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Cotton Steady To Easy at North India; Planting Progress Reaches 60%

19 May 2017 11:14 am
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MUMBAI(Commoditiescontrol): Cotton marginally declined Rs 5/maund at Punjab while slipped Rs 20/maund at Rajasthan in early trade amid sluggish trade activity.

Slack movement in trade activity weighed on spot prices of Rajasthan which lowered to Rs 4,540-4,570/maund (43,350-43,600/candy) as some sellers were offering to offload their stocks at a discount, meeting the expectation of buyers’ bid price.

Meanwhile, the major factor which is weighing on the market sentiment is the on-going sowing progress which has reached 60% of the total target area in Haryana and 70% in Punjab. (Full Report)

Expectation of higher production amid rise in sowing acreage in 2017-18 has limited any further gains in the market in past few sessions.

The MCX May futures opened steady at Rs 21,100/bale after a weaker closing of 0.7 percent on Thursday. (Full Report)

However, it is trading (10:45 IST) marginally higher Rs 30 at Rs 21,130/bale tracking the firm trend on the ICE futures market. The ICE July futures is trading (10:45 IST) up 0.17 cents to 79.41 cents/lb.




Cotton arrivals in North India were at 1,200 bales, unchanged from May 18.
Haryana received 1,100 bales while Punjab procured merely 100 bales.

Spot raw cotton (kapas) was steady at Rs 5,700-5,900/quintal while cotton seed was unchanged at 2,650-2,750/quintal compared to previous session.

(By Commoditiescontrol Bureau; +91-22-40015534)

 


       
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