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Cotton Prices Hold Steady in North Indian States; Daily Arrivals Down

25 Apr 2024 12:42 pm
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New Delhi, April 25 (Commodities Control): Cotton prices remained steady in the markets of North Indian states Punjab, Haryana, and Rajasthan on Thursday, attributed to a subdued demand from spinning mills. Concurrently, daily arrivals of Kapas witnessed a decline in these regions.

On Wednesday, ICE cotton futures prices saw a downturn. The May-24 futures contract experienced a weakening of 0.71 cents, settling at 79.51 cents, while the July-24 futures contract declined by 0.71 cents to 81.01 cents. Similarly, the December-24 futures contract saw a decrease of 0.39 cents, reaching 77.69 cents. However, today's electronic trading on ICE presents a mixed trend in cotton prices.

Traders noted a stable trend in domestic cotton prices despite the mixed electronic trading trend. They attributed this stability to reduced Kapas arrivals, prompting ginners to refrain from selling cotton at lower rates.

Moreover, local demand for cotton yarn hasn't surged as anticipated, leading spinning mills to operate within constrained margins. Consequently, minimal fluctuations are expected in cotton prices in the spot market. While Kapas prices witnessed a weakening trend, cottonseed prices stabilized.

In the ongoing crop season 2023-24, the Cotton Corporation of India (CCI) has purchased 33 lakh bales (one bale equals 170 kg) thus far, with 6 lakh bales already sold.

In the producing mandis of Punjab, Haryana, and Rajasthan, the arrival of Kapas totaled 2,100 bales, down from the previous working day's 2,400 bales.

Prices of Kapas ranged from Rs 6,500 to Rs 6,800 per quintal in Punjab and Haryana markets and Rs 6,600 to Rs 6,900 per quintal in Upper Rajasthan. Cottonseed prices were quoted at Rs 2,250 to Rs 2,600 per quintal in Punjab and Haryana and Rs 2,350 to Rs 2,900 per quintal in Upper Rajasthan.

Spot delivery prices for cotton in Punjab stood at Rs 5,800 to Rs 5,825 per maund (Rs 55,200 to Rs 55,400 per candy), in Haryana at Rs 5,725 to Rs 5,750 per maund (Rs 54,500 to Rs 54,700 per candy), and in Upper Rajasthan at Rs 5,500 to Rs 5,925 per maund (Rs 52,400 to Rs 56,400 per candy).

In Pilani, Rajasthan, spot delivery cotton prices were quoted at Rs 5,500 to Rs 5,925 per maund.

Lower Rajasthan witnessed a rise in cotton prices for spot delivery, reaching Rs 57,800 to Rs 58,000 per candy.



(By Commoditiescontrol Bureau: +91-9820130172)


       
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