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.
Domestic cotton futures are range-bound due to profitbooking which is why spot cotton rates are stalled. However global market price momentum continues to be bullish that will continue to support price rally in Indian markets.
On MCX, active cotton futures trading nearly flat down 0.08% to Rs 21,100. Export parity continues to be in favour of Indian cotton, due to which MNCs demand is consistent. According to the traders, domestic and even global cotton output is expected to be lower, while nearly 60-65% of the new crop has already arrived.
On Wednesday, daily cotton arrivals were registered at 40,000 bales vs 45,000 bales in the last session.
Maharashtra Cotton Quotes (Per Quintal)
Kapas - Rs 4,700-5,900
Cottonseed - Rs 2,250-2,600
CCI Purchase Rate- Rs 5,825
Mandi-wise Cotton Quotes (Per Candy)
New Cotton Nagpur/Yavatmal 30 mm RD 75+ - Rs 44,400- 44,800
RD 74 - Rs 42,700- 43,300
29.5 mm RD 75 - Rs. 43,600 - 44,000
RD 75 Jalgaon/Khandesh - Rs 43,500- 43,800
RD 74+ Akola/Marathwada - Rs 43,200 - 43,600
28.5 mm - Rs 41,600 - 42,200
Lower RD 62/71 - Rs 36,500 - 41,800
(Commodities Control Bureau)
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