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Cotton Mixed In Central, South India On Scattered Business

6 Dec 2018 5:58 pm
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MUMBAI (Commoditiescontrol) – Cotton traded mixed in central and south India as market players remained cautious amid uncertainty about futures trend amid volatility in the international cotton prices followed by concern about global economic slowdown.

Only needy buyers are active in cotton, while most buyers have opted to wait and watch as prices are likely to correct in the domestic market amid weak offtake in yarn, said a trader from Aurangabad.

The maiin factor which is supporting domestic cotton prices is slower than expected pace of supply in the country, he said.

Cotton daily arrivals should rise above 1.75 lakh bales, but today stood at 1.53 lakh bales (170kg each) versus 1.58 lakh bales on previous session.

The slow pace of arrivals was attributed to slow selling by farmers at the prevailing rates as they are bullish amid lower crop outlook this season, he added.

However, experts are predicting some near term fall as cues are not clear and market doesn't like uncertainty, he noted.

ICE March cotton dropped 1.1% at 80.29 cents per pound in electronic trade by 1800 IST, while MCX December cotton futures was down 0.1% at Rs 21,960 per bale.

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

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