New Delhi, March 22 (Commodities Control): Cotton prices remained stable in the markets of North Indian states including Punjab, Haryana, and Rajasthan on Friday, as reported by traders. This stability was attributed to limited demand from spinning mills, coupled with a decrease in the daily arrivals of Kapas in the mandis across these states.
There was a marginal improvement noted in the prices of ICE cotton futures on Thursday. The May-24 futures contract saw a rise of 0.03 cents to 92.21 cents, while the July-24 futures contract increased by 0.14 cents to 92.26 cents. Similarly, the December-24 futures contract witnessed a rise of 0.12 cents to 83.92 cents. However, today, cotton prices opened weak in electronic trading on ICE.
Traders observed that cotton prices opened lower in electronic trading on ICE, as purchases from spinning mills in North Indian states remained limited. Consequently, prices remained stable in the spot market.
Experts suggested that due to festival holidays, mills are procuring cotton as per their immediate requirements, leading to expectations of limited fluctuation in prices. However, with the current stock of cotton being relatively low and the consumption season ongoing, local demand for cotton yarn is expected to increase in the coming days, necessitating mills to procure cotton next month. This stability in prices was reflected across the states. Kapas and cottonseed prices remained stable in these states.
The arrival of Kapas in the producer mandis of these states recorded at 8,500 bales, each bale weighing 170 kg, compared to 8,700 bales on the previous working day.
Kapas prices were quoted in the range of Rs 6,600 to Rs 7,200 per quintal in the mandis of Punjab and Haryana, while in Upper Rajasthan, prices ranged from Rs 6,700 to Rs 7,300 per quintal.
Cottonseed prices were quoted at Rs 2,300 to Rs 2,550 per quintal in Punjab and Haryana, and Rs 2,400 to Rs 2,600 per quintal in Upper Rajasthan.
In the domestic futures market, there was a declining trend observed in cotton prices today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 6.5 to Rs 1,545.5 per 20 kg.
Spot delivery prices for cotton in various regions were as follows:
- In Punjab: Rs 5,975 to Rs 6,025 per maund (Rs 56,800 to Rs 57,400 per candy).
- In Haryana: Rs 5,925 to Rs 6,025 per maund (Rs 56,400 to Rs 57,400 per candy).
- In Upper Rajasthan: Rs 5,475 to Rs 6,125 per maund (Rs 52,200 to Rs 58,300 per candy).
- In Pilani, Rajasthan: Ranging from Rs 5,475 to Rs 6,125 per maund.
- In Lower Rajasthan: Increased from Rs 56,800 to Rs 59,600 per candy.
(CommoditiesControl Bureau; +91-9820130172)
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