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Cotton Prices Mixed In Central, South India

14 Jan 2020 12:45 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled mixed in Central and South India on Tuesday due to slective demand.

Prices remained steady in Gujarat amid sluggish trade due to Makar Sankranti. According to traders, buyers and sellers are less in the market because of the festival. There is also pressure from the upper level on prices due to strong rupee. Seeing the strength in the rupee, some ginners have been selling out since yesterday. However, at the current price there are no buyers of cotton here.

Priced also quoted unchanged in Karnataka, Andhra Pradesh and Telangana in limited trade ahead of the Pongal.

In Maharashtra prices fell by Rs 500 per candy due to the rise in arrivals. Buying is also weak due to Makar Sankranti. The festival will also be celebrated tomorrow in some areas of the state.

While in Madhya Pradesh, prices gained by Rs 200-300 per candy on the back of mills demand amid an uptrend in the global market.

Arrivals today stood at 20,000 bales in Gujarat, 65,000 bales in Maharashtra, 13,000 bales in Madhya Pradesh, 25,000 bales in Andhra Pradesh & Telangana and 7,000 bales in Karnataka.

Globally, US cotton futures on ICE rose on Monday, hitting a more than eight-month high, ahead of the expected signing of a Phase 1 US-China trade deal. Cotton March contract settled up 22 points to 71.53 cents per lb. It rose to 71.96 cents earlier in the session, the level last seen on May 9.

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