Weekly Publication of

Cotton
Association Edited & Published by Amar Singh

of India 2023-24 No. 49 5th March, 2024 Published every Tuesday

Cotton Exchange Building, 2nd Floor, Cotton Green, Mumbai - 400 033
Telephone: 8657442944/45/46/47/48 Email: cai@caionline.in
www.caionline.in

Technical Analysis
Price Outlook for Gujarat-ICS-105, 29mm and ICE Cotton Futures
for the Period 5th March 2024 to 2nd April 2024
Shri. Gnanasekar Thiagarajan is currently the is a part an elite team of experts for moneycontrol.com
head of Commtrendz Research, an organization which, in providing market insights. He was awarded “The
specializes in commodity research and Best Market Analyst”, for the category-
advisory to market participants in India Commodity markets- Bullion, by then
and overseas. He works closely with mostly President of India, Mr. Pranab Mukherji.
Agri-Business, base metals and precious He is a consultant and advisory
metals business corporates in India and board member for leading corporates
across the globe helping them in managing and commodity exchanges in India and
their commodity and currency price risk. overseas. He is regularly invited by
Further to his completing a post graduate television channels including CNBC
in software engineering, he did a long and ET NOW and Newswires like
stint with DowJones, promoters of Reuters and Bloomberg, to opine on
“The Wall Street Journal” and had the the commodity and forex markets. He
opportunity of closely working with has conducted training sessions for
some of the legends in Technical Analysis history in markets participants at BSE, NSE, MCX and IIM
the U.S. Bangalore and conducted many internal workshops
His columns in The Hindu Business Line have won for corporates exposed to commodity price risk. He
accolades in the international markets. He also writes has also done several training sessions for investors
a fortnightly column on a blog site for The Economic all over the country and is also a regular speaker at
Times on Global commodities and Forex markets. He various conferences in India and abroad.

Domestic Markets • Yarn markets have witnessed a steady

trend amid limited buying from local industries.
• Domestic cotton experienced a decline
Spinning mills were keen in selling their stocks
followed by a recovery over the past three trading
in the export market as they were getting better
sessions, with local prices tracking the trend in
prices after the rise in ICE cotton. On the other
ICE cotton. The market is closely monitoring the
hand, the local consumer industry was not ready
trend in global cotton prices for guidance amid
to pay higher prices as the demand from the
falling arrivals. As per CAI data, daily arrivals
downstream industry was still seen as benign.
on Feb 3 were at 154,500 bales and cumulative
The market also experienced tight payment flow
arrivals were at 171.31 lakh bales.
due to the financial year closing.
2 5th March, 2024 C o t t o n S t a t i s t i cs & N e w s

• India’s principal agency for cotton procurement, the Cotton Corporation of India (CCI), has
acquired 33 lakh bales of 170 kg seed cotton thus far in the 2023-24 cotton season. Sluggish demand
in the downstream industry dragged cotton prices down until the end of January, causing them to dip
below the minimum support price (MSP).

• CCI has predominantly sourced its cotton from Telangana, making maximum purchases from
this region. Additionally, the company procured substantial volumes of cotton from Andhra Pradesh,
Punjab, Haryana, Rajasthan and Madhya Pradesh as seed cotton prices dipped below the MSP.

International Markets
• ICE cotton futures rose on Monday aided by buying activity sparked by a price dip in the previous
session, while a weaker dollar and a firm grains market lent further support. In the previous session,
U.S. cotton futures traded limit down, marking their worst day in over seven months. Market focus
shifted to the U.S. Department of Agriculture’s World Supply and Demand (WASDE) estimates report
due on Friday.

• Attention now falls on China’s major meeting next week, where growth target and policy goals
will be announced. Beijing is likely to maintain its support on the renewable energy sector, but that
may not be significant enough to create new demand for metals. In their latest push to halt the sector’s
slump, authorities increased pressure on banks to boost their property loans through so-called white
lists and the central bank delivered its biggest-ever cut to a key mortgage reference rate. A Bloomberg
Intelligence gauge of developer shares has erased some earlier losses following the measures, but it
is still hovering at its lowest levels since 2009. Policy support may be further strengthened if housing
prices continue to decline rapidly.

