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Commodity Tips, Cotton prices seen holding firm in 2018 on slow arrivals
Having witnessed a roller-coaster ride in 2017, cotton prices are expected to be range-bound with an upward bias from the current levels in 2018, experts hinted.
In the last one month, raw cotton or kapas prices moved up sharply by ₹1,000 a quintal from the lows of ₹4,300-4,500 in Gujarat markets. The upside is mainly attributed to the political uncertainty and lower arrivals at the mandis in spite of robust crop estimates.
On the spot markets in Rajkot, each bale (of 170 kg) of 29-mm cotton was quoted at ₹19,459 as on December 22 from ₹18,098 quoted a month ago.
Farmers retain the fiber
“The arrivals have not yet hit the peak levels. Overall, 20 lakh bales have arrived in Gujarat, while the all-India arrivals are about 100 lakh bales. Also, there are export commitments for about 15 lakh bales, while nearly 9 lakh bales have already been shipped. This has created a bullish mood amid slow arrivals,” said Arun Dalal, a cotton trader.
Global forecast
The domestic cotton prices are closely connected with the global sentiment, especially with the price movement on New York’s Inter-Continental Exchange (ICE).
An estimate by the International Cotton Advisory Committee (ICAC) projected 2017-18 global cotton production at 25.57 million tonnes against 23.05 million tonnes estimated for 2016-17.
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