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Cotton Tumbles In North India As Demand Recedes

10 Dec 2019 12:32 pm
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MUMBAI (Commoditiescontrol) - Cotton prices fell by Rs 23-30 per maund at major markets in North India on Tuesday after gaining sharply in the last two days, after a decrese in demand from the mills at higher levels.

A total of 42,000 bales of cotton today arrived in North India than 48,000 bales on Monday.

The price of 28+MM cotton in Punjab and 28MM cotton in Haryana quoted at Rs 3,960-4,000/maund and Rs 3,950-3,970 per maund, respectively. While in upper Rajasthan 28MM cotton prices were at Rs 3,970 per maund.

Average price of kapas in North India was at Rs 5,100-5,200/quintal. While cotton seed quoted at Rs 2,600-2,625/quintal. Cotonseed oil cake on the other hand traded at Rs 2,200-2,400 per quintal.

According to traders, the price of cotton gained sharply here during the last two days, so the purchases from mills have come down at higher prices. Yesterday, there was an arrival of about 50,000 bales, out of which a lot of produce could not be sold. In addition, around 42,000 bales arrived today, making a situation of over-supply in the market.

At the same time, the pressure on prices in the global market was shown due to the lack of clear picture about the agreement between the US and China. US cotton March futures settled down 0.9 percent to below 66 cents per pound on ICE yesterday. In domestic futures also, cotton was trading slightly lower on MCX.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 10-Dec 9-Dec AVERAGE % Change US cent/lb
10-Dec 9-Dec ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 3960-4000 3960-4000 3,980 4,005 -25 -0.6 67.87-68.56
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 3950-3970 3955-3980 3,960 3,990 -30 -0.8 67.7-68.04
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 3970-3970 3960-3960 3,970 3,990 -20 -0.5 68.04-68.04
Note: USD/INR= Rs 70.91
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

SPOT COTTON PRICE IN LOWER RAJASTHAN
MARKET/VARIETY UNIT 10-Dec 9-Dec AVERAGE %Change US cent/lb
10-Dec 9-Dec ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29.5 mm (MIC 3.8-4.00) Rs/Candy 37100-38800 37100-38800 37950 38050 -100 -0.3 66.75-69.79
Lower Rajasthan-Mewad Line 27-28mm (MIC 3.00-3.8) Rs/Candy 37100-38800 37100-38800 37950 38050 -100 -0.3 66.75-69.79
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 38100-38800 38100-38800 38450 38550 -100 -0.3 68.55-69.79
Note: USD/INR= Rs 70.91
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date

       
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