• According to the USDA report, relative crop prices indicate that cotton is more competitive this
year compared with alternative crops like corn and soybeans. USDA’s Prospective Plantings Report – its
first survey of producer planting intentions- will be conducted in early March and published on March
28, 2024.

Shankar 6 GUJ ICS Price Trend

As expected, prices pulled back higher but way higher than expected. Support from international
prices is underpinning sentiment. A double bottom formation is seen at 15,000 levels leading to a broad
rebound. Only an unexpected decline below 57,000 per candy could see more falls to 54,000-55,000
levels.

MCX Cotton Candy Mar: The price seems to be strengthening to rise towards resistance at 63,800-
64,000. Structure suggests that dips, if any, could be held above 60,500 or maximum 59,500 to keep
alive the chances for the rise to the above-mentioned upside objectives. Any unexpected fall below
C o t t o n a ss o c i a t i o n o f i n d i a 5th March, 2024 3

56700 may turn the outlook

neutral. We expect dips to
above mentioned supports to
hold and rise towards above
mentioned resistances.

ICE May 24 Cotton

Futures
The chart picture has
turned decisively bullish
now. The 89-90c range been a
major resistance for the past
15 months or so has turned
into a major support now.
Speculative funds have been
trying to push prices higher,
as they see many mills have
uncovered positions in the
On-Call market resulting in a
short squeeze.

The May July On-Call

situation also looks similar, but
unlike in the March contract,
the U.S. crop was lower
leading to strong bullishness.
However, in the month of May,
a record Brazil crop is seen
hitting the market that could
dissipate any supply worries.
We expect May futures price
to drop back to 89-90c or even
lower again. But chances exist
for a test of $1.05/07 levels too
on the upside.

As mentioned before,
using ICE futures and Options
for mitigating prices risk
especially when prices are at
elevated levels helps cushion
the fall and manage high priced inventory of cotton and yarn is ideal for the industry, but to take that
leap of faith is a humungous task for this industry where raw material price moves make or break the
profit margins.

Hedging high priced inventories in a falling market could help offset some losses from the recent
fall in cotton prices. A good opportunity to protect the inventory value of purchases, is now to Buy
PUT options (Out of the money) around peaks at 88-90c in ICE futures. This will help in mitigating any
expectations of further declines. However, if the market does rise, it is only the premium for PUT’s that
has to be borne which is very meagre.

A container of yarn roughly uses 150 bales of raw material cotton. That much of raw material price
risk is what one is exposed to till the yarn is sold. The OPTION Is ICE futures, USA helps in inventory
management. MCX Candy contracts recently launched should be a good testing ground for mills and
exporters desirous of hedging their price risk in ICE futures and options.
4 5th March, 2024 C o t t o n S t a t i s t i cs & N e w s

Conclusion:
that it has broken out of a 15-month range. In the
As mentioned in the previous update, prices
past, such rallies based on On-call situation have
could pull back towards 59,500 levels again. It
seen equally sharp downside once the expiry of
is highly unlikely to sustain at higher levels as
contract happens. Also, the inverse in the month
demand hasn’t been spectacular but clearly better
of December continues to fuel expectations of a
than it used to be before. China still struggles and
sharp fall post July, that could see mills holding
hopes of early rate cuts by FED is fading away.
high priced and unhedged inventories.
Strong resistance is presently noticed in the
63,000-64,000 zone per candy levels presently and
For Shankar 6 Guj ICS supports are seen at 58-
it may be tough to cross that in the near-term. Any
59,500 per candy and for ICE Mar cotton futures
bright spots appearing on the demand horizon in
at $90c now. The domestic technical picture looks
the form of pause in interest rates, are not likely
overbought hinting at a possible reversal in the
to last long as inflationary pressures persist.
making, but any downticks could find strong
buying interest. Therefore, we can expect prices
Important support in ICE is at $89-90 range
to be well supported initially followed by a
followed by $85-86 on the downside and in that
bullish rally in the international prices and the
zone, prices could find a lot of buying interest
domestic prices remaining flat to mildly strong
again. We expect prices to test 89-90c with a
going forward.
chance of even extending to 87c briefly before
(The views expressed in this column are of the
rising higher. The international price indicates
author and not that of Cotton Association of India)
---------

