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Maharashtra Cotton Rates Flat amid Restricted Demand from MNCs-Millers, Dull Futures

20 Jan 2021 4:28 pm
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Mumbai (Commodities Control) - Maharashtra cotton prices were priced unchanged due to limited demand from yarn millers and MNCs on Wednesday, while daily arrivals dropped.

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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