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Cotton Prices Down In North India On Lacklustre Buying

15 Jan 2020 10:56 am
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MUMBAI (Commoditiescontrol) - Cotton prices moved lower by Rs 10-20 at major markets in North India on Wednesday due to the decline in demand at existing higher levels after a rise in the prices over the last few trading sessions and tracking weakness in the global market.

A total of 15,000 bales of cotton today arrived in North India than 8,500 bales on Tuesday.

The price of 27-28.5MM cotton in Punjab quoted lower by Rs 10 at Rs 4,130-4,160/maund. While, 27-28MM cotton in Haryana ruled weak by Rs 20 at Rs 4,110-4,130 per maund. Price of 26.5-28MM cotton also moved lower by Rs 10 to Rs 4,120 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,200-5,350/quintal. While cotton seed quoted at Rs 2,600-2,650/quintal. Cotton seed oil cake on the other hand traded at Rs 2,300-2,450 per quintal.

According to traders, demand from mills has come down at higher prices. Furthermore, exporters have also restrained themselves amid selling in the global market. Meanwhile, strengthening of the rupee against the dollar has also affected the trade.

Globally, ICE March cotton closed at 71.38, down15 points on Tuesday as the market is awaiting signing of a US-China Phase 1 trade deal later in the day that could reopen China's giant market to US grain and farm product exports.

There is an understanding that China will purchase massive amounts of US goods and services. However, there is conflicting news that indicates, even after the signing, the US will maintain its tariffs for a 90-day period for compliance reasons.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 15-Jan 14-Jan AVERAGE % Change US cent/lb
15-Jan 14-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4130-4160 4140-4170 4,145 4,155 -10 -0.2 70.8-71.31
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4110-4130 4130-4150 4,120 4,140 -20 -0.5 70.45-70.8
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4120-4120 4140-4140 4,120 4,140 -20 -0.5 70.62-70.62
Note: USD/INR= Rs 70.9
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 15-Jan 14-Jan AVERAGE %Change US cent/lb
15-Jan 14-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38650-39850 38800-40000 39250 39400 -150 -0.4 69.55-71.69
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 37850-39350 38000-39500 38600 38750 -150 -0.4 68.11-70.79
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39350-39550 39500-39700 39450 39600 -150 -0.4 70.81-71.15
Note: USD/INR= Rs 70.9
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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