USDINR Monthly Report: March 2024

Shri. Anil Kumar Bhansali, Head Brent Oil Prices: We can expect
of Treasury, Finrex Treasury Advisors oil prices to move towards $90+
levels buoyed by ongoing geopolitical
LLP, has a rich experience of Banking and tensions in the Middle East that could
Foreign Exchange for the past 36 years. He hit supplies.
was a Chief Dealer with an associate bank
India’s Trade Deficit: India’s
of SBI
monthly trade deficit is expected
between $20–$25 bn in the remaining
USDINR is expected to trade within months of FY24. CAD for entire year
the range of 82.50-83.30 for March 2024. is expected between 1-1.2% as Services
Constant inflows in the market are growth has been exceptional.
expected to help appreciation in
Rupee, but steady US dollar index FII Flows: Already we have seen
amid shift of rate cuts to June, FPIs pump in money to the extent
concerns over rising oil prices on geo- of Rs.41412 crores in the month of January and
political tensions and Yuan’s gradual depreciation February. Stable economic growth in India, rising
is expected to curb sharp appreciation in Rupee. expectation of stable government to once again
Close watch will be on RBI’s intervention action, win the election stage and India’s global bond
once the central bank takes a back seat then we inclusion perspective will attract FPIs flows into
may see good appreciation move in Rupee. the Indian equities in coming months.
Immediate support zone lies at 82.80 below which
doors will be open for 82.65-82.50. While breach FX Reserves: RBI may continue to buy at lower
of crucial resistance of 83.0 will lead upside move levels to prevent sharp downside and to absorb
towards 83.15 and 83.30 levels. the continuous heavy inflows. We can once again
see reserves to reach $650+ bn (new record high)
Key Triggers mark in coming few months as RBI replenishes its
FOMC Policy: Next meeting is on 20th March reserves. The current level of foreign reserves is
2024 and it is anticipated that the Fed will keep enough for around 11-12 months of imports.
interest rates unchanged. Rate cut is likely to be (The views expressed in this column are of the
in June. author and not that of Cotton Association of India)
---------
C o t t o n a ss o c i a t i o n o f i n d i a 5th March, 2024 5

Authorised Representatives of the Members

of Cotton Association of India
Amend Bye-Laws of the Association
A uthorised Representatives of the members of Cotton
Association of India (CAI) met on Thursday, the 29th
February 2024 and approved certain Amendments to the
Bye-laws of the Association in order to make the Bye-laws
in tune with current trading practices and prevailing laws.

Moreover, the members also decided to delete Bye-laws

relating to futures trading, exchange related Bye-laws, Bye-
laws relating to Transferable Specific Delivery Contracts,
etc. as the same were rendered redundant in view of the
Exit Order dated 29th December 2016 of the Securities and
Exchange Board of India.

The meeting was presided over by Shri. Atul S. Ganatra,

President, CAI.
 6
UPCOUNTRY SPOT RATES (`\Quintal)
February 2024
2022-23 Crop
P/H/ M/M(P)/ SA/ SA/
P/H/R M/M(P)/ P/H/ M/M(P)/ P/H/ SA/ SA/ SA/TL/
Growth P/H/R GUJ KAR M/M(P) R(U) SA/ M/M(P) GUJ R(L) M/M(P) GUJ M/M(P) M/M(P) TL/ K/ TL/ K/ M/M(P) K/TN M/M(P) K/TN
(SG) SA/TL R(U) SA/TL R(U) TL/K TL/K K/O
(SG) TL/G TN/O TN/O
5th March, 2024

Grade Standard ICS-101 ICS-201 ICS-102 ICS-103 ICS-104 ICS-202 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-106 ICS-107 ICS-107 ICS-107 ICS-107
Grade Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine
Below Below
Staple 22 mm 22 mm 23 mm 27 mm 26 mm 27 mm 27 mm 27 mm 28 mm 28 mm 28 mm 28 mm 29 mm 29 mm 29 mm 29 mm 30 mm 30 mm 31 mm 31 mm 32 mm 34 mm 34 mm 35 mm 35 mm
22 mm 22 mm
Micronaire 5.0-7.0 5.0-7.0 4.0-6.0 4.5-6.0 4.5-7.0 3.5-4.9 3.0-3.4 3.5-4.9 3.0-3.4 3.5-4.9 3.5-4.9 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.5-4.2 2.8-3.7 2.8-3.7 2.8-3.7 2.8-3.7
Gravimetric Trash 4% 4.5% 13% 6% 4% 4.5% 4% 4% 4% 3.5% 4% 3.5% 3.5% 3% 3.5% 3.5% 3% 3% 3.5% 3% 3% 3% 3% 4% 3.5% 4% 3.5%
Strength/GPT 15 15 20 21 22 26 25 26 25 26 27 27 27 27 28 28 28 28 29 29 30 30 31 33 34 35 35

