Mumbai (Commodities Control) - Karnataka cotton prices stalled for the third straight session on Wednesday due to restricted demand from millers and stockists, while daily arrivals have reduced today.
Meanwhile, MCX cotton March Contract is trading in a range at Rs 22,340 and April’21 Kapas futures quoted flat-to-firm at Rs 1263.50.Both the contracts have pared some mid-morning gains. This is mostly due to dull trade on ICE cotton futures, as May ‘21 contract trade at 90.71 cent per lb, down 0.31%.
ICE cotton futures fell about 1% on Tuesday following a sharp rise in the previous session, as a subdued sentiment in equity markets weighed on the natural fiber. The cotton market was able to shed intense selling pressure and close moderately lower. Cotton contracts for May cotton closed at 90.99 cents, down 58 points, July settled at 91.92 cents, down 54 points and December cotton ended at 86.45 cents, down 34 points.
Daily cotton arrivals on Wednesday were registered at 3,500 bales vs 4,000 bales in the last session
Karnataka Quotes (Per Quintal)
Kapas - Rs 5,600-6,700
Cottonseed - Rs 2,600-3,000
Mandi-wise Cotton Quotes (Per Candy)
RD 75 29-29.5 mm - Rs 45,800 -46,700
30/31mm - Rs. 46,800-47,800
DCH 32 BLS 33/34mm- Rs 69,000-73,000
(Commodities Control Bureau)
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