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North India: Weak Demand At Higher Levels Weighs On Cotton

28 May 2020 1:50 pm
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Mumbai (Commodities Control) – Cotton prices slid in North Indian mandis on Thursday after a robust upside settlement in the previous session. Buyers refrained to make purchases at higher levels.

8000 bales of Cotton arrival have been registered in Punjab, Haryana and Upper Rajasthan. Kapas was quoted at Rs 5100-5400 and cottonseed was priced at Rs 2700-2800/Quintal in North India, while Cottonseed cake traded in the range of Rs 2350-2450/Quintal.

28+mm cotton was quoted at Rs 3580-3620 and 28 mm cotton in Haryana was priced at Rs 3580-3890/Maund. While in Rajasthan the fibre traded at Rs 3430-3590/Maund.

28+mm in Ravatsar and Hanumangarh was priced at Rs 3590/Maund, while 28mm in Vijaynagar and Shri Ganganagar traded at Rs 3590/Maund. 27.5-28 mm in Peelibanga was quoted at Rs 3540 and Rs 3540 respectively.

According to the traders, weak global cues and lack of buyers on high levels is weighing upon cotton prices.

Meanwhile Punjab’s cotton cultivation area has crossed 10 lakh acres, which 9.7 lk acres last year. State Govt has set the target of 12 lk acres of cotton acreage this year.

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