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Cotton Prices Stable in North Indian States; Daily Arrivals Improve Slightly

27 Apr 2024 12:27 pm
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New Delhi, April 27 (Commodities Control): Cotton prices maintained stability for the third consecutive day on Saturday across the markets of North Indian states, including Punjab, Haryana, and Rajasthan. This stability can be attributed to the subdued demand from spinning mills, while daily arrivals of Kapas have shown improvement in these regions.

ICE cotton futures prices exhibited a mixed trend on Thursday. The May-24 futures contract saw a rise of 0.49 cents to 80.07 cents, while the July-24 futures contract increased by 0.27 cents to 81.35 cents. However, the December-24 futures contract weakened by 0.03 cents to 77.61 cents.

Traders reported that cotton prices experienced fluctuations in the international market on Friday. Concurrently, spinning mills in North Indian states are procuring cotton only as per their immediate requirements. This cautious approach has contributed to the stability of prices in the spot market for the third consecutive day.

Experts note that the arrival of Kapas remains limited in these states, leading most ginning mills to either halt production or operate in reduced shifts. Consequently, ginning mills are reluctant to lower cotton prices. Consequently, minimal fluctuations in cotton prices are anticipated in these states. Alongside Kapas, cottonseed prices have also stabilized in these regions.

Sources indicate that the Cotton Corporation of India (CCI) reduced the selling price of cotton by Rs 300 per candy (one candy equals 356 kg) on Friday.

In the current crop season 2023-24, from October 1, 2023, to the end of March 2024, cotton exports from the country surged by 137 percent to 18 lakh bales. Experts attribute this increase to demand from countries like Bangladesh and China due to low prices.

In the producing mandis of these states, Kapas arrivals totaled 1,500 bales (one bale equals 170 kg), compared to 1,400 bales on the previous working day.

Prices for Kapas ranged from Rs 6,500 to Rs 6,800 per quintal in Punjab and Haryana, while in upper Rajasthan, prices stood at Rs 6,600 to Rs 6,900 per quintal.

Additionally, cottonseed prices were quoted at Rs 2,250 to Rs 2,600 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 recorded at Rs 5,800 to Rs 5,825 per maund (Rs 55,200 to Rs 55,400 per candy), Rs 5,725 to Rs 5,750 per maund (Rs 54,500 to Rs 54,700 per candy) in Haryana, and Rs 5,475 to Rs 5,950 per maund (Rs 52,100 to Rs 56,600 per candy) in Upper Rajasthan.

In Pilani, Rajasthan, spot delivery prices for cotton ranged from Rs 5,475 to Rs 5,950 per maund. Meanwhile, in Lower Rajasthan, cotton spot delivery prices were quoted at Rs 57,800 to Rs 58,000 per candy.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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