1 - - - 12935 - - N.A. - - - - - - - - - - - - - - - - - - - -
2 - - - 12935 - - N.A. - - - - - - - - - - - - - - - - - - - -
3 - - - 12935 - - N.A. - - - - - - - - - - - - - - - - - - - -
5 - - - 13498 - - N.A. - - - - - - - - - - - - - - - - - - - -
6 - - - 13779 - - N.A. - - - - - - - - - - - - - - - - - - - -
7 - - - 13779 - - N.A. - - - - - - - - - - - - - - - - - - - -
8 - - - 13779 - - N.A. - - - - - - - - - - - - - - - - - - - -
9 - - - 13919 - - N.A. - - - - - - - - - - - - - - - - - - - -
10 - - - 14004 - - N.A. - - - - - - - - - - - - - - - - - - - -
12 - - - 14060 - - N.A. - - - - - - - - - - - - - - - - - - - -
13 - - - 14060 - - N.A. - - - - - - - - - - - - - - - - - - - -
14 - - - 14144 - - N.A. - - - - - - - - - - - - - - - - - - - -
15 - - - 14341 - - N.A. - - - - - - - - - - - - - - - - - - - -
16 - - - 14341 - - N.A. - - - - - - - - - - - - - - - - - - - -
17 - - - 14341 - - N.A. - - - - - - - - - - - - - - - - - - - -
19 H O L I D A Y
20 - - - 14257 - - N.A. - - - - - - - - - - - - - - - - - - - -
21 - - - 14285 - - N.A. - - - - - - - - - - - - - - - - - - - -
22 - - - 14341 - - N.A. - - - - - - - - - - - - - - - - - - - -
23 - - - 14426 - - N.A. - - - - - - - - - - - - - - - - - - - -
24 - - - 14426 - - N.A. - - - - - - - - - - - - - - - - - - - -
26 - - - 14510 - - N.A. - - - - - - - - - - - - - - - - - - - -
27 - - 14650 - - N.A. - - - - - - - - - - - - - - - - - - - -
28 - - - 14819 - - N.A. - - - - - - - - - - - - - - - - - - - -
29 - - - 14819 - - N.A. - - - - - - - - - - - - - - - - - - - -
H - - - 14819 - - N.A. - - - - - - - - - - - - - - - - - - - -
L - - - 12935 - - N.A. - - - - - - - - - - - - - - - - - - - -
A - - - 14058 - - N.A. - - - - - - - - - - - - - - - - - - - -
C o t t o n S t a t i s t i cs & N e w s

H = Highest L = Lowest A = Average N.A. = Not Available

 UPCOUNTRY SPOT RATES (`\Quintal)
February 2024
2023-24 Crop
P/H/ M/M(P)/ SA/ SA/
P/H/R M/M(P)/ P/H/ M/M(P)/ P/H/ SA/ SA/ SA/TL/
Growth P/H/R GUJ KAR M/M(P) R(U) SA/ M/M(P) GUJ R(L) M/M(P) GUJ M/M(P) M/M(P) TL/ K/ TL/ K/ M/M(P) K/TN M/M(P) K/TN
(SG) SA/TL R(U) SA/TL R(U) TL/K TL/K K/O
(SG) TL/G TN/O TN/O
Grade Standard ICS-101 ICS-201 ICS-102 ICS-103 ICS-104 ICS-202 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-105 ICS-106 ICS-107 ICS-107 ICS-107 ICS-107
Grade Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine Fine
Below Below
Staple 22 mm 22 mm 23 mm 27 mm 26 mm 27 mm 27 mm 27 mm 28 mm 28 mm 28 mm 28 mm 29 mm 29 mm 29 mm 29 mm 30 mm 30 mm 31 mm 31 mm 32 mm 34 mm 34 mm 35 mm 35 mm
22 mm 22 mm
Micronaire 5.0-7.0 5.0-7.0 4.0-6.0 4.5-6.0 4.5-7.0 3.5-4.9 3.0-3.4 3.5-4.9 3.0-3.4 3.5-4.9 3.5-4.9 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.7-4.5 3.5-4.2 2.8-3.7 2.8-3.7 2.8-3.7 2.8-3.7
Gravimetric Trash 4% 4.5% 13% 6% 4% 4.5% 4% 4% 4% 3.5% 4% 3.5% 3.5% 3% 3.5% 3.5% 3% 3% 3.5% 3% 3% 3% 3% 4% 3.5% 4% 3.5%
Strength/GPT 15 15 20 21 22 26 25 26 25 26 27 27 27 27 28 28 28 28 29 29 30 30 31 33 34 35 35
C o t t o n a ss o c i a t i o n o f i n d i a

