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Cotton Prices Rise Up to Rs 500/Candy In Central, South India

9 Dec 2019 3:50 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved higher by up to Rs 500 per candy at major markets in Maharashtra, Gujarat and Madhya Pradesh on Monday, tracking sharp gains in the global market and on good demand from mills.

According to traders, apart from mills, exporters have also become active in the market. Even mills of South India are showing buying interest in Gujarat. While there is no selling in the market at lower levels.

Some exporters have also been reported to have deals in the market. As of December 15, they have to complete his old export commitment. India is expected to export around 3 lakh bales of cotton during this period.

At the same time, with the arrival of good quality fibre, Cotton Corporation of India has also increased purchases in the state.

In Maharashtra, cotton prices have also been supported by the sharp increase in cotton seed prices. The price of cotton in the mandis has come very close to the support price/MSP due to lack of selling at lower levels. Although the farmers are more interested on selling cotton to CCI, the mills are also doing deals at a higher price.

In South India, prices moved up in Karnataka and Andhra Pradesh amid gains in the global market and on mills' demand. But the commodity remained steady in Telangana.

Arrivals today stood at 48,000 bales in Gujarat, 55,000 bales in Maharashtra, 11,000 bales in Madhya Pradesh, 38,000 bales in Andhra Pradesh & Telangana and 15,000 bales in Karnataka.

Globally, US cotton prices jumped nearly 2 percent to above 66 cents per pound yesterday, supported by expectations of agreement between the US and China.

SPOT COTTON PRICE IN CENTRAL/SOUTH INDIA
MARKET/VARIETY UNIT 09-Dec 07-Dec AVERAGE %Change US cent/lb
09-Dec 07-Dec ABS CHANGE*
Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC) Rs/Candy 37400-39200 37200-39000 38,300 38,100 200 0.52 67.09-70.3
Gujarat V797 B Grade Rs/Candy 31000-32000 31000-32000 31,500 31,500 0 0 55.61-57.39
MH 30mm Nagpur Line (3.8-4.2 MIC) Rs/Candy 40500-40500 40000-40000 40,500 40,000 500 1.25 72.65-72.64
MH 29mm+ (3.8-4.00 MIC) Nagpur Line Rs/Candy 40000-40000 39500-39500 40,000 39,500 500 1.27 71.75-71.74
MH 29mm+ Jalgaon Line (3.6-3.7 MIC) Rs/Candy 39800-39800 39300-39300 39,800 39,300 500 1.27 71.4-71.38
MH 29mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 39600-39800 39000-39200 39,700 39,100 600 1.53 71.04-71.38
MP-MECH 29mm+ (3.7-3.8 MIC) Rs/Candy 39400-39700 39000-39500 39,550 39,250 300 0.76 70.68-71.2
AP - Guntur A Grade (30-31mm) (MIC 4.2 -4.6) Rs/Candy 36000-38000 36000-37500 37,000 36,750 250 0.68 64.58-68.15
Karnataka 29mm (MIC 3.8-4.0) Rs/Candy 40000-40100 39700-39700 40,050 39,700 350 0.88 71.75-71.92
Karnataka DCH Rs/Candy 52000-55000 52000-55000 53,500 53,500 0 0 93.28-98.64
Note: USD/INR= Rs 71.12
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg |MH - Maharashtra; MP - Madhya Pradesh; AP - Andhra Pradesh
*Average Change is the difference between average price of current date vs previous date

       
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