New Delhi, April 30 (Commodities Control): Cotton prices remained unchanged in the markets of North Indian states, including Punjab, Haryana, and Rajasthan, influenced by constrained demand from spinning mills. Simultaneously, daily arrivals of Kapas witnessed a reduction in these state mandis.
On Monday, ICE cotton futures exhibited an upward trajectory. The May-24 futures contract experienced a price increase of 0.62 cents to reach 80.02 cents, while the July-24 futures contract rose by 0.62 cents to 81.52 cents. Additionally, the December-24 futures contract saw a rise of 0.94 cents, reaching 78.25 cents. However, cotton prices opened weak in ICE's electronic trading today.
Traders attribute the movement in domestic cotton prices to the fluctuations in ICE futures. Monday witnessed a surge in global cotton prices, consequently influencing domestic markets. However, with cotton prices opening weak in ICE electronic trading today, purchases from domestic mills also faced constraints.
Daily arrivals of Kapas in North Indian states are occurring in limited quantities, with the quality of the incoming Kapas being notably low. Spinning mills are operating with diminished outstanding stock of cotton, necessitating them to procure more cotton. Kapas prices have maintained stability in these states, while cottonseed prices have witnessed an uptick.
Sources suggest that Kapas sowing in North Indian states may witness a decline of 20-30 percent in the current season. In the producer mandis of these states, the arrival of Kapas stood at 1,350 bales, with one bale weighing 170 kg, compared to the previous working day's arrival of 1,450 bales.
Kapas prices were quoted at Rs 6,500 to Rs 6,800 per quintal in Punjab and Haryana markets, while in upper Rajasthan markets, prices ranged from Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices were quoted at Rs 2,250 to Rs 2,700 in Punjab and Haryana, and Rs 2,350 to Rs 3,000 per quintal in upper Rajasthan.
In the domestic futures market, cotton prices witnessed a decline today. Prices weakened by Rs 160 to reach Rs 58,500 per candy in the May-24 futures contract on MCX.
Spot delivery prices for cotton in Punjab were quoted at Rs 5,825 to Rs 5,850 per maund, equivalent to Rs 55,400 to Rs 55,700 per candy. In Haryana, prices ranged from Rs 5,750 to Rs 5,775 per maund, or Rs 54,700 to Rs 55,000 per candy for spot delivery.
In upper Rajasthan, prices were quoted at Rs 5,500 to Rs 5,950 per maund, translating to Rs 52,400 to Rs 56,600 per candy for spot delivery. In Pilani, Rajasthan, prices were quoted at Rs 5,500 to Rs 5,950 per maund for spot delivery. In Lower Rajasthan, prices ranged from Rs 58,000 to Rs 58,200 per candy for spot delivery.
(By Commoditiescontrol Bureau: +91-9820130172)
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