1 13020 13160 10151 - 14875 14566 - 14707 13441

14201 14875 15016 15072 15353 15185 15325 15382 15578 15522 15578 15860 15916 N.A. 21793 22777 22215 23340
2 13076 13216 10151 - 14875 14622 - 14763 13441
14257 14932 15072 15129 15410 15241 15382 15438 15635 15578 15635 15916 15972 N.A. 21793 22777 22215 23340
3 13160 13301 10151 - 14875 14707 - 14847 13469
14285 15016 15100 15157 15438 15325 15410 15466 15663 15607 15663 15944 16000 N.A. 21793 22777 22215 23340
5 13160 13301 10236 - 14875 14707 - 14847 13498
14341 15016 15185 15241 15550 15325 15466 15522 15719 15663 15719 15972 16028 N.A. 22074 22777 22496 23340
6 12626 12795 10151 - 14791 14622 - 14791 13498
14257 14960 15129 15185 15494 15269 15410 15466 15663 15635 15691 15944 16000 N.A. 22074 22777 22496 23340
7 12626 12795 10067 - 14791 14622 - 14791 13554
14257 14988 15185 15241 15494 15269 15438 15494 15663 15663 15719 15972 16028 N.A. 22355 22777 22777 23340
8 12766 12935 10067 - 14791 14679 - 14847 13610
14313 15044 15213 15269 15550 15325 15466 15522 15719 15691 15747 16028 16085 N.A. 22355 22777 22777 23340
9 12766 12935 10208 - 14875 14707 - 14875 13694
14454 15072 15297 15353 15607 15325 15550 15607 15775 15747 15803 16056 16113 N.A. 22355 22777 22777 23340
10 12879 13048 10292 - 14904 14791 - 14960 13751
14510 15157 15382 15438 15663 15410 15635 15691 15832 15832 15888 16113 16169 N.A. 22355 22777 22777 23340
12 12879 13048 10461 - 14960 14679 - 14847 13807
14566 15044 15438 15494 15775 15353 15691 15747 15944 15888 15944 16113 16169 N.A. 22355 22777 22777 23340
13 12879 13048 10573 - 14960 14622 - 14791 13807
14566 14988 15466 15522 15775 15353 15719 15775 15944 15916 15972 16113 16169 N.A. 22355 22777 22777 23340
14 12879 13048 10826 - 15044 14622 - 14791 13835
14594 14988 15494 15550 15832 15382 15747 15803 16000 15944 16000 16141 16197 N.A. 22355 22777 22777 23340
15 12907 13076 11135 - 15100 14735 - 14904 14060
14904 15100 15663 15719 16000 15550 15972 15972 16169 16113 16169 16310 16366 N.A. 22637 23058 23058 23480
16 12907 13076 10967 - 15100 14847 - 15016 14144
14988 15213 15719 15775 16113 15663 16028 16085 16281 16169 16225 16366 16422 N.A. 22637 23058 23058 23480
17 12907 13076 10967 - 15100 14847 - 15016 14144
14988 15213 15719 15775 16113 15663 16028 16085 16281 16450 16506 16591 16647 N.A. 22637 23058 23058 23480
19 H O L I D A Y
20 12738 12907 10826 - 15016 14791 - 14960 14060 14904 15129 15607 15663 16028 15578 15916 15972 16197 16366 16422 16506 16563 N.A. 22496 22918 22918 23340
21 12738 12907 10911 - 15044 14791 - 14960 14060 14904 15129 15635 15691 16056 15578 15944 16000 16225 16394 16450 16506 16563 N.A. 22496 22918 22918 23340
22 12738 12907 11023 - 15129 14847 - 15016 14144 15016 15185 15747 15803 16141 15663 16056 16113 16310 16450 16506 16563 16619 N.A. 22496 22918 22918 23340
23 12738 12907 11107 - 15213 14988 - 15157 14229 15100 15353 15888 15944 16225 15832 16169 16225 16394 16506 16563 16619 16675 N.A. 22637 23058 23058 23480
24 12738 12907 11051 - 15213 14988 - 15157 14201 15100 15353 15888 15944 16225 15832 16169 16225 16394 16506 16563 16619 16675 N.A. 22637 23058 23058 23480
26 12654 12823 11107 - 15297 14932 - 15100 14482 15269 15297 16028 16085 16310 15832 16338 16366 16478 16675 16703 16788 16816 N.A. 22637 23058 23058 23480
27 12654 12823 11389 - 15438 15072 - 15241 14622 15382 15438 16141 16197 16563 15944 16450 16478 16731 16788 16816 16956 16984 N.A. 22777 23199 23199 23621
28 12738 12907 11810 - 15607 15382 - 15550 14791 15550 15832 16563 16619 16872 16366 16872 16900 17153 17153 17181 17434 17462 N.A. 23058 23480 23480 23902
29 12738 12907 11670 - 15607 15382 - 15550 14791 15550 15832 16563 16619 16872 16366 16872 16900 17153 17153 17181 17434 17462 N.A. 23058 23480 23480 23902
H 13160 13301 11810 - 15607 15382 - 15550 14791 15550 15832 16563 16619 16872 16366 16872 16900 17153 17153 17181 17434 17462 N.A. 23058 23480 23480 23902
L 12626 12795 10067 - 14791 14566 - 14707 13441 14201 14875 15016 15072 15353 15185 15325 15382 15578 15522 15578 15860 15916 N.A. 21793 22777 22215 23340
5th March, 2024

