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Cotton Prices Down In Central, South India On Negative Global Cues

12 Feb 2019 2:17 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled weak in Central and South India on Tuesday, tracking overnight losses in US natural fiber.

Sharp decline in domestic futures along with higher output estimate in China also weighed on spot prices.

Globally, the most active cotton March contract on ICE Futures US settled down by 200 points at 70.55 cents per lb on Monday amid a stronger USD and on bearish acreage report. A National Cotton Council producer survey released in San Antonio showed intended planted cotton acreage 2.9 percent larger than last year at 14.5 million acres. 

Worries about a looming March 1 deadline for a US-China trade agreement also dragged prices lower.

Meanwhile, negotiators from the United States and China, the world's top soybean buyer, are trying to hammer out a trade deal before a March 1 deadline, when US tariffs on USD 200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent. 

China expressed hopes for a breakthrough as talks resumed, though a US Navy mission through the disputed South China Sea cast a shadow over the prospect for improved Beijing-Washington ties.

In addition, China’s 2018/19 cotton output was seen at 6.04 million tonnes, up from a previous forecast of 5.94 million tonnes, the Ministry of Agriculture and Rural Affairs said in its monthly crop report released on Monday. The ministry also raised its forecast of China’s 2018/19 cotton imports to 1.6 million tonnes from a previous forecast of 1.50 million tonnes, according to the monthly Chinese Agricultural Supply and Demand Estimates (CASDE).

At the Multi Commodity Exchange (MCX), cotton for delivery this month was trading lower by Rs 190 or 0.93 percent at Rs 20,320 per bale (15:10 hrs IST).
 


 

(By Commoditiescontrol Bureau) 


       
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