Cotton prices show mixed movement in Indian market

In Indian markets, the prices of standard Shankar-6 cotton variety prevailed in the range of Rs 42,200 per candy of 356 kg to Rs 43,500 per candy. During the day, a total of 1,69,500 bales of cotton arrived in the market, of which North India received 12,500 bales, Gujarat 45,000 bales, Maharashtra 55,000 bales, Madhya Pradesh 9,000 bales, Andhra Pradesh 40,000 bales, and Karnataka 8,000 bales.

In Mumbai (Maharashtra), cotton prices of various staple lengths and diverse microns were range bound. Price of cotton of staple length 24mm and lower was in a range of Rs 30,000 per candy to Rs 38,200 per candy, price of cotton of staple length 26mm to 28mm was range bound between Rs 40,100 per candy and Rs 44,700 per candy, whereas 29mm cotton and higher staple lengths were quoted in a price range of Rs 42,600 to Rs 56,500 per candy.

In Pakistan, the seed-cotton offer prices were in the range of PKR 3,300/40 kg to PKR 3,700/40 kg. The Karachi Cotton Association official cotton spot rate remained firm at PKR 6,650/37.324 kg. As per the latest updates assembled by the sources of Fibre2Fashion, more than 2,000 bales of cotton were contracted at PKR 6,950/37.324 kg.

On February 27, the China National Cotton Exchange's e-market daily trading volume decreased as compared to the last trading day. Till end of the day, a total of 9,730 tons of cotton trading was concluded, which was 1,000 tons (0.09 times) lower in quantity against the previous trading day. Open interest was 31,020 tons, 530 tons lower as compared to the previous trading day.

In the US, the NY Cotton Future market March 2017 contract cotton price moved down by 0.45 cents/pound and settled at 74.97 cents/pound, whereas May 2017 contract cotton price declined to 76.12 cents/pound after a drop of 0.45 cents/pound. (RKS)

Fibre2Fashion News Desk – India