New Delhi, March 12 (Commodities Control): Cotton prices rose for the second successive day in the mandis of Punjab, Haryana and Rajasthan on Tuesday due to sustained demand from spinning mills, even as the daily arrivals of cotton declined in these states.
ICE cotton futures were mixed on Monday. The May 24 futures contract fell 0.22 cents to 95.06 cents. The July 24 futures contract rose 0.42 cents to 94.34 cents. The December 24 futures contract rose 0.28 cents to 83.27 cents. Cotton prices opened higher in ICE electronic trading today.
The weather is clear in the cotton-producing areas of North India. According to traders, cotton prices opened higher in the global market today as well. Hence, the prices increased for the second consecutive day due to sustained demand from spinning mills in the domestic market.
According to experts, the spinning mills in these states have low cotton stocks, while most of the small ginning mills are able to utilize only half of their production capacity due to the low daily arrival of cotton in the mandis. The ginners had bought Kapas from the farmers at high prices. Hence, they are not selling cotton bales at a lower price as they don't want to sell at a loss. Therefore, cotton prices are expected to improve further due to the sustained buying by the spinning mills in these states.
Cotton arrivals in the producing mandis of these states were 10,500 bales (1 bale = 170 kg), while the arrivals were 11,000 bales on the previous working day.
Kapas prices were quoted at Rs 6,600 to Rs 7,400 per quintal in the mandis of the Punjab and Haryana line, while the prices were Rs 6,700 to Rs 7,500 per quintal in the upper Rajasthan line. Cottonseed prices were quoted at Rs 2,300 to Rs 2,600 per quintal in the Punjab and Haryana line and Rs 2,400 to Rs 2,700 per quintal in the upper Rajasthan line.
Kapas prices declined in the domestic futures market today. On NCDEX, Kapas's April 24 futures contract prices fell by Rs 10 to Rs 1,639 per 20 kg.
In Punjab, cotton prices for ready delivery were quoted at Rs 6,175 to Rs 6,200 per maund or Rs 58,700 to Rs 59,000 per candy.
In Haryana, cotton prices for ready delivery were quoted at Rs 6,100 to Rs 6,200 per maund or Rs 58,000 to Rs 58,900 per candy.
In Upper Rajasthan, cotton prices for ready delivery were quoted at Rs 5,825 to Rs 6,350 per maund or Rs 55,400 to Rs 60,400 per candy.
In Pilani, Rajasthan, cotton prices for ready delivery were quoted at Rs 5,825 to Rs 6,350 per maund.
In Lower Rajasthan, cotton prices for ready delivery were quoted at Rs 57,700 to Rs 60,200 per candy.
(By Commoditiescontrol Bureau; +91-9820130172)
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