India: local prices mixed

Prices on the domestic market are mixed today. The average of quotes for Shankar-6 is unchanged at ₹59,000 per candy, ex gin (approximately 90.00 cents per lb), while offers for early new crop supplies remain between ₹58,000 and 58,500 per candy. Prices for Punjab-34 have declined further to an average of ₹5,750 per maund (83.55 cents per lb).

The Cotton Corporation of India (CCI) offered 205,000 bales for sale today. Prices are unchanged: S-6 is still offered from ₹59,100 per candy, slightly higher than the rates available on the open market .

The active contracts on the MCX platform ended yesterday’s session unchanged, on a total volume of ten lots. Trading so far today remains quiet and the November delivery has lost some ground.

Private estimates suggest 14,700 bales of both old and new crop were brought to market yards today. Around 5,200 bales were reported in Andhra Pradesh, 3,500 in Karnataka and 2,500 in Gujarat.

Posted in: Cotlook Headlines