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Cotton Prices Steady To Down In Central India

15 Jan 2020 1:07 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled steady to down in Central India on Wednesday amid limited trading activities.

South Indian markets remained closed for Pongal and Makar Sankranti.

Prices remained steady in Gujarat amid sluggish trade due to Makar Sankranti, while moved lower in Maharashtra and Madhya Pradesh due to the decline in demand from the mills as well as exporters at existing higher prices and tracking weakness in the global market.

Arrivals today stood at 40,000 bales in Gujarat, 50,000 bales in Maharashtra and 7,000 bales in Madhya Pradesh.

According to traders, trading was sluggish today in Central India due to Makar Sankranti. Furthermore, exporters have also retrained themselves amid selling in the global market.

Globally, ICE March cotton closed at 71.38, down15 points on Tuesday as the market is awaiting signing of a US-China Phase 1 trade deal later in the day that could reopen China's giant market to US grain and farm product exports.

There is an understanding that China will purchase massive amounts of US goods and services. However, there is conflicting news that indicates, even after the signing, the US will maintain its tariffs for a 90-day period for compliance reasons.


       
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