A 12830 12994 10721 - 15062 14815 - 14979 13964 14761 15173 15589 15645 15936 15568 15877 15926 16121 16142 16194 16369 16421 N.A. 22426 22941 22847 23434
H = Highest L = Lowest A = Average N.A. = Not Available
7
8 5th March, 2024 C o t t o n S t a t i s t i cs & N e w s

UPCOUNTRY SPOT RATES (Rs./Qtl)

Standard Descriptions with Basic Grade & Staple in Millimetres based Spot Rate (Upcountry) 2022-23 Crop
on Upper Half Mean Length [ By law 66 (A) (a) (4) ] February - March 2024
Grade Gravimetric Strength
Sr. No. Growth Grade Staple Micronaire 26th 27th 28th 29th 1st 2nd
Standard Trash /GPT
4 KAR ICS-103 Fine 22mm 4.5 – 6.0 6% 21 14510 14650 14819 14819 14763 14679
(51600) (52100) (52700) (52700) (52500) (52200)
Spot Rate (Upcountry) 2023-24 Crop
1 P/H/R ICS-101 Fine Below 5.0 – 7.0 4% 15 12654 12654 12738 12738 12485 12373
22mm (45000) (45000) (45300) (45300) (44400) (44000)
2 P/H/R (SG) ICS-201 Fine Below 5.0 – 7.0 4.5% 15 12823 12823 12907 12907 12654 12541
22mm (45600) (45600) (45900) (45900) (45000) (44600)
3 GUJ ICS-102 Fine 22mm 4.0 – 6.0 13% 20 11107 11389 11810 11670 11614 11529
(39500) (40500) (42000) (41500) (41300) (41000)
5 M/M (P) ICS-104 Fine 23mm 4.5 – 7.0 4% 22 15297 15438 15607 15607 15550 15466
(54400) (54900) (55500) (55500) (55300) (55000)
6 P/H/R (U) (SG) ICS-202 Fine 27mm 3.5 – 4.9 4.5% 26 14932 15072 15382 15382 15382 15269
(53100) (53600) (54700) (54700) (54700) (54300)
7 M/M(P)/ ICS-105 Fine 26mm 3.0 – 3.4 4% 25 - - - - - -
SA/TL - - - - - -
8 P/H/R(U) ICS-105 Fine 27mm 3.5 – 4.9 4% 26 15100 15241 15550 15550 15550 15438
(53700) (54200) (55300) (55300) (55300) (54900)
9
M/M(P)/ ICS-105 Fine 27mm 3.0 – 3.4 4% 25 14482 14622 14791 14791 14791 14650
SA/TL/G (51500) (52000) (52600) (52600) (52600) (52100)
10 M/M(P)/ ICS-105 Fine 27mm 3.5 – 4.9 3.5% 26 15269 15382 15550 15550 15550 15410
SA/TL (54300) (54700) (55300) (55300) (55300) (54800)
11 P/H/R(U) ICS-105 Fine 28mm 3.5 – 4.9 4% 27 15297 15438 15832 15832 15832 15719
(54400) (54900) (56300) (56300) (56300) (55900)
12 M/M(P) ICS-105 Fine 28mm 3.7 – 4.5 3.5% 27 16028 16141 16563 16563 16563 16422
