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Cotton Prices Weak In Lower Rajasthan On Sluggish Mills' Demand

27 Feb 2020 3:57 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved lower at major markets in lower Rajasthan on Thursday due to the decrease in demand from the mills.

Arrivals today stood at around 2,000 bales.

The price of 28-29 MM cotton in Marwar and Mewar quoted lower by Rs 100 and 300 at Rs 37,700-38,900 and Rs 36,500-38,100/candy, respectively. While the price of 29-29.5MM in Alwar ruled firm by Rs 50 at Rs 38,500-38,600/maund.

Kapas here traded at Rs 4,000-5,100 per quintal. While cotton seed quoted at Rs 2,000-2,350/quintal. Cotton seed oil cake on the other hand traded at Rs 1,900-2,000 per quintal.

According to traders, despite sluggish arrivals, prices have come down as demand for mills has decreased. Mills are not ready to buy at high prices. In fact, the market sentiment has become very weak due to the consistent fall in the global market.

Globally, US cotton futures fell to a 2-1/2-month low on Wednesday as fear of an economic slowdown arising from the globally spreading coronavirus weighed on investor sentiment.

Cotton May contract dropped 83 points to settle at 65.47 cents per lb, after hitting their lowest since Dec. 5 at 65.40 cents after moving in the range of 65.43 and 66.85 cents a lb.

Cotton has fallen about 4 percent so far this month on virus woes.

Meanwhile, cotton March futures on MCX last traded down Rs 190 or 1 percent at Rs 18,730 per bale.


SPOT COTTON PRICE IN LOWER RAJASTHAN
MARKET/VARIETY UNIT 27-Feb 26-Feb AVERAGE %Change US cent/lb
27-Feb 26-Feb ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 37700-38900 37800-39000 38300 38400 -100 -0.3 67.18-69.31
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 36500-38100 36850-38350 37300 37600 -300 -0.8 65.05-67.88
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 38500-38600 38350-38650 38550 38500 50 0.1 68.61-68.77
Note: USD/INR= Rs 71.59
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date

       
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