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Cotton Rules Steady To Weak In Central, South India

26 Feb 2020 1:59 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled mostly weak in Central and South India, barring Gujarat and Andhra Pradesh on Wednesday due to the decrease in demand from mills and exporters amid negative global cues.

In Gujarat and Andhra Pradesh, prices were steady amid average trade. Sellers are no longer willing to drop the price after a decline in the price over the last few days.

Arrivals today stood at 35,000 bales in Gujarat, 60,000 bales in Maharashtra, 12,500 bales in Madhya Pradesh, 38,000 bales in Andhra Pradesh & Telangana and 12,000 bales in Karnataka.

According to traders, stockists have increased selling in the market as there is a possibility of further pressure on pricesdue to the fall in the global market. The demand from China is already weak due to the outbreak of coronavirus there.

At the same time, the demand of mills has also weakened due to decrease in demand for cotton cake.

Globally, US cotton futures extended losses on Tuesday, after touching a more than two-month low in the previous session, as a sharp rise in the new coronavirus cases outside China sparked worries of a global economic slowdown.

Cotton May contract slipped 126 points to settle at 66.70 cents per lb after moving in the range of 66.52 and 67.75 cents a lb.

SPOT COTTON PRICE IN CENTRAL/SOUTH INDIA
MARKET/VARIETY UNIT 26-Feb 25-Feb AVERAGE %Change US cent/lb
26-Feb 25-Feb ABS CHANGE*
Gujarat S-6 A Grade (29mm) (3.8-4.00 MIC) Rs/Candy 39200-39500 39200-39500 39,350 39,350 0 0 69.86-70.38
Gujarat S-6 B Grade (28.5 mm) (3.5-3.7 MIC) Rs/Candy 38100-38300 38100-38300 38,200 38,200 0 0 67.9-68.24
Gujarat S-6 C Grade (28 mm) (3.2-3.5 MIC) Rs/Candy 36300-37000 36300-37000 36,650 36,650 0 0 64.69-65.92
Gujarat V797 B Grade Rs/Candy 31600-31800 31600-31800 31,700 31,700 0 0 56.31-56.66
MH 30mm Nagpur Line (3.8-4.2 MIC) Rs/Candy 39800-40000 40000-40000 39,900 40,000 -100 -0.25 70.93-71.27
MH 29mm+ (3.8-4.00 MIC) Nagpur Line Rs/Candy 39300-39500 39500-39500 39,400 39,500 -100 -0.25 70.04-70.38
MH 29mm+ Jalgaon Line (3.6-3.7 MIC) Rs/Candy 39000-39200 39300-39300 39,100 39,300 -200 -0.51 69.5-69.84
MH 29mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 38800-39000 39000-39200 38,900 39,100 -200 -0.51 69.14-69.49
MH 28.5mm Akola/Marathwada Line (3.5-3.7 MIC) Rs/Candy 38300-38300 38500-38500 38,300 38,500 -200 -0.52 68.25-68.24
MP-MECH 29mm+ (3.7-3.8 MIC) Rs/Candy 39100-39500 39200-39600 39,300 39,400 -100 -0.25 69.68-70.38
Telangana - Bhainsa 29.5mm (MIC 3.8-4.1) Rs/Candy 38800-39000 39100-39300 38,900 39,200 -300 -0.77 69.14-69.49
Telangana - Bhainsa 29mm (MIC 3.5-3.8) Rs/Candy 38600-38800 38900-39100 38,700 39,000 -300 -0.77 68.79-69.13
AP - Guntur A Grade (30-31mm) (MIC 4.2 -4.6) Rs/Candy 39200-40000 39200-40000 39,600 39,600 0 0 69.86-71.27
Karnataka 29mm (MIC 3.8-4.0) Rs/Candy 39700-39700 39800-39800 39,700 39,800 -100 -0.25 70.75-70.73
Karnataka DCH Rs/Candy 57500-58000 57500-58000 57,750 57,750 0 0 102.47-103.34
Note: USD/INR= Rs 71.59
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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