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Cotton Prices Stable in North Indian States; Daily Arrivals Decline

26 Apr 2024 11:30 am
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New Delhi, April 26 (Commodities Control): Cotton prices have maintained stability for the second consecutive day in the markets of North Indian states including Punjab, Haryana, and Rajasthan. This stability is attributed to the subdued demand from spinning mills alongside a decline in the daily arrivals of Kapas in these states.

In the ICE cotton futures market, prices exhibited a mixed trend on Thursday. The May-24 futures contract saw a marginal rise of 0.07 cents to 79.58 cents, while the July-24 futures contract increased by 0.07 cents to 81.08 cents. Conversely, the December-24 futures contract experienced a slight weakening by 0.05 cents to 77.64 cents. Today, cotton prices continue to show a mixed pattern in ICE electronic trading.

Traders have noted limited fluctuations in global cotton prices, prompting domestic spinning mills to procure cotton only as per their immediate requirements. Furthermore, the daily arrials of cotton in the markets of these states has declined significantly, leading ginners to abstain from reducing prices. Consequently, cotton prices have remained stable in the spot market for the second consecutive day. Experts suggest that a correction in cotton prices depend on an upsurge in local demand for cotton yarn within the domestic market. Concurrently, the prices of Kapas and cottonseed have also stabilized in these states.

According to the Cotton Corporation of India (CCI), approximately 42.26 lakh bales of cotton had arrived in the markets of Punjab, Haryana, and Rajasthan by the end of March, with an estimated production of 46 lakh bales in these states. This indicates a limited quantity of outstanding stock.

The arrival of Kapas in the producing mandis of these states amounted to 1,400 bales (one bale equals 170 kg) compared to 2,100 bales on the previous working day. Kapas prices were quoted at Rs 6,500 to Rs 6,800 per quintal in the mandis of Punjab and Haryana, and Rs 6,600 to Rs 6,900 per quintal in upper Rajasthan. Additionally, cottonseed prices ranged from 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 were reported at Rs 5,800 to Rs 5,825 per maund, equivalent to Rs 55,200 to Rs 55,400 per candy. In Haryana, cotton prices for spot delivery were quoted at Rs 5,725 to Rs 5,750 per maund, translating to Rs 54,500 to Rs 54,700 per candy. Upper Rajasthan witnessed cotton prices ranging from Rs 5,500 to Rs 5,925 per maund for spot delivery, i.e., Rs 52,400 to Rs 56,400 per candy.

In Pilani, Rajasthan, cotton prices for spot delivery were quoted at Rs 5,500 to Rs 5,925 per maund. Lower Rajasthan recorded cotton prices at Rs 57,800 to Rs 58,000 per candy for spot delivery.






(By Commoditiescontrol Bureau: +91-9820130172)


       
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