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Cotton Slips In Central, South India On Subdued Trade, Weak ICE Close

14 Sep 2018 4:16 pm
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MUMBAI (Commoditiescontrol) – Cotton prices slipped in central and south India on Friday amid subdued trade continued in the physical market against negligible arrivals due to lean season.

Demand for cotton at present is sluggish by the mills as they are on the sideline anticipating some correction due to new supply pressure, said a trader from Ahmedabad.

New cotton supply has started in North India and is likely to start from next month onwards in central India, but the pace is expected to gain momentum by October-end as harvest is delayed this year by at least fortnight amid late sowing, he added.

Cotton crop in central India is good so far and if everything goes well till harvest then India may harvest around 360 lakh bales, he noted.


Meanwhile, sentiments in cotton remained subdued due to bearish cues from international market as ICE cotton futures on Thursday posted biggest percentage fall in one month.


ICE cotton futures slipped for a third straight session on Thursday and posted their biggest one-day percentage drop in nearly a month, on expectations that hurricane Florence may cause less damage than feared to the natural fiber followed by weak weekly export sales report.


The most active December cotton contract settled down 1.13 cent, or 1.37%, at 81.51 cents per lb, its biggest daily percentage loss since Aug. 15.


Meanwhile, demand in cotton yarn is said to be sluggish with many mills have reduced production due to stress in margins amid higher cost rates, said traders.


On derivatives, ICE December cotton was up 0.1% at 81.61 cents per pound in electronic trade by 1615 IST, while MCX October cotton was down 0.2% at Rs 22,750 per bale (170kg).




(By Commoditiescontrol Bureau; +91-22-40015533)


       
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