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Karnataka Cotton Slips amid Weak Demand of Millers-Stockists, Steady Arrivals

4 Mar 2021 2:56 pm
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Mumbai (Commodities Control) - Karnataka cotton prices dropped on Thursday due to pale demand from millers and stockists, while daily arrivals have been steady. Fall in global cotton rates is weighing on demand from domestic millers and stockists. Even futures contracts have slipped following ICE Cotton futures.


MCX cotton March Contract is trading 0.40% lower at Rs 22,100 and April’21 Kapas futures at Rs 1258.Both the contracts have been trading in red since morning. This is due to dull trade on ICE cotton futures, as May ‘21 contract trade at 87.89 cent per lb, down 0.63%.


ICE cotton futures fell more than 2% on Wednesday, tracking weakness in broader financial markets and as analysts said that the U.S. fiber was facing headwinds from cheaper Indian and African exports. Cotton contracts for May 21 closed at 88.45 Cents, down 254 points, July settled at 89.41 cents, down 251 points and Dec 21 Cotton closed at 85.01 cents, down 144 points.The active- contract rallied to over 2-1/2-year highs last week but has slipped as much as 7.5% from that peak.


Daily cotton arrivals on Thursday were registered at 3,500 bales, unchanged from the last session

Karnataka Quotes (Per Quintal)

Kapas - Rs 5,600-6,600

Cottonseed - Rs 2,600-2,950


Mandi-wise Cotton Quotes (Per Candy)

RD 75 29-29.5 mm - Rs 45,800 -46,500

30/31mm - Rs. 46,600-47,500

DCH 32 BLS 33/34mm- Rs 70,000-73,000








       
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