COTTON PRICE

Textile Units Are Required To Trade Cotton On MCX

Published: February 28, 2023
Author: DIGITAL MEDIA EXECUTIVE

Mr. Rajkumar, who also chairs the MCX Cotton Products Advisory Committee, and Mr. Ravi Sam told the press here on Monday that following a steep rise in cotton prices during the previous cotton season (October 2021 to September 2022), textile units There is a need to streamline cotton trading on the MCX demand platform. As a result, a Product Advisory Committee was formed, and based on its recommendations, a new cotton contract became operational on the MCX on February 13.

According to the new system, a lot should contain 50 lakh to 100 lakh bales, there would be warehouses across the country, a person could trade a maximum of 20,000 bales, and a price rise of no more than 6% per day. On Monday, a meeting was scheduled here.

Mr. Rajkumar, who also chairs the MCX Cotton Products Advisory Committee, and Mr. Ravi Sam told the press here on Monday that following a steep rise in cotton prices during the previous cotton season (October 2021 to September 2022), textile units There is a need to streamline cotton trading on the MCX demand platform. As a result, a Product Advisory Committee was formed, and based on its recommendations, a new cotton contract became operational on the MCX on February 13.

According to the new system, a lot should contain 50 lakh to 100 lakh bales, there would be warehouses across the country, a person could trade a maximum of 20,000 bales, and a price rise of no more than 6% per day. On Monday, a meeting was scheduled here. Thousands of bales are produced each year.

The revised contract’s goal was to increase the market liquidity of cotton. More than 80% of physical transactions were accounted for by New York cotton futures and Chinese cotton futures. He predicted that the volume of physical transactions in India would rise as well.

 

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