India: physical prices ease

Interior asking rates for Shankar-6 have eased for the third consecutive trading day, to be placed at ₹47,000 per candy, ex-gin. At the prevailing exchange rate, today’s equivalent value is approximately 89.20 US cents per lb. Punjab J-34 has also fallen back, to ₹4,825 per maund (87.30 cents per lb).

Prices on the MCX futures platform have advanced in early trading. At around 15.20 IST, the spot month was showing as having last traded up ₹250 from its opening level, at ₹21,900 per bale (₹45,810 per candy). The October contract, in which most volume now resides, was trading at the same level, up from its opening price of  ₹21,510.

The Agriculture Department has continued to advise farmers experiencing whitefly infestations to spray crops with ‘neem water’, and field reports have indicated some early success. A grower in the Northern Zone told local press that the spread of whitefly is ‘under control’.

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