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Cotton Prices Softens in North Indian States Amid Weak Demand; Daily Arrivals Improve

1 May 2024 12:02 pm
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New Delhi, May 1 (Commodities Control): Cotton prices witnessed a softening trend on Wednesday in the markets of North Indian states including Punjab, Haryana, and Rajasthan, attributed to a sluggish demand from spinning mills. Meanwhile, daily arrivals of Kapas experienced an improvement in these states.

The Intercontinental Exchange (ICE) had forecasted a decline in cotton futures prices on Tuesday. In the May-24 futures contract, prices weakened by 2.10 cents to settle at 77.92 cents, while in the July-24 futures contract, there was a decrease of 3.09 cents to 78.43 cents. Similarly, in the December-24 futures contract, prices weakened by 1.42 cents to 76.83 cents.

Traders noted a three-point decline in cotton prices in the foreign market on Tuesday, contributing to the domestic market's price reduction due to subdued purchases from spinning mills. The decreased margins of cotton exporters from the domestic market, coupled with stagnant local and export demand for cotton yarn, also added pressure on prices.

However, despite limited quantities of daily Kapas arrivals in these states and a relatively lower outstanding stock of cotton with spinning mills, the trend of cotton prices continues to depend on global market trends. Kapas prices remained stable in these states, while cottonseed prices observed an increase.

In the producer mandis of these states, Kapas arrivals stood at 1,550 bales (each bale weighing 170 kg), showing an improvement from the previous trading day's arrival of 1,350 bales.

In Punjab and Haryana, Kapas prices were quoted at Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, they ranged from Rs 6,600 to Rs 6,900 per quintal. Meanwhile, cottonseed prices were at Rs 2,250 to Rs 2,700 per quintal in Punjab and Haryana, and Rs 2,350 to Rs 3,000 per quintal in Upper Rajasthan.

Spot delivery prices for cotton in Punjab were quoted at Rs 5,750 to Rs 5,775 per maund (i.e., Rs 58,800 to Rs 55,000 per candy), while in Haryana, prices ranged from Rs 5,675 to Rs 5,700 per maund (i.e., Rs 54,100 to Rs 54,300 per candy).

In Upper Rajasthan, spot delivery prices were at Rs 5,475 to Rs 5,875 per maund (i.e., Rs 52,100 to Rs 56,000 per candy), and in Pilani, Rajasthan, they ranged from Rs 5,475 to Rs 5,875 per maund. In Lower Rajasthan, spot delivery prices increased from Rs 57,500 to Rs 57,700 per candy.



(By Commoditiescontrol Bureau: +91-9820130172)

       
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