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Cotton Prices Up Rs 200/Candy In Gujarat On Mills' Buying

25 Jan 2020 12:45 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled up by Rs 200 per candy at major markets in Gujarat on Saturday due to increased buying from mills after a decline in prices over the last few days.

Arrivals today stood unchanged at 45,000 bales in the state.

As per trade sources, prices were mainly supported by the buying coming from mills at lower levels. However exporters have turned cautious amid uncertainty over China's demand. 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 slipped on Friday as increased aversion to risk in financial markets spilled into commodities that overshadowed a strong weekly export sales report.

Cotton March contract on the ICE fell 63 points to end at 69.4 cents per lb after trading within a range of 69.35 and 70.25 cents per lb.

SPOT COTTON PRICES IN MAJOR GUJARAT

MARKET/VARIETY

UNIT

25/Jan

24/Jan

AVERAGE

%Change

US cent/lb

25/Jan

24/Jan

ABS CHANGE*

Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC)

Rs/Candy

40300-40700

40100-40500

40500

40300

200

0.5

72.09-72.79

Gujarat S-6 B Grade (28.5 mm) (3.5-3.7 MIC)

Rs/Candy

38900-39400

38800-39200

39150

39000

150

0.4

69.59-70.46

Gujarat S-6 C Grade (28 mm) (3.2-3.5 MIC)

Rs/Candy

37500-38300

37000-38200

37900

37600

300

0.8

67.08-68.5

Gujarat V797 A Grade 22-24mm

Rs/Candy

32500-33500

32500-33500

33000

33000

0

0.0

58.14-59.91

Note: USD/INR= Rs 71.32

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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