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Cotton Gains In Central, South India On Mills' Demand

18 Jan 2020 1:36 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved higher by Rs 100-300 per candy at major marekts in Central and South India on Saturday due to the increase in demand from mills at lower prices.

According to traders, mills have increased purchases at lower levels after a decline in prices over the last few days. At the same time, exporters have also become active in the market due to a sharp rise in the global prices.

However, despite today's recovery, the price is still below Rs 300-400 from the upper level of this week. Traders say that due to the rise in the global market, the export expectations have increased.

According to sources, about 20 lakh bales of cotton have been exported in the current season, of which shipment of more than 1 million bales of cotton has already been done. At the same time, India's cotton yarn is also in demand in the global market. It is believed that there will be no significant drop in prices further.

Arrivals today stood at 48,000 bales in Gujarat, 50,000 bales in Maharashtra and 13,000 bales in Madhya Pradesh, 27,000 bales in Andhra Pradesh & Telangana and 11,000 bales in Karnataka.

Globally, cotton March futures on the ICEsettled 103 points higher at 71.25 cents per pound yesterday. However, there was a weakness of about 1 point during the week. May futures also settled with a gain of 100 points at 72.19 cents.

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