NCDEX coriander at over 4-year low on higher output.

Ram Gopal Yadav (7 years ago)

Futures contracts of coriander on the NCDEX extended losses and slipped to a four-and-a-half-year low of 4,583 rupees per 100 kg because of a rise in production in 2016-17 (Oct-Sep). The most-active June contract was at 4,618 rupees per 100 kg, down 1.8% from the previous settlement. Higher imports of coriander from Ukraine, Bulgaria, and Russia also dampened sentiment. India is likely to have imported around 12,000-13,000 tonne of coriander at $400 per tonne in 2016-17 (Apr-Mar), according to trade estimates. Despite 36% import duty, the imported variety is cheaper compared to the Indian variety.

Global body sees 2017-18 cotton prices to gain on low year-end stock.

Ram Gopal Yadav (7 years ago)

Cotton prices in 2017-18 are set to rise due to projection of a fall in global stocks despite higher production. Currently, the December futures contract of cotton on the InterContinental Exchange is at 73.38 cents per pound. For 2017-18, global cotton output is estimated to rise to 24.01 million tonne, against the estimate of 22.89 million tonne for last year. Consumption is expected to rise to 24.60 million tonne from 24.26 million tonne last year. Global year-ending stocks are expected at 16.41 million tonne, against 17.37 million tonne in the previous year. Cotton output in India, the largest producer, is estimated to rise 3% to 6.0 million tonne in 2017-18.

MCX October cotton down 1% as output seen higher.

Ram Gopal Yadav (7 years ago)

The October contract of the new crop cotton fell over 1% on the MCX due to projection of higher output in 2017-18 (Oct-Sep). Increase in acreage across the country and forecast of normal monsoon is likely to boost yield of the crop next season. The US Department of Agriculture has pegged India 2017-18 (Aug-Jul) cotton output at 28.0 million bales (1USbale=480pound), up 6% on year. On the MCX, the October contract traded at 19,420 rupees per bale (1bale=170kg), down 1.1% from the previous close, the most-active June contract trading down 0.4% at 20,950 rupees. Weakness in cotton futures on the ICE further contributed to the fall. On ICE, the most active July contract traded at 77.47 cents per pound, down 0.2%.