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Cotton Mostly Down In Central, South India On Limited Buying

24 Jan 2020 2:03 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled mostly weak at major markets in Central and South India on Friday due to the limited buying from mills as well as exporters amid a sharp decline in the global market.

Prices however remained steady in Madhya Pradesh and Telangana due to the CCI's buying.

Arrivals today stood at 45,000 bales in Gujarat, 65,000 bales in Maharashtra and 16,000 bales in Madhya Pradesh, 50,000 bales in Andhra Pradesh & Telangana and 5,000 bales in Karnataka.

As per trade sources, exporters have turned cautious after recent decline in the global price. Mills are also less interested at existing levels. They said the virus outbreak in China along with Chinese New Year holidays has disturbed the global markets for the next fortnight and they expect clarity on export orders only by mid February.

Over 2 million bales of cotton have already been exported in the current cotton crop and another 2.5-3 million bales will be exported this crop year, similar to the previous year.

Meanwhile, the CCI has been selling procured cotton via auctions but has not been receiving a good response from local textile mills as the prices quoted by CCI are very high.

The Cotton Corporation of India (CCI) has procured about 40 lakh bales of cotton as part of its MSP procurement operations so far during the season, amounting to 25 percent of the crop arrivals in the market.

Globally, US cotton futures dell sharply on Thursday as mounting worries over a coronavirus outbreak in China weighed on market sentiment and pulled equities and oil prices lower, while investors awaited for the weekly export sales report.

Cotton March contract declined 110 points to settle at 70.03 cents per lb after moving in the range of 69.8 and 71 cents per lb.

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