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Cotton Gains Further In North India On Lower Arrivals

13 Jan 2020 1:42 pm
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MUMBAI (Commoditiescontrol) - Cotton prices gained further by Rs 20-23 per maund at major markets in North India on Monday due to the lower arrivals amid bad weather conditions.

Arrivals were also lower as the festival of harvest, Lohri is being celebrated today in North India.

A total of 9,200 bales of cotton today arrived in North India, including 1,200 bales in Punjab, 6,000 bales in Haryana and 2,000 bales in upper Rajasthan. Arrivals were at 20,000 bales on Saturday.

The price of 27-28.5MM cotton in Punjab quoted higher by Rs 23 at Rs 4,140-4,175/maund. While, 27-28MM cotton in Haryana gained by Rs 20 to Rs 4,130-4,150 per maund. Price of 26.5-28MM cotton ruled firm by a similar margin to Rs 4,150 per maund in upper Rajasthan.

Average price of kapas in North India gained by Rs 100 at Rs 5,250-5,450/quintal. While cotton seed quoted at Rs 2,700-2,725/quintal. Cotton seed oil cake on the other hand traded at Rs 2,350-2,500 per quintal.

According to traders, heavy rains in many areas have led to a fall in arrivals. On the other hand, exporters are buying strongly in the hope of increasing demand in the global market.

Meanwhile, many multinational companies are now buying in the market.

The Indian Meteorological Department has issued an alert of heavy rain in most areas of Punjab, Haryana and Rajasthan in the next 24 hours.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 13-Jan 11-Jan AVERAGE % Change US cent/lb
13-Jan 11-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4140-4175 4120-4150 4,158 4,135 23 0.5 71.03-71.63
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4130-4150 4110-4130 4,140 4,120 20 0.5 70.86-71.2
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4150-4150 4130-4130 4,150 4,130 20 0.5 71.2-71.2
Note: USD/INR= Rs 70.84
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date


       
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