The Hindu Business Line : Cotton futures soar on US demand

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Mumbai Jan 31 Kapas (cotton) and kapaskhali futures on the MCX gained 1.94 per cent and 1.84 per cent to Rs 408 a quintal and Rs 325 respectively on the back of a demand-production mismatch in US.

The US production is estimated at 114.9 million bales against demand of 199 million bales.

"Till last year, India exported only to SAARC countries, but the shortfall in US production has opened up a new market. We expect futures prices to remain on higher side for the next few sessions," said a Karvy Comtrade research report.

Mentha oil on the MCX for February delivery was up 1.97 per cent at Rs 575 a quintal.

Pepper futures continued upward movement on the NCDEX, with prices touching Rs 12,970, up 2.58 per cent. Cardamom futures rose 1.25 per cent to Rs 444.

Tracking global markets, soya oil futures on the NCDEX gained 0.70 per cent to Rs 453.

Soya oil futures have fallen from Rs 468 on January 20 to Rs 448 levels on Monday.

Crude palm oil on the Malaysian Derivative Exchange was up 35 ringgits at 1,900 ringgits. Maize futures on the NCDEX gained 2.04 per cent at Rs 799 on shortfall in supplies.

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