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Our Bureau

Chennai, Sept. 30

Kapas (cotton) prices are expected to rule firm and even rise in the medium term.

“Prices can breach previous year’s high levels during December-January,” the Mumbai-based Angel Commodities Pvt Ltd said in a note.

Last week, kapas on MCX for October ended at Rs 364 per 50 kg, while for November and December it was quoted at Rs 308 and Rs 295 respectively. Last year, during December-January, the prices ruled at around Rs 465.

Exports this year is projected at 65 lakh bales (of 170 kg), while internal demand is also seen rising. A lower crop in the US is seen as helping Indian exports, particularly to China, Bangladesh, Pakistan and Indonesia.

Guarseed and gum prices could be under pressure in the short-term on arrivals but in the medium to long term, they could look up on projections of a demand-supply gap. Last week, guarseed October contracts closed at Rs 1,660 a quintal on NCDEX, while gum at Rs 4,400. On MCX, guarseed October contracts ended at Rs 1,611, while November contracts were quoted at Rs 1,655.

With the Government agencies such as MMTC and NAFED looking to import edible oils, refined soyabean oil prices are likely to decline in the near term. In the long term, things could turn bullish. Last week, October contracts closed at Rs 486 for 10 kg on NCDEX and Rs 487 on MCX and NBOT.

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