Financial Daily from THE HINDU group of publications
Thursday, Mar 25, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 25, 2004 |
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Agri-Biz & Commodities
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Cotton Cotton prices may rise further on export demand Dhimant Bhatt
Mumbai , March 24 COTTON prices may rule higher in the next few days owing to good domestic demand for higher grades supported by export enquiries. In select cotton grades such as Bengal Deshi, J-34, V-797, and LRA prices have gone up by about Rs 400-Rs 900 per candy (of 356 kg) in the last fortnight due to good demand from exporters and local millers coupled with reduced inflows. "Good and higher grades (28mm and above) are in demand and the prices for such cottons are only expected to go up from here. Most cotton stalwarts are bullish in the higher-grade cotton from next month," said Mr Mitesh Shah of Kanam Cottons. "For the lower grades, of which current arrivals are abundant, most elements feel the trend would be steady and maybe a little bit bearish or say volatile in the near term. The offtake for such lower grade cottons is also good for now, which is the reason for prices keeping steady, sellers are also willing to sell at lower rates owing to availability of such cotton," Mr Shah said. "Good local buying is seen in Deshi, J-34, Kalyan, Shanker, Brahma and also lower MCU-5. Exporters are mainly interested in Kalyan, Lower MCU-5 and J-34. Markets are expected to remain firm in the new weeks," a leading exporter said. A Pakistani cotton-mill delegation, which came to India recently, is reported to have bought substantial quantities of 797 (Kalyan), J-34 (SG) and some Shanker cotton. "Good export demand has brought up prices again. But new crop Shanker and Brahma arrivals now in Gujarat and Maharashtra are of poor quality. Micronaire values are very poor. Better cottons of first picking with some ginners are commanding higher prices," he said.
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