Mumbai (Commodities Control) - Lower Rajasthan Cotton prices soared Rs 150-200 per Candy on Monday amid higher demand from millers and stockists, while daily arrivals increased. Traders reveal that the fibre lost Rs 300-350 per Candy in the latest week. Cotton futures on MCX are trading in green at Rs 22,250, tracking firmness on ICE cotton futures as May’21 contract is trading 0.62% higher at 88.30 cents per lb.
It is to be noted that the drop in ICE cotton futures stalled last Friday, as the international cotton benchmark managed to end the session on a positive note. Traders continue to bet on higher cotton exports from the U.S, while the ending stocks situation is tight.
Indian cotton meanwhile enjoys attractive export parity; being the cheapest cotton in the World. Vietnam, Bangladesh, China are queuing up to purchase Indian fibre. Tight supplies of premium quality cotton is expected to keep Indian cotton prices elevated during the ongoing season.
Meanwhile daily market arrivals were reported at 2,000 bags vs 1,500 bags in the last session.
Rajasthan Kapas (Per Quintal)
Kapas - Rs 5900 - 6600
Cottonseed - Rs 3,000 - 3,450
Mandi-Wise Cotton Quotes (Per Candy)
Marwad (28.5/29 mm) - Rs.43,500-44,800
Mewad (28-29mm) - Rs.43,000 - 44,500
Alwar/Khairthal/Bahroud (29mm) - Rs. 44,200 - 44,800
Pilani/SurajGarh 28 mm - Rs 43,700 - 44,100
(By Commoditiescontrol Bureau)
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