Mumbai (Commodities Control) - Madhya Pradesh cotton prices were quoted steady amid weak demand from yarn millers and stockists on Wednesday, while daily arrivals rose.
Traders reveal that demand from domestic millers has reduced as compared with prior weeks. CCI has reduced procurement as the cotton prices have surged past MSP. On MCX, active cotton futures are trading 0.20% lower at Rs 21,080 today, tracking profit booking on ICE cotton futures ahead of Joe Biden’s oath taking ceremony.
ICE cotton futures rose on Tuesday as the dollar weakened, while robust demand and anticipation of further economic stimulus in the United States offered additional support. The cotton contract for Mar 21 closed at 81.15 cents, up 45 points, May 21 Cotton closed at 82.07 cents, up 45 points. Jul 21 Cotton closed at 82.84 cents, up 47 points and Dec 21 Cotton closed at 77.69 cents per lb, up 67 points.
Kapas rates are hovering in the range of Rs 5800-6100/Quintal,while CCI’s procurement rate is Rs 5,750/Quintal.
Today market arrivals were reported at 13,000 bales vs 12,500 bales in the last session.
M.P Cotton Quotes (Per Quintal)
A -Grade Kapas - Rs 5,700 - 5,900
B-Grade Kapas- Rs 4,600-5,600
Cottonseed - Rs 2,250-2,550
CCI purchased kapas at the rate of Rs 5,400-5,750 per Quintal.
Cotton Quotes (Per Candy)
New Cotton 29-29+mm RD 75 Variety - Rs. 43,500 - 44,000
RD 74 Variety - Rs.42,800 - 43,300
RD 73 Variety - Rs 42,200 - 42,600
RD 68/70 - Rs 40,200-41,500
30MM - Rs 44,400-44,800
DCH 34.5/35 MM- Rs 64,500-67,000
(Commodities Control Bureau)
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