(57000) (57400) (58900) (58900) (58900) (58400)
13 SA/TL/K ICS-105 Fine 28mm 3.7 – 4.5 3.5% 27 16085 16197 16619 16619 16619 16478
(57200) (57600) (59100) (59100) (59100) (58600)
14 GUJ ICS-105 Fine 28mm 3.7 – 4.5 3% 27 16310 16563 16872 16872 16872 16731
(58000) (58900) (60000) (60000) (60000) (59500)
15 R(L) ICS-105 Fine 29mm 3.7 – 4.5 3.5% 28 15832 15944 16366 16366 16450 16310
(56300) (56700) (58200) (58200) (58500) (58000)
16 M/M(P) ICS-105 Fine 29mm 3.7 – 4.5 3.5% 28 16338 16450 16872 16872 16872 16731
(58100) (58500) (60000) (60000) (60000) (59500)
17 SA/TL/K ICS-105 Fine 29mm 3.7 – 4.5 3% 28 16366 16478 16900 16900 16900 16759
(58200) (58600) (60100) (60100) (60100) (59600)
18 GUJ ICS-105 Fine 29mm 3.7 – 4.5 3% 28 16478 16731 17153 17153 17153 17013
(58600) (59500) (61000) (61000) (61000) (60500)
19 M/M(P) ICS-105 Fine 30mm 3.7 – 4.5 3.5% 29 16675 16788 17153 17153 17153 17013
(59300) (59700) (61000) (61000) (61000) (60500)
20 SA/TL/K/O ICS-105 Fine 30mm 3.7 – 4.5 3% 29 16703 16816 17181 17181 17181 17041
(59400) (59800) (61100) (61100) (61100) (60600)
21 M/M(P) ICS-105 Fine 31mm 3.7 – 4.5 3% 30 16788 16956 17434 17434 17434 17294
(59700) (60300) (62000) (62000) (62000) (61500)
22 SA/TL/ ICS-105 Fine 31mm 3.7 – 4.5 3% 30 16816 16984 17462 17462 17462 17322
K / TN/O (59800) (60400) (62100) (62100) (62100) (61600)
23 SA/TL/K/ ICS-106 Fine 32mm 3.5 – 4.2 3% 31 N.A. N.A. N.A. N.A. N.A. N.A.
TN/O (N.A.) (N.A.) (N.A.) (N.A.) (N.A.) (N.A.)
24 M/M(P) ICS-107 Fine 34mm 2.8 - 3.7 4% 33 22637 22777 23058 23058 22777 22637
(80500) (81000) (82000) (82000) (81000) (80500)
25 K/TN ICS-107 Fine 34mm 2.8 - 3.7 3.5% 34 23058 23199 23480 23480 23199 23058
(82000) (82500) (83500) (83500) (82500) (82000)
26 M/M(P) ICS-107 Fine 35mm 2.8 - 3.7 4% 35 23058 23199 23480 23480 23199 23058
(82000) (82500) (83500) (83500) (82500) (82000)
27 K/TN ICS-107 Fine 35mm 2.8 - 3.7 3.5% 35 23480 23621 23902 23902 23621 23480
(83500) (84000) (85000) (85000) (84000) (83500)
(Note: Figures in bracket indicate prices in Rs./Candy)