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Cotton Remains Stable in North Indian States Amid Limited Demand

29 Apr 2024 12:39 pm
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New Delhi, April 29 (Commodities Control): Cotton prices in the markets of North Indian states Punjab, Haryana, and Rajasthan have sustained stability for the fourth consecutive trading day, owing to subdued demand from spinning mills. However, an improvement in daily arrivals of Kapas noted.

Last Thursday saw a mixed trend in the prices of ICE cotton futures. While the May-24 futures contract observed a rise of 0.49 cents to reach 80.07 cents, the July-24 futures contract increased by 0.27 cents to 81.35 cents. Conversely, the December-24 futures contract saw a slight weakening by 0.03 cents to 77.61 cents. However, today's electronic trading of ICE witnessed an upward trajectory in cotton prices.

Traders have noted an uptick in cotton prices in electronic trading, although the demand from spinning mills in North Indian states remains constrained. Consequently, cotton prices persisted at stable levels in the spot market. Experts suggest that only sustained high prices in the foreign market could drive an increase in domestic prices.

Despite limited arrivals, there's no significant downward pressure on cotton prices in the spot market. With farmers' outstanding stock nearly exhausted, ginners and stockists are hesitant to lower prices, mitigating the likelihood of a substantial decline. Alongside cotton, prices of cottonseed also remained stable in these states.

The arrival of Kapas in producer mandis amounted to 1,450 bales, each bale weighing 170 kg, marginally lower than the previous working day's arrival of 1,500 bales.

In Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, they remained steady at Rs 6,600 to Rs 6,900 per quintal. Similarly, 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.

Domestic futures markets reflected a mixed trend today, with Kapas prices weakening by Rs 5 to Rs 1,441 per 20 kg in April-24 futures contract on NCDEX. Conversely, cotton prices surged by Rs 260 to reach Rs 58,600 per candy in the May-24 futures contract on MCX.


Spot delivery prices for cotton varied across regions:
- In Punjab, prices ranged from Rs 5,800 to Rs 5,825 per maund (Rs 55,200 to Rs 55,400 per candy).
- In Haryana, prices were quoted at Rs 5,725 to Rs 5,750 per maund (Rs 54,500 to Rs 54,700 per candy).
- In Upper Rajasthan, prices ranged from Rs 5,500 to Rs 5,925 per maund (Rs 52,400 to Rs 56,400 per candy).
- In Pilani, Rajasthan, prices ranged from Rs 5,500 to Rs 5,925 per maund.
- In Lower Rajasthan, prices increased from Rs 57,800 to Rs 58,000 per candy.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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