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In Cotton traded mostly steady in west India Friday, although some imporvement in demand seen at lower level. Fresh export demand reported from Bangladesh, Pakistan, Vietnam and Indonesia, that may impact on ncdex commodity market with a huge levels.
Gujarat, new A grade S-6 cotton traded at Rs 35,500- 35,800 per candy and B grade cotton at Rs 35,000-35,400 per candy. Prices of V-797 cotton grade A remained at Rs 27,500-29,000 while grade B offered at Rs 27,000- 27,500 a candy.
In domestic market spot soy oil traded steady to weak Friday despite gains in domestic and overseas edible oil futures.
BMD CPO futures were higher, tracking a rise in CBOT soyoil in screen trade, due to fears that hot, dry weather in Brazil may hurt the soybean crop there, BMD CPO resistance is likely MYR3,240 a metric ton. Supply-side fundamentals for palm oil are also bullish, with February output likely to drop 13% on month to around 1.12 million tons.
Apart from NCDEX, Spot sugar quoted stable on dull demand at Vashi market in Mumbai on Friday. Meanwhile, naka delivery sugar quoted down Rs 20 a quintal in the market.
