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India : New cotton crop sets forward deals in motion |
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2004-8-19
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With the arrival of new cotton crop in the Northern region, particularly in Punjab, Rajasthan and Haryana, forward transactions have begun taking place.
Forward prices of select cotton varieties such as Bengal Deshi and J-34 have come down by around Rs 25/50 per maund (Rs 37.32 kg each) in the last four days, due to favourable weather condition for new crop, weak overseas market and limited buying interest from mills.
The Punjab J-34 is being quoted at Rs 2,150 per maund for mid-September deliveries and Rs 2,005 per maund for full October deliveries. The Rajasthan J-34 is being quoted at Rs 1,920/1,925 for full October deliveries and Haryana at Rs 1,930/1,940 per maund for full October deliveries.
Over the last fortnight, good rains in major cotton-growing areas have made the new crop healthier.
The monsoon this year has been good to excellent in most of the regions and now with the appearance of bright sunshine in Andhra, Karnataka, Punjab, Haryana and Rajasthan and scattered rain in Madhya Pradesh, Maharashtra and Gujarat, the standing crop will bloom much better. Upper and Lower Rajasthan experienced good rains last week. In Madhya Pradesh and Maharashtra, bright sunshine is needed otherwise the crop might suffer.
In the South, Karnataka and Andhra Pradesh, producer of long and extra long staple cotton, have been benefited both in terms of quantity and quality of weather conditions.
Gujarat, despite heavy floods in the south, central and western areas is expected to have a good crop and the markets will start receiving fresh arrivals by the first or second week of October. |
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