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Cotton rules steady in Madhya Pradesh amid limited buying

10 Aug 2022 2:39 pm
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NEW DELHI, Aug 10 (Commoditiescontrol) - Cotton prices ruled steady in the mandis of Madhya Pradesh on Wednesday amid limited buying from spinning mills, while no daily arrivals were reported today.

According to traders, globally, ICE cotton futures opened soft on Wednesday. In the domestic market, the spinning mills are procuring cotton only as per the requirement as they are facing disparity at increased prices. Recently, the prices of cotton have climbed in the domestic market, but the price of yarn has not increased in that proportion. Therefore, the prices of cotton in the spot market are not likely to be too bearish right now.

Meanwhile, the weather is clear in cotton growing areas of the state.

An uptrend was seen in cotton and kapas prices in the domestic futures market today afternoon with April'23 futures contract of kapas on the NCDEX edged higher by 0.27 percent. The August month cotton contract on the MCX also climbed by Rs 320 at Rs 48,650 per bale (1 bale -170 kg).

Kapas prices in the state's mandis ranged between Rs 9,000-10,000 per quintal, while cottonseed was quoted at Rs 3,200 to 3,700 per quintal.

In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 94,500-96,500 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 93,500 -94,500 per candy, 73 RD variety of cotton at Rs 91,500 to 93,500 and 72 RD variety of cotton at Rs 90,000 to 90,500 per candy.

The price of 72 RD variety of cotton in 28 mm was Rs 88,000 -89,000 per candy, while 70 RD variety of cotton at Rs 86,000-87,000 per candy.

The price of 68 RD variety of cotton in 27mm was Rs 76,000-77,000 per candy and that of 65 RD variety was Rs 74,000 -75,000 per candy.

The price of 30 mm 75 RD variety of cotton in the state ranged from Rs 96,000 to Rs 98,000 per candy.

MARKET/VARIETY UNIT 10-Aug-2022 9-Aug-2022 AVERAGE %Change US cent/lb
10-Aug 09-Aug ABS CHANGE*
MP-MECH 29mm+ (3.7-3.8 MIC) (RD 75) Rs/Candy 94500-96500 94500-96500 95500 95500 0 0.00 151.57-154.78
MP-MECH B Grade (RD 74) Rs/Candy 93500-94500 93500-94500 94000 94000 0 0.00 149.97-151.57
MP-MECH C Grade (RD 73) Rs/Candy 91500-93500 91500-93500 92500 92500 0 0.00 146.76-149.97
MP-MECH Grade (RD 72) Rs/Candy 90000-90500 90000-90500 90250 90250 0 0.00 144.36-145.16
MP-DCH 35mm+ Rs/Candy 102000-102000 102000-102000 102000 102000 0 0.00 163.6-163.6
MP Kapas NEW Rs/100 Kg 9000-10000 9000-10000 9500 9500 0 0.00 1131.76-1257.51
MP Kapas Fardar Grade Rs/100 Kg 7000-8000 7000-8000 7500 7500 0 0.00 880.26-1006.01
MP Seed Rs/100 Kg 3200-3700 3200-3700 3450 3450 0 0.00 402.4-465.28
Note : USD / INR 79.522
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg
*Average Change is the difference between average price of current date vs previous date

(By Commoditiescontrol Bureau: +91-22-40015505)

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