India: local prices mixed

Prices are mixed on the domestic lint market. The mid-point of quotes for Shankar-6 has increased by ₹100 to ₹53,500 per candy, ex gin (approximately 80.40 US cents per lb), while that for Punjab J-34 is steady at ₹5,565 per maund, ex gin (79.70 cents per lb).

The floor price for 2023/24 crop Shankar-6 at the Cotton Corporation of India’s (CCI) auctions is unchanged at ₹52,100 per candy. Around 194,300 bales of various styles are on offer today. According to CCI, procurement by the Corporation had reached 3.1 million bales by December 14.

The January contract on the MCX trading platform weakened slightly yesterday, on modest volume. Trading is again minimal so far today.

Around 224,900 lint equivalent bales are estimated to have been taken to market yards today. Of the total, 82,000 were from Telangana, 46,000 were from Maharashtra, and 32,000 were from Gujarat. Daily arrivals in recent days have been the highest since the 2020/21 season.

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