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Cotton Gains In North India On Mills' Demand

10 Jan 2020 11:27 am
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MUMBAI (Commoditiescontrol) - Cotton prices gained by Rs 20 per maund at major markets in North India on Friday due to an increase in demand from the mills amid an uptrend in the global market.

A total of 17,000 bales of cotton today arrived in North India, unchanged from Thursday.

The price of 27-28.5MM cotton in Punjab quoted at Rs 4,080-4,110/maund. Similarly, 27-28MM cotton in Haryana was at Rs 4,070-4,090 per maund. While, price of 26.5-28MM cotton ruled at Rs 4,080 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,200-5,300/quintal. While cotton seed quoted at Rs 2,660-2,670/quintal. Cotton seed oil cake on the other hand traded at Rs 2,300-2,475 per quintal.

According to traders, buying from mills has increased amid expectations that exports may rise ahead in the wake of higher global prices and weakness in the rupee.

Meanwhile, state-run Cotton Corporation of India (CCI) has procured a total of 4,25,000 bales (of 170 kg each) of cotton in North India till January 8 in the current season, i.e. 2019-20 at the minimum support price (MSP).

Globally, ICE cotton futures rose more than 1 percent to an eight-month high on Thursday, as investors remained bullish ahead of the US Department of Agriculture's monthly crop supply and demand report.

The benchmark cotton March contract rose 73 points to close at 70.69 cents per lb . It rose to 70.85 cents earlier in the session, the level last seen on May 10.

Technically, cotton is looking firm with support for ICE cotton March contract is at 69.08 cents, while resistance at 71.66 cents. While, cotton Jan contract on MCX has crossed the target of Rs 19,900, suggested by commoditiescontrol.com. It is currently trading at Rs 19,980/bale. The price will continue to rise further and may soon go up to Rs 20,200.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 10-Jan 9-Jan AVERAGE % Change US cent/lb
10-Jan 9-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4080-4110 4060-4090 4,095 4,075 20 0.5 69.41-69.92
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4070-4090 4050-4070 4,080 4,060 20 0.5 69.24-69.58
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4080-4080 4060-4060 4,080 4,060 20 0.5 69.41-69.41
Note: USD/INR= Rs 71.44
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

SPOT COTTON PRICE IN LOWER RAJASTHAN
MARKET/VARIETY UNIT 10-Jan 9-Jan AVERAGE %Change US cent/lb
10-Jan 9-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38000-39350 37800-39150 38675 38475 200 0.5 67.86-70.26
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 36950-38950 36750-38750 37950 37750 200 0.5 65.99-69.54
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39150-39150 38950-38950 39150 38950 200 0.5 69.91-69.9
Note: USD/INR= Rs 71.44
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date

       
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