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Cotton Rules Mostly Weak In Central, South India

10 Dec 2019 3:41 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved lower by Rs 150-250 per candy at major markets in Maharashtra, Gujarat and Karnataka on Tuesday amid strong arrivals and due to a decrease in demand at higher levels.

According to traders, after the gain of the last two days, there has been a sudden increase in arrivals, while the mills have reduced purchases at higher prices. In the global market too, cotton fell by 0.9 percent on the first trading day of the week. The market is eyeing the USDA supply and demand report, due later today.

Cotton is also ruling weak in domestic futures with December contract on MCX last traded down 0.3 percent at Rs 19,080/bale.

However, prices remained mostly steady in Madhya Pradesh, Andhra Pradesh and Telangana today. Purchases from CCI mainly prevented a downside in these states. In Madhya Pradesh, demand from the mills is good as there is a shortage of good quality cotton.

A study conducted by textile industrial association IndianTexpreneurs Federation (ITF) on the current state of the sector has shown that about 45 percent of the firms in Tamil Nadu are facing a ‘severe or very severe’ crunch in their working
capital requirements, which is affecting their performance.

Arrivals today stood at 50,000 bales in Gujarat, 60,000 bales in Maharashtra, 10,000 bales in Madhya Pradesh, 38,000 bales in Andhra Pradesh & Telangana and 14,000 bales in Karnataka.

SPOT COTTON PRICE IN CENTRAL/SOUTH INDIA
MARKET/VARIETY UNIT 10-Dec 09-Dec AVERAGE %Change US cent/lb
10-Dec 09-Dec ABS CHANGE*
Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC) Rs/Candy 37200-39000 37200-39000 38,100 38,300 -200 -0.52 66.93-70.15
Gujarat V797 B Grade Rs/Candy 31000-32000 31000-32000 31,500 31,500 0 0 55.77-57.56
MH 30mm Nagpur Line (3.8-4.2 MIC) Rs/Candy 40300-40300 40000-40000 40,300 40,500 -200 -0.49 72.51-72.49
MH 29mm+ (3.8-4.00 MIC) Nagpur Line Rs/Candy 39800-39800 39500-39500 39,800 40,000 -200 -0.5 71.61-71.59
MH 29mm+ Jalgaon Line (3.6-3.7 MIC) Rs/Candy 39700-39700 39300-39300 39,700 39,800 -100 -0.25 71.43-71.41
MH 29mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 39500-39600 39000-39200 39,550 39,700 -150 -0.38 71.07-71.23
MP-MECH 29mm+ (3.7-3.8 MIC) Rs/Candy 39400-39800 39000-39500 39,600 39,550 50 0.13 70.89-71.59
AP - Guntur A Grade (30-31mm) (MIC 4.2 -4.6) Rs/Candy 36000-38000 36000-37500 37,000 37,000 0 0 64.77-68.35
Karnataka 29mm (MIC 3.8-4.0) Rs/Candy 39800-39800 39700-39700 39,800 40,050 -250 -0.62 71.61-71.59
Karnataka DCH Rs/Candy 52000-55000 52000-55000 53,500 53,500 0 0 93.56-98.93
Note: USD/INR= Rs 70.91
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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