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Barring Karnataka, Cotton Prices Mostly Down In Central, South India

17 Jan 2020 1:45 pm
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MUMBAI (Commoditiescontrol) - Cotton prices remained mostly weak in Central and South India, barring Karnataka on Friday amid sluggish demand from both exporters and mills amid weakness in the global market.

According to traders, buying from exporters has come down due to the decline in the global market. Furthermore, interest of mills on high prices has also been affected. However, it is believed that demand may rise again after a slight drop in prices. So the trend in the market is still bullish.

Cotton price in Karnataka rose by Rs 100 due to the boycott of CCI's cotton by the mills.

Arrivals today stood at 48,000 bales in Gujarat, 58,000 bales in Maharashtra and 14,000 bales in Madhya Pradesh, 25,000 bales in Andhra Pradesh & Telangana and 12,000 bales in Karnataka.

Globally, US cotton futures on ICE dipped on Thursday as traders remained uncertain about cotton imports from China even after the signing of the Phase 1 trade deal, amidst lingering concerns of dampening demand of the fiber within China.

Cotton March contract fell 10 points to close at 70.22 cents per lb after moving in the range of 69.73 to 70.38 cents a lb.

The United States and China on Wednesday signed the Phase 1 trade deal, meant to reduce tensions after nearly two years of a tit-for-tat tariff war. The centrepiece of the trade deal is a pledge by China to purchase at least an additional USD 200 billion worth of US farm products and other goods and services over two years, above a baseline of USD 186 billion in purchases in 2017, the White House said.

However, China's pledge to buy US farm goods based on "market conditions" during the deal signing ceremony added to doubts among farmers and commodity traders over Beijing's lingering tariffs on US exports.

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