Mumbai (Commodities Control) – Cotton prices are moving southward in Maharashtra markets as ICE cotton futures slid to its 5-month lows. Price slipped Rs 200/Candy in the state.
Maharashtra registered arrivals of 65,000 bales on Friday. Here Kapas was quoted at Rs 4500-5100, while cottonseed traded at Rs 1850-2150/Quintal. Cottonseed oilcake was priced RS 50 lower, at Rs 1600-1850/Quintal.
According to the traders, local millers are accumulating cotton at lower levels, although such deals are fewer in number. Meanwhile exporters are not ready to buy in the face of pandemic fears that have rattled the global markets.
Cotton futures fell over 3% to a five-month low on Friday. Cotton contract for May fell 3.3%, to 60.46 cents per lb as of 0807 GMT in pre-market trading. The contract touched its lowest since September at 60.18 cents earlier in the session.
This decline on ICE cotton futures led to price fall in domestic cotton. Although, Cotton March contract on MCX has recovered from steep fall, of early session, trading at Rs 18,330, down Rs 70.
(Commodities Control Bureau)