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Cotton Prices Remain Stable in North Indian States Amid Limited Demand

23 Apr 2024 12:32 pm
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New Delhi, April 23 (Commodities Control): Cotton prices in the markets of North Indian states such as Punjab, Haryana, and Rajasthan remained stable on Tuesday, attributed to a limited demand from spinning mills. Additionally, a decrease in the daily arrivals of Kapas has contributed to the stabilization of prices in these regions.

In international markets, ICE cotton futures prices experienced an upward trend on Monday. The May-24 futures contract saw a rise of 1.35 cents to reach 80.04 cents, while the July-24 futures contract increased by 1.40 cents to 82.42 cents. Similarly, the December-24 futures contract witnessed a rise of 0.94 cents to settle at 78.49 cents. Today, cotton prices opened higher in ICE electronic trading.

Despite high prices in the global market, cotton prices have stabilized domestically. Traders suggest that if ICE cotton futures prices continue to remain strong, it could lead to profitable cotton exports from the domestic market, potentially driving prices up. Moreover, farmers in these states have minimal remaining stock of Kapas, with the quality of Kapas arriving in the markets being comparatively low. However, the demand for cotton yarn is expected to persist due to the ongoing consumption season.

The arrival of Kapas in the producing markets of Punjab, Haryana, and Rajasthan stood at 2,200 bales, with each bale weighing 170 kg. This marks a slight decrease from the previous working day when arrivals totaled 2,400 bales.

In the Punjab and Haryana markets, the price of Kapas ranged from Rs 6,500 to Rs 6,900 per quintal, while in upper Rajasthan, it stood between Rs 6,600 to Rs 7,000 per quintal. Additionally, the price of cottonseed saw an increase, ranging from Rs 2,250 to Rs 2,600 per quintal in Punjab and Haryana, and Rs 2,350 to Rs 2,900 per quintal in upper Rajasthan.

Spot delivery prices for cotton varied across different regions:
- In Punjab, the price ranged from Rs 5,825 to Rs 5,850 per maund, equivalent to Rs 55,400 to Rs 55,700 per candy.
- In Haryana, the price ranged from Rs 5,750 to Rs 5,775 per maund, translating to Rs 54,700 to Rs 55,000 per candy.
- In upper Rajasthan, the price ranged from Rs 5,525 to Rs 5,950 per maund, or Rs 52,600 to Rs 56,600 per candy.
- In Pilani, Rajasthan, the price stood at Rs 5,525 to Rs 5,950 per maund.
- Cotton prices in lower Rajasthan saw a slight decline to Rs 57,500 from Rs 57,800 per candy for spot delivery.




(By Commoditiescontrol Bureau: +91-22-40015505)


       
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