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Cotton Gains Further In North India On Mills' Demand

20 Feb 2020 3:32 pm
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MUMBAI (Commoditiescontrol) - Cotton prices gained further by Rs 30 per maund at major markets in North India on Thursday due to the increase in demand from mills amid positive global cues.

A total of 18,500 bales of cotton today arrived in North India than 15,500 bales on Wednesday.

The price of 27-28.5MM cotton in Punjab quoted higher by Rs 30 at Rs 4,010-4,060/maund. 27-28MM cotton in Haryana also gained by Rs 33 to Rs 4,010-4,030 per maund. Price of 26.5-28MM cotton too ruled firm at Rs 4,020 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,150-5,350/quintal. While cotton seed quoted at Rs 2,450-2,500/quintal. Cotton seed oil cake on the other hand traded at Rs 2,150-2,200 per quintal.

According to traders, sellers are not willing to sell at a lower price as demand from mills is good amid an uptrend in the global market.

Globally, US cotton futures On the ICE rose to a near three-week high on Wednesday as the number of coronavirus cases dropped in China, easing fears of an economic slowdown in the world's second-largest economy.

Cotton May contract rose 78 points to settle at 69.65 cents per lb. Earlier in the session the contract rose to 70.24 cents per lb, a level last seen on Jan 30.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 20-Feb 19-Feb AVERAGE % Change US cent/lb
20-Feb 19-Feb ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4010-4060 4000-4050 4,035 4,005 30 0.7 68.08-68.93
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4010-4030 4000-4015 4,020 3,988 33 0.8 68.08-68.42
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4030-4030 4020-4020 4,030 4,000 30 0.8 68.42-68.42
Note: USD/INR= Rs 71.59
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date


       
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