Cotton Prices Stable in North Indian States Amid Limited Demand from Spinning Mills

New Delhi, April 24 (Commodities Control): Cotton prices maintained stability for the second consecutive day on Wednesday in the markets of North Indian states including Punjab, Haryana, and Rajasthan, primarily due to subdued demand from spinning mills. Meanwhile, daily arrivals of Kapas witnessed an increase in these states.

ICE cotton futures prices exhibited a mixed trend on Tuesday. While the May-24 futures contract saw a modest rise of 0.11 cents to 80.15 cents, the July-24 futures contract experienced a decline of 0.78 cents to 81.64 cents. Similarly, the December-24 futures contract weakened by 0.40 cents to 78.09 cents. However, cotton prices opened weak in ICE electronic trading today.

Traders attribute the weak opening in ICE electronic trading to the cautious stance adopted by mills in these states. Additionally, ginners are reducing cotton sales due to limited margins, contributing to the stability in cotton prices. Consequently, minimal fluctuations are expected in cotton prices. Cottonseed prices, along with Kapas, have also stabilized in these states.

The arrival of Kapas in the producing mandis of Punjab, Haryana, and Rajasthan stood at 2,400 bales, with one bale equivalent to 170 kg, compared to 2,200 bales on the previous working day.

In Punjab and Haryana, Kapas prices were quoted at Rs 6,500 to Rs 6,900 per quintal, while in upper Rajasthan, prices ranged from Rs 6,600 to Rs 7,000 per quintal. Cottonseed prices were quoted at 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.

In the domestic futures market, there was a downward trend in Kapas prices in the April-24 futures contract on NCDEX, weakening by Rs 8 to Rs 1,440.5 per 20 kg.

Spot delivery prices for cotton in various regions were as follows:
- Punjab: Rs 5,825 to Rs 5,850 per maund (Rs 55,400 to Rs 55,700 per candy)
- Haryana: Rs 5,750 to Rs 5,775 per maund (Rs 54,700 to Rs 55,000 per candy)
- Upper Rajasthan: Rs 5,500 to Rs 5,950 per maund (Rs 52,400 to Rs 56,600 per candy)
- Pilani, Rajasthan: Rs 5,500 to Rs 5,950 per maund

However, cotton prices in Lower Rajasthan witnessed a slight increase to Rs 57,500 from Rs 57,800 per candy for spot delivery.



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