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Drumbeat: Ad Buzzaar
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Monday, July 20, 1998
Cotton down on poor demand, better crop hopes
Reuters
Indian cotton ended down on Friday on light mill buying and higher crop prospects, dealers said. Expectations of a higher crop in 1997/98 (October-September), following satisfactory progress of the monsoon, prompted selling by traders and stockists, they said.The Cotton Advisory Board last week revised upwards its estimate for the 1997/98 crop to 15.32 million bales (170 kg), from 14.8 million forecast earlier. Reports of a delay in the start of forward trading for cotton in Bombay also prompted selling by speculators, dealers said. In spot deals, Bengal-deshi fell by Rs 10/15 to Rs 1,610/1,665 per maund (37.32 kg) while saw-ginned cotton lost 10 to Rs 2,030/2,230 per maund. Traders said volumes were 150/200 bales (170 kgs each) in the Punjab region. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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