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Cotton Prices Stable in Northern States as Spinning Mills Limit Purchases; Daily Arrivals Up

14 May 2024 1:15 pm
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New Delhi, May 14 (Commodities Control): The cotton market in North Indian states including Punjab, Haryana, and Rajasthan witnessed stability in prices for the second consecutive day on Tuesday, attributed to limited purchases from spinning mills. Meanwhile, daily arrivals of cotton increased in the mandis.

The ICE saw cotton futures prices maintaining a bullish trend on Monday. In the July-24 futures contract, prices rose by 0.32 cents to reach 77.63 cents, while the October-24 futures contract recorded an increase of 0.32 cents to hit 76.06 cents. Similarly, the March-25 futures contract observed a rise of 0.39 cents to reach 77.06 cents. However, today's electronic trading on ICE displayed a mixed trend in cotton prices.

Traders reported a stable trend in cotton prices due to limited purchases from spinning mills in North Indian states. Many ginning mills in these regions have halted production due to raw material shortages and increasing temperatures, making it less profitable for ginners at current cotton prices.

Despite expectations, local demand for cotton yarn in the domestic market has not surged. Consequently, fluctuations in domestic cotton prices continue to hinge on ICE cotton futures prices.

In contrast, Kapas prices remained stable in these states, while cottonseed prices witnessed an increase.

According to market data, the arrival of Kapas in producer markets of these states stood at 1,400 bales, with each bale weighing 170 kg, compared to 1,300 bales on the previous working day.

In the mandis of Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,900 per quintal, while in the Upper Rajasthan line, prices remained between Rs 6,600 to Rs 7,000 per quintal. Cottonseed prices were quoted at Rs 2,350 to Rs 2,850 per quintal in the Punjab and Haryana line and Rs 2,450 to Rs 2,950 per quintal in the Upper Rajasthan line.

Spot delivery prices for cotton in various regions were as follows:
- In Punjab, cotton spot delivery prices ranged from Rs 5,750 to Rs 5,775 per maund, equivalent to Rs 54,700 to Rs 55,000 per candy.
- In Haryana, spot delivery prices were quoted at Rs 5,675 to Rs 5,700 per maund, i.e., Rs 54,000 to Rs 54,300 per candy.
- In Upper Rajasthan, cotton prices for spot delivery ranged from Rs 5,450 to Rs 5,850 per maund, i.e., Rs 51,900 to Rs 55,700 per candy.
- In Pilani, Rajasthan, spot delivery prices were quoted at Rs 5,450 to Rs 5,850 per maund.
- In Lower Rajasthan, cotton prices for spot delivery ranged from Rs 57,000 to Rs 57,300 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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