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Cotton Rules Mixed in Central, South; Brisk Markets and Weather Woes

16 Jul 2019 2:47 pm
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 MUMBAI(Commoditiescontrol) – Cotton prices observed a mixed trend in Central, Southern Spot markets on Tuesday.

Prices rose in Gujrat by Rs. 50/200 per Candy on active buying from the mills. Prices Remain unchanged in Maharashtra and Karnataka. In MP, it was up by Rs. 150 per Candy. It quoted down by Rs. 150 per Candy in Telangana.

According to Skymet, a private agency that provides weather forecasts, the ‘break monsoon’ period, which usually arrives in August, has already arrived this year, due to which dry conditions are expected for the next two weeks. The rainfall intensity is predicted to be weaker than the previous fortnight and there is also a lower probability of serious flooding in the next 10 days.

The period seems to be worrisome for farmers as the weakening rains will affect the sowing of cotton, soybean, green gram and maize along with other kharif crops, which were progressing slowly in regions like Marathwada, Madhya Pradesh, Gujarat and Rajasthan.

It is anticipated that the next arrivals will be delayed by a month in Maharastra and few other regions in Central India. Worried about the delayed arrivals and unsatisfactory sowing progress for the upcoming season, southern mills were actively buying from Gujrat and Maharashtra.

Globally, the most-active December contract on ICE was up by 1.27 cent at 63.95 cents per lb due to short covering by speculators as the market has touched record lows last week and concerns that tropical storm Barry may damage crop in the delta area.

On MCX, Cotton for delivery in July was up by 0.75% at Rs. 21,490 per Bale of 170 kgs each.

(By Commoditiescontrol)

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