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Cotton Softens Further In North India On Sluggish Demand

15 Feb 2020 2:46 pm
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MUMBAI (Commoditiescontrol) - Cotton prices fell by Rs 10 per maund at major markets in North India on Saturday due to the decline in demand from mills amid weak global cues.

A total of 17,000 bales of cotton today arrived in North India, including 4,000 bales in Punjab and 7,000 bales in Haryana and 6,000 bales in upper Rajasthan. Arrivals were at 18,000 bales on Friday.

The price of 27-28.5MM cotton in Punjab quoted lower by Rs 10 at Rs 3,980-4,020/maund. 27-28MM cotton in Haryana also fell by Rs 8 to Rs 3,970-3,990 per maund. Price of 26.5-28MM cotton too ruled weak by Rs 10 at Rs 3,985 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,150-5,300/quintal. While cotton seed quoted at Rs 2,450-2,525/quintal. Cotton seed oil cake on the other hand traded at Rs 2,150-2,200 per quintal.

According to traders, demand from mills was weak today as overnight fall in the global market has weakened the sentiment. While the export demand for cotton yarn continued to remain listless due to the outbreak of coronavirus in China.

Globally, US cotton futures on the ICE fell to a one-week low on Friday as investors tried to gauge the coronavirus epidemic's impact on China's economy, with cases continuing to mount.

Cotton contracts for March settled down 34 points at 67.41 cents per lb, having earlier hit 67.21, their lowest since Feb. 7. Prices were down about 0.5 percent for the week.

Meanwhile, the death toll from a coronavirus outbreak in mainland China rose to 1,523 as of the end of Friday, after 143 people died over the course of the day, the country's National Health Commission said on Saturday morning.

The number of new deaths in central Hubei province, at the epicenter of the coronavirus outbreak, rose by 139 as of Friday.

Most of the new deaths were in Hubei's provincial capital of Wuhan, where the virus is believed to have originated, with 107 new deaths. A total of 1,123 people in Wuhan have now died from the coronavirus.

There were 2,641 new confirmed infections across mainland China, bringing the national total to 66,492.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 15-Feb 14-Feb AVERAGE % Change US cent/lb
15-Feb 14-Feb ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 3980-4020 3985-4035 4,000 4,010 -10 -0.2 67.83-68.51
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 3970-3990 3980-3995 3,980 3,988 -8 -0.2 67.66-68
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 3985-3985 3995-3995 3,985 3,995 -10 -0.3 67.92-67.92
Note: USD/INR= Rs 71.31
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

       
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