NORTH
Weather was almost clear in entire cotton region. Cotton Prices are stable both in ready as well as in forward. Seller was restricted in forward delivery with good buying support from local as well as upcountry buyers. Crop is progressing well in ideal conditions.
GUJARAT
It was clear in entire state. Market trend is firm by Rs. 100/200 per candy with support from Spinners and limited stocks. Nov./Dec. 2008 delivery was quoted Rs. 24,700/24,800 per candy. Corp is progressing under ideal conditions.
MAHARASHTRA
Weather was clear without any rains. Market trend is firm by Rs. 100/200 per candy with support from local as well as upcountry mills.
SNIPPETS:
01. US cotton future rallied off low to post strong gains in technical trading as the market reached for direction in light seasonal trade.
02. National Stock Exchange (NSE) is starting foreign currency futures from 29th Aug.,2008.
03. The upper air cyclonic circulation over East Uttar Pradesh and neighbourhood, now lies over West Uttar Pradesh and adjoining areas of northwest Madhya Pradesh & East Rajasthan. Under its influence, scattered to fairly widespread rainfall activity is likely over parts of northwest India and Rajasthan during next 2-3 days.
The western end of the monsoon trough is now likely to shift southwards. Its eastern end passes through Lucknow, Gaya, Bankura, Kolkata and thence southeastwards to northeast Bay of Bengal. The cyclonic circulation over north Bay of Bengal and adjoining coastal areas of West Bengal & Orissa persists. Under this scenario, scattered to fairly widespread rainfall activity is likely over East India during next 1-2 days.
Rainfall activity is likely to remain sub-dued over remaining parts of the country.
(K.C.T & ASSOCIATES, ABOHAR )
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