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Cotton Down In Gujarat, MP; Steady In Maharashtra, South India

9 Oct 2019 1:42 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled weak in Gujarat and Madhya Pradesh on Wednesday, while remained steady in Maharashtra and South India.

Prices moved lower in Gujarat with arrivals of new crops. Traders said that the mills are not yet active in the market due to high moisture content in the new cotton. At the same time stockists and millers are still waiting for a further decline in prices. Meanwhile, CCI has started preparations for the procurement. However, it is believed that the buying will start only after Diwali.

In Madhya Pradesh too, cotton  eased today and ruling below the MSP by Rs 350. Cotton with higher moisture is being sold even at half the price of MSP. Actually Cotton Corporation of India will buy cotton with 8-12 percent moisture at the rate of Rs 5550/quintal. While price was Rs 5,450 per quintal in the previous year. This time the government has increased the price by Rs 100. The moisture in cotton is high due to the ongoing rain.

Sources say that the CCI will do a Muhurat to buy cotton on Dhanteras.

In Maharashtra, prices stood unchanged. Traders said that there is a huge shortage of 29-30MM cotton stock in the state. Also, demand from the mills of South India continues in the market. The procurement from CCI will start only after Diwali. In such a situation, prices are getting support from lower levels.

In South India too, the price of cotton quoted unchanged today. 

Arrivals today stood at 2,500 bales each in Maharashtra, 2,400 bales in Gujarat, 2,000 bales in Madhya Pradesh, 1,000 bales in Andhra Pradesh & Telangana and 700 bales in Karnataka.

On the Multi Commodity Excchange (MCX) Cotton October futures were down 0.4 percent at Rs 19,410 per bale.

 

SPOT COTTON PRICE IN CENTRAL/SOUTH INDIA
MARKET/VARIETY UNIT  9-Oct 7-Oct AVERAGE %Change US cent/lb
9-Oct 7-Oct ABS CHANGE*
Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC) Rs/Candy 40800-41000 41000-41200  40,900   41,100  -200 -0.49 73.18-73.52
Gujarat S-6 B Grade (28.5 mm) (3.5-3.7 MIC) Rs/Candy 40200-40500 40800-40900  40,350   40,850  -500 -1.22 72.1-72.63
Gujarat S-6 C Grade (28 mm) (3.2-3.5 MIC) Rs/Candy 0-0 0-0  -     -    0 #DIV/0! 0-0
Gujarat V797 B Grade  Rs/Candy 31000-31700 31500-32500  31,350   32,000  -650 -2.03 55.6-56.84
MH 30mm Nagpur Line (3.8-4.2 MIC) Rs/Candy 42900-42900 42900-42900  42,900   42,900  0 0.00 76.95-76.93
MH 29mm+ (3.8-4.00 MIC) Nagpur Line Rs/Candy 41900-41900 41900-41900  41,900   41,900  0 0.00 75.15-75.14
MH 29mm+ Jalgaon Line (3.6-3.7 MIC) Rs/Candy 41700-41700 41700-41700  41,700   41,700  0 0.00 74.79-74.78
MH 29mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 41400-41900 41500-42000  41,650   41,750  -100 -0.24 74.25-75.14
MH 28.5mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 40900-40900 40900-40900  40,900   40,900  0 0.00 73.36-73.34
MH 28mm Akola/Marathwada Line (MIC 3.6) Rs/Candy 40400-40400 40400-40400  40,400   40,400  0 0.00 72.46-72.45
MP-MECH 29mm+ (3.7-3.8 MIC) Rs/Candy 41300-42000 41500-42000  41,650   41,750  -100 -0.24 74.08-75.31
Telangana - Bhainsa 29.5mm (MIC 3.8-4.1) Rs/Candy 41700-42000 41700-42000  41,850   41,850  0 0.00 74.79-75.31
Telangana - Bhainsa 29mm (MIC 3.5-3.8) Rs/Candy 41000-41500 41200-41500  41,250   41,350  -100 -0.24 73.54-74.42
AP - Guntur A Grade (30-31mm) (MIC 4.2 -4.6) Rs/Candy 41500-42000 41500-42000  41,750   41,750  0 0.00 74.43-75.31
Karnataka 29mm (MIC 3.8-4.0) Rs/Candy 42000-42500 42000-42500  42,250   42,250  0 0.00 75.33-76.21
Karnataka DCH Rs/Candy 53500-55500 53500-55500  54,500   54,500  0 0.00 95.96-99.52
Note: USD/INR= Rs 71.13
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg |MH - Maharashtra; MP - Madhya Pradesh; AP - Andhra Pradesh
*Average Change is the difference between average price of current date vs previous date

       
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