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Cotton Prices Down In North India Amid Negative Global Cues

24 Jan 2020 11:43 am
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MUMBAI (Commoditiescontrol) - Cotton prices softened by Rs 25-30 per maund at major markets in North India on Friday due to the limited buying from mills as well as exporters amid a sharp decline in the global market.

A total of 16,500,000 bales of cotton today arrived in North India, including 4,000 bales in Punjab, 6,500 bales in Haryana and 6,000 bales in upper Rajasthan. Arrivals were at 15,000 bales on Thursday.

The price of 27-28.5MM cotton in Punjab quoted lower by Rs 25 at Rs 4,110-4,130/maund. 27-28MM cotton in Haryana also dropped by Rs 30 to Rs 4,070-4,090 per maund. Price of 26.5-28MM cotton too moved down by Rs 30 to Rs 4,080 per maund in upper Rajasthan.

As per trade sources, the CCI has been selling procured cotton via auctions but has not been receiving a good response from local textile mills as the prices quoted by CCI are very high.

The Cotton Corporation of India (CCI) has procured about 40 lakh bales of cotton as part of its MSP procurement operations so far during the season, amounting to 25 percent of the crop arrivals in the market.

Globally, US cotton futures dell sharply on Thursday as mounting worries over a coronavirus outbreak in China weighed on market sentiment and pulled equities and oil prices lower, while investors awaited for the weekly export sales report.

Cotton March contract declined 110 points to settle at 70.03 cents per lb after moving in the range of 69.8 and 71 cents per lb.


SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 24-Jan 23-Jan AVERAGE % Change US cent/lb
24-Jan 23-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4110-4130 4130-4160 4,120 4,145 -25 -0.6 70.11-70.45
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4070-4090 4100-4120 4,080 4,110 -30 -0.7 69.42-69.77
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4080-4080 4110-4110 4,080 4,110 -30 -0.7 69.6-69.6
Note: USD/INR= Rs 71.25
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

SPOT COTTON PRICE IN LOWER RAJASTHAN
MARKET/VARIETY UNIT 24-Jan 23-Jan AVERAGE %Change US cent/lb
24-Jan 23-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38200-39700 38200-39900 38950 39050 -100 -0.3 68.4-71.07
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 37700-39100 37700-39300 38400 38500 -100 -0.3 67.5-70
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39200-39500 39200-39500 39350 39350 0 0.0 70.19-70.71
Note: USD/INR= Rs 71.25
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date


       
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