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Cotton Rules Mixed In Central, South India On Selective Demand

25 Jan 2020 2:29 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled weak in Maharashtra, Telangana and Karanataka on Saturday due to the limited buying from mills as well as exporters amid a downtrend in the global market.

While the commodity moved higher by up to Rs 300 per candy in Gujarat on the back of CCI's buying. Mills are also buying in the state after a decline in the price over the last few days. Prices on the other hand remained steady in Madhya Pradesh on lower arrivals and average demand.

Arrivals today stood at 45,000 bales in Gujarat, 65,000 bales in Maharashtra and 13,000 bales in Madhya Pradesh, 50,000 bales in Andhra Pradesh & Telangana and 12,000 bales in Karnataka.

As per traders, cotton prices are expected to remain weak in the days to come because of low demand from China and huge stock with the government agency. 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.

Furthermore, 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.

They further said that over 2 million bales of cotton have 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. If the rupee strengthen against the US dollar, export may be even more.

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.


       
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