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Cotton Extends Gains In North India On Positive Global Cues

11 Jan 2020 11:07 am
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MUMBAI (Commoditiescontrol) - Cotton prices gained further by Rs 10-20 per maund at major markets in North India on Saturday due to an increase in demand from the mills and exporters amid a further rise in the global market.

A total of 20,000 bales of cotton today arrived in North India, including 4,000 bales in Punjab, 9,000 bales in Haryana and 7,000 bales in upper Rajasthan. Arrivals were at 17,000 bales on Friday.

The price of 27-28.5MM cotton in Punjab quoted higher by Rs 20 at Rs 4,120-4,150/maund. 27-28MM cotton in Haryana also gained by a similar margin to Rs 4,110-4,130 per maund. While, price of 26.5-28MM cotton ruled firm by Rs 10 at Rs 4,130 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,250-5,350/quintal. While cotton seed quoted at Rs 2,700-2,750/quintal. Cotton seed oil cake on the other hand traded at Rs 2,325-2,475 per quintal.

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

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, US cotton futures rose on Friday, supported by optimism surrounding around the US-China trade deal, while a reduction in US and world production and ending stocks estimates in the latest monthly supply and demand report added to the upbeat sentiment.

The most active cotton contract on ICE Futures US, the front-month March contract, was up 62 points to settle at 71.31 cents per lb. Earlier in the session, prices rose to their highest since May 10 at 71.39 cents. In December, the price of cotton has increased about 10 percent in the global market, while from the low of August it has jumped about 25 percent.

Technically, cotton is looking firm with support for ICE cotton March contract is at 69.98 cents, while resistance at 72.06 cents.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 11-Jan 10-Jan AVERAGE % Change US cent/lb
11-Jan 10-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4120-4150 4100-4130 4,135 4,115 20 0.5 70.09-70.6
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4110-4130 4090-4110 4,120 4,100 20 0.5 69.92-70.26
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4130-4130 4120-4120 4,130 4,120 10 0.2 70.26-70.26
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 11-Jan 10-Jan AVERAGE %Change US cent/lb
11-Jan 10-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38200-39500 38000-39350 38850 38675 175 0.5 68.22-70.52
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 37500-39000 36950-38950 38250 37950 300 0.8 66.97-69.63
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39200-39200 39150-39150 39200 39150 50 0.1 70-69.99
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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