login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Cotton Prices Dip in North India Amid Spinning Mills' Weak Demand

2 May 2024 1:35 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

New Delhi, May 2 (Commodities Control): Cotton prices in the key markets of North Indian states, including Punjab, Haryana, and Rajasthan, experienced a decline for the second consecutive day on Thursday. This slump is attributed to sluggish demand from spinning mills. Despite this, daily arrivals of cotton have remained stable.

The ICE cotton futures prices showed downward trend for the second consecutive day on Wednesday. Notably, the prices for May-24 futures contract weakened by 2.11 cents to 75.80 cents. Similarly, the July-24 futures contract saw a decrease of 1.92 cents to 76.51 cents, while the December-24 futures contract dropped by 1.66 cents to 75.17 cents. However, today, cotton prices opened higher in electronic trading on ICE.

Traders attribute the decline in domestic cotton prices to the weakening of ICE cotton futures, which hit an 18-month low on Wednesday. Consequently, pressure has been mounting on domestic cotton prices.

Spinning mills are adjusting their purchasing patterns accordingly, only procuring cotton yarn as needed. Moreover, the export demand for cotton has also taken a hit. The trend of cotton prices in the domestic market now depends largely on international market movements. However, Kapas cottonseed prices remained stable in these states.

In terms of arrivals, the producer mandis witnessed 1,550 bales of Kapas, each weighing 170 kg, which is consistent with 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, they stood between Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices ranged from Rs 2,250 to Rs 2,700 per quintal in Punjab and Haryana and Rs 2,350 to Rs 2,900 per quintal in Upper Rajasthan.

In contrast to the decline in spot cotton prices, domestic futures markets saw an upward trend today. In the May-24 futures contract on the Multi Commodity Exchange (MCX), cotton prices rose by Rs 260 to reach Rs 57,380 per candy.

Spot delivery prices varied across regions: in Punjab, prices ranged from Rs 5,725 to Rs 5,750 per maund (equivalent to Rs 54,500 to Rs 54,800 per candy), in Haryana from Rs 5,650 to Rs 5,675 per maund (equivalent to Rs 53,800 to Rs 54,100 per candy), and in Upper Rajasthan from Rs 5,425 to Rs 5,875 per maund (equivalent to Rs 51,700 to Rs 56,000 