Current quotes for various Indian varieties rose significantly during the fortnight. The depreciating Rupee is causing great concern in the Textile Industry.
From Rs 61.73 the Rupee depreciated to Rs 68.83 on 28th of August and recovered marginally to settle at 65.71 toward the end of the fortnight. Continuous down pour in some of the cotton growing states are likely to cause a delay in start of arrival of cotton.
The progress of the crop is satisfactory. The Directorate of Cotton Development of Government of India reports planting acreage to be similar to 2012-13 season. Small arrivals are expected to begin in early sown areas of Karnataka, Maharashtra, etc during the course of next fortnight.
NORTH ZONE (PUNJAB, HARYANA AND RAJASTHAN)
The weather remained quite clear in this region. There is good buying of cotton by both Textile Mills and exporters mainly in Rajasthan area. The prices for good quality J-34 R/g in Punjab was quoted at Rs.5080 per maund spot while in Haryana and Rajasthan good quality J-34 R/g was sold at Rs.5060/- per maund spot. Bengal Desi s/g was quoted at Rs.4250/- per maund spot.
GUJARAT:
During current fortnight, daily arrivals in Gujarat dropped down to 1,000 bales. Crop conditions are reported to be healthy with intermittent rain fall, which is conducive for plant growth .
The early sown areas in certain pockets of Saurashtra in areas surrounding Amreli and Babra, new crop cotton is expected to arrive in small quantities after 15th Sep The prices quoted for good quality S-6 was Rs.49,200/- to 50,000/ - spot per candy ,while good quality V-797 r/g was quoted at Rs.31,500/-Spot per candy.
MAHARASHTRA:
Weather is clear in most parts of Maharashtra at the moment. In a small pocket of Khandesh in areas near Jalgaon new crop cotton will arrive after Sep 15th if nature supports.Continuous downpour has caused damage to cotton crop in some areas at Vidarbha, but this is likely to be compensated by other areas.
The price quoted for good quality Mech-1 is Rs.50,000/-Spot per candy ,while average quality low micronaire cotton ranged from Rs,46,000/-Spot per candy for 26mm and Rs.48,500/-Spot per candy for 28.5mm.
MADHYA PRADESH:
The continuous rainfall has definitely caused a delay in crop progress, which in turn will delay the start of new crop arrivals. Due to the anticipated delay in new crop, current quality stock lots were quoted at Rs.50,000/-Spot per candy , while Dch-32 of good quality which is available in small quantity was quoted at Rs.59,000/-Spot per candy.
ANDHRA PARDESH
The standing cotton crop is damaged in small pockets bordering Maharashtra near Adilabad.The CCI and NAFED are the cheapest source of good quality cotton and CCI has sold good quality Bunny of 31mm at Rs.50,200/-Spot per candy at Guntur and Warangal 30mm Bunny was sold at Rs.49,700/-spot per candy.
KARNATAKA:
There is right now new crop Dch-32 priced Rs.60,000/ -Spot per candy and kappas is arriving at centres like Begur and Hunsur near Mysore but moisture levels are very high and grade of the cotton is poor. There is arrival of new crop bunny in small quantities at centres nearing Adoni and Chitradurga priced at Rs.50,500/-Spot per candy but the grade is poor due to high moisture content in the kappas due to consistent rains in this region.
TAMILNADU:
The summer crop of MCU-5 is nearing completion. Trickling arrivals of Surabhi /Bunny types were reported and were quoted in the range of Rs.51000 to Rs.52000 spot per candy for 30 to 31 mm types.
INTERNATIONAL:
Global markets in cotton witnessed subdued buying and a downward movement in New York prices during the fortnight. This was mainly due to the limited buying support from Asian mills. The huge cotton stocks carried by China are also causing anxiety in the markets.
