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Cotton Mostly Weak In North India Amid Sluggish Trade

14 Jan 2020 11:22 am
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MUMBAI (Commoditiescontrol) - Cotton prices remained mostly weak at major markets in North India on Tuesday in limited trade due to the decline in demand at existing higher levels after a rise in the prices over the last few trading sessions.

A total of 8,500 bales of cotton today arrived in North India, including 1,500 bales in Punjab, 6,000 bales in Haryana and 1,000 bales in upper Rajasthan. Arrivals were at 9,200 bales on Monday.

The price of 27-28.5MM cotton in Punjab quoted lower by Rs 3 at Rs 4,140-4,170/maund. While, 27-28MM cotton in Haryana ruled flat at Rs 4,130-4,150 per maund. Price of 26.5-28MM cotton moved lower by Rs10 to Rs 4,140 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,200-5,400/quintal. While cotton seed quoted at Rs 2,650-2,700/quintal. Cotton seed oil cake on the other hand traded at Rs 2,325-2,500 per quintal.

According to traders, the arrival in Punjab is very low because of Lohri, a local festival. At the same time, very few buyers are in the market. Mills too are absent from the market. In such a situation, sellers are interested in doing trade at yesterday's price.

Today, trading is sluggish in Rajasthan as Makar Sankranti is being celebrated here today. Whereas in Haryana, most markets will remain closed tomorrow on the occasion of Makar Sankranti.

Meanwhile, the Indian Meteorological Department has issued a warning of heavy rain and hailstorm in Punjab and Haryana on 15-16 January. Also, in some areas of Himachal Pradesh and Rajasthan, there are warnings of rain.

Globally, US cotton futures on ICE rose on Monday, hitting a more than eight-month high, ahead of the expected signing of a Phase 1 US-China trade deal. Cotton March contract settled up 22 points to 71.53 cents per lb. It rose to 71.96 cents earlier in the session, the level last seen on May 9.

However, the cotton Jan contract on MCX last traded down Rs 40 at Rs 19,930/bale due to a stronger rupee.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 14-Jan 13-Jan AVERAGE % Change US cent/lb
14-Jan 13-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4140-4170 4140-4175 4,155 4,158 -3 -0.1 71-71.51
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4130-4150 4130-4150 4,140 4,140 0 0.0 70.83-71.17
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4140-4140 4150-4150 4,140 4,150 -10 -0.2 71-71
Note: USD/INR= Rs 70.87
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 14-Jan 13-Jan AVERAGE %Change US cent/lb
14-Jan 13-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38800-40000 38800-40000 39400 39400 0 0.0 69.85-71.99
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 38000-39500 38000-39500 38750 38750 0 0.0 68.41-71.09
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39500-39700 39500-39700 39600 39600 0 0.0 71.11-71.45
Note: USD/INR= Rs 70.87
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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