India: local prices mixed

Asking rates in the domestic lint market are mixed today. The mid-point of quotes for Shankar-6 has increased by a further ₹250 to ₹55,200 per candy, ex gin (approximately 79.75 cents per lb), representing an overall gain of ₹800 since September 5. Punjab J-34 is ₹55 lower at ₹5,660 per maund, ex gin (77.90 cents per lb).

Meanwhile, the floor price for Shankar-6 at the Cotton Corporation of India (CCI) auction this afternoon is unchanged at ₹54,500 per candy (78.75 cents per lb). Around 762,000 bales are on offer, the lowest quantity since June. Total sales reached 8.2 million bales on September 10, an increase of 800,000 since August 28.

According to the CCI, total arrivals in the season to September 10 were 30.6 million bales, an increase of 70,000 since late August. Private estimates suggest that 7,300 lint equivalent bales were taken to market yards on Friday, with new crop arrivals overtaking old crop supplies in Haryana, Karnataka, and parts of Andhra Pradesh.

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