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Cotton Prices Gain Sharply In North India On Positive Global Cues

15 Apr 2019 11:26 am
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MUMBAI (Commoditiescontrol) - Cotton prices zoomed in Punjab, Haryana and in upper Rajasthan on Monday, tracking sharp gains in US natural fiber futures on Friday's trade.

Cotton was trading at Rs 4,870-4,935 per maunda in Punjab. It was at Rs 4,870-4,920 per maund in Haryana. In upper Rajasthan, it quoted at Rs 4,850-4,890/maund.

Total daily arrivals today stood unchanged at 3,500 bales from Saturday.

Globally, the July benchmark cotton contract on ICE US futures settled higher by 1.4 percent on Friday as traders expected higher demand after reports that China would allow for some imports of cotton in the current year.

China's state planner said on Friday it approved 800,000 tonnes of cotton sliding tariff import quota for 2019. This comes in the midst of a long drawn trade war between China and the United States where heavy tariffs curbed free trade between the world's two biggest economies.

The United States is the world's biggest cotton exporter, while China is the top consumer. Furthermore, a weaker USD also supported prices. A stronger greenback makes commodities priced in dollars, such as cotton, more expensive for holders of other currencies.

At the Multi Commodity Exchange (MCX) in India, cotton for delivery in April was trading higher by Rs 40 or 0.18 percent at Rs 22,300 per bale (12:30 hrs IST).

Domestic prices have gained over 10 percent in less than a fortnight but it is the millers and traders who kept the stock with themselves are reaping the benefits of spurt in price. 

According to cotton trading body Indian Indian Cotton Association Limited (ICAL), nearly 94 percent crop has been sold by growers in the three Indian states of Punjab, Haryana and Rajasthan.

Out of the estimate arrival of 62.82 lakh bales in these states, 58.97 lakh bales were sold till March 31.

In Punjab, against an estimate of 9.15 lakh bales, 8.53 lakh bales were sold till March 31; in Haryana out of the of 24.72 lakh bales, 22.32 lakh bales were sold; and in Rajasthan 28.12 lakh bales were sold against an estimate of 28.95 lakh bale arrivals.

Meanwhile, the Cotton Association of India (CAI) on Tuesday lowered its March estimate of the cotton crop by 7 lakh bales than its previous month estimate to 328 lakh bales for the 2018-19 season.

Total cotton supply projected by the CAI during the period from October 2018 to March 2019 is 290.00 lakh bales of 170 kgs each which consists of the arrival of 255.83 lakh bales upto 31st March 2019, imports of 6.17 lakh bales upto 31st March 2019 and the opening stock at the beginning of the season at 28 lakh bales.

Further, the CAI has estimated cotton consumption during the months of October 2018 to March 2019 at 158 lakh bales while the export shipment of cotton upto 31st March 2019 has been estimated at 39 lakh bales.

Stock at the end of March 2019 is estimated at 93 lakh bales including 45.85 lakh bales with textile mills and remaining 47.15 lakh bales with CCI and others (MNCs, Traders, Ginners, etc.).




 

(By Commoditiescontrol Bureau) 


       
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