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Cotton Prices Steady To Firm In Central, South India

20 Feb 2020 4:26 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled firm in Gujarat, Madhya Pradesh, Telangana and Karnataka on Thursday due to an increase in demand from mills amid positive global cues.

According to traders, demand from mills has improved amid an uptrend in the global market. Export demand mainly from Bangladesh is also being seen in the market at existing lower levels.

Globally, US cotton futures On the ICE rose to a near three-week high on Wednesday as the number of coronavirus cases dropped in China, easing fears of an economic slowdown in the world's second-largest economy. Cotton May contract rose 78 points to settle at 69.65 cents per lb. Earlier in the session the contract rose to 70.24 cents per lb, a level last seen on Jan 30.

However, prices remained steady in Maharashtra and Andhra Pradesh amid average trade.

Arrivals today stood at 38,000 bales in Gujarat, 55,000 bales in Maharashtra, 14,000 bales in Madhya Pradesh, 38,000 bales in Andhra Pradesh & Telangana and 10,000 bales in Karnataka.

As far as CCI's buying is concerned, the agency has procured more than 60 lakh bales of cotton so far this season at Minimum Support Price (MSP).

Chairman and managing director of CCI P. Alli Rani said that 60 percent of the estimated cotton production had come into the market so far this season, which started in October 2019. Of this, the CCI had procured 28 percent. The Cotton Advisory Board’s provisional cotton production estimate for this season is 360 lakh bales.

The CCI has nine lakh bales stock of cotton from the previous seasons and 60 lakh bales from this season. Nearly 50 percent of cotton procured so far this season is from Telangana.

       
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