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Cotton extends losses in North India on lacklustre demand, higher arrivals

29 Sep 2022 1:02 pm
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NEW DELHI, Sept 28 (Commoditiescontrol) : Cotton prices weakened in the mandis of north India for the third consecutive day on Thursday amid subdued demand from spinning mills, while daily arrivals were reported higher.

Globally, ICE cotton futures ended higher on Wednesday, snapping 4-day losing streak, with the benchmark December contract gained by 40 points to close at 88.49 cents per pound. The March 2023 contract also climbed by 46 points to 85.85 cents per pound. An uptrend was also seen in electronic trading today.

As the weather continued to remain clear in the cotton producing regions of North India, arrivals were reported higher today. Procurement by the mills in the domestic market stayed weak, resulted in a further decline in the local prices of cotton. With the weather has mostly cleared up in the producing states of India, it is expected that the daily arrivals of cotton will increase in the coming days, but the arrival of moisture-rich produce will be more. Moreover, the production of cotton is expected to be higher in these states in the current season than last year. Meanwhile, the local and export demand in yarn is much weaker than normal due to which spinning mills are facing disparity at the current price of cotton. Therefore, cotton prices in the domestic market are expected to decline further.

Cotton Corporation of India (CCI) has decided to buy cotton from the open market in the current crop season as the price of cotton in the producer mandis is higher than the MSP. The corporation will start procurement of cotton at market rates by the end of November, and plans to open 90 procurement centers across the country for the purchase of cotton.

In Haryana, cotton traded at Rs 6,800 -6,850 for delivery in the first week of October and at Rs 6,500-6,550 per maund for the full month October delivery.

In Punjab, cotton for delivery in the first week of October traded at Rs 6,800 -6,850 and full month October delivery at Rs 6,500-6,550 per maund.

In Upper Rajasthan, cotton traded at Rs 6,800-6,850 for delivery in the first week of October and at Rs 6,500-6,550 per maund for the full month October delivery.

In the states of North India, 13,000 bales of new raw cotton (kapas) arrived in the mandis today, up from 12,200 bales a day before.

A downtrend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged lower by 0.35 percent. The November month cotton contract on the MCX fell by Rs 100 at Rs 30,070 per bale (1 bale -170 kg).

The prices of kapas were quoted at Rs 8,100 to Rs 8,600 per quintal in the mandis of Punjab and Haryana line, while offered at Rs 8,200 to Rs 8,800 per quintal in Upper Rajasthan line. Cottonseed price was quoted at Rs 3,350 to 3,700 in Punjab and Haryana line and Rs 3,450 to Rs 3,800 per quintal in Upper Rajasthan line.

In Punjab, cotton spot delivery rates were quoted from Rs 6,900 to Rs 6,950 per maund, i.e. Rs 66,000 to Rs 66,500 per candy.

In Haryana, cotton prices were quoted at Rs 6,900 to Rs 6,950 per maund for spot delivery, i.e. Rs 66,000 to Rs 66,500 per candy.

In Upper Rajasthan, cotton prices were quoted at Rs 6,900 to Rs 6,950 per maund for spot delivery, i.e. Rs 66,000 to Rs 66,500 per candy.

In Rajasthan's Pilani, the price of cotton was quoted at Rs 6,900 to Rs 7,000 per maund for spot delivery.

In Lower Rajasthan, cotton traded at Rs 66,000 to Rs 67,000 per candy for spot delivery.




       
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