cotton prices fell further by up to Rs 550 per candy at major markets in lower Rajasthan on Tuesday amid subdued demand.

Arrivals today stood at around 9,000 bales than 8,000 bales on Monday.

The price of 28-29.5MM cotton in Marwar offered at Rs 37,800-38,600/candy. Similarly, 27-28MM in Mewar ruled at Rs 37,700-38,500/candy. While the price of 29-29.5MM in Alwar was at Rs 38,500-39,500/maund.

Kapas here traded at Rs 5,000-5,800 per quintal, while cotton seed quoted at Rs 3,100-3,200/quintal.

According to traders, there is pressure on prices due to weak demand from mills. Actually mills are buying only according to their need.

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.

MARKET/VARIETY UNIT 22-Oct 20-Oct AVERAGE %Change US cent/lb
22-Oct 20-Oct ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29.5 mm (MIC 3.8-4.00) Rs/Candy 37800-38600 38400-38700 38200 38550 -350 -0.9 67.98-69.4
Lower Rajasthan-Mewad Line 27-28mm (MIC 3.00-3.8) Rs/Candy 37700-38500 38400-38700 38100 38550 -450 -1.2 67.8-69.22
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 38500-39500 39500-39600 39000 39550 -550 -1.4 69.24-71.02
Note: USD/INR= Rs 70.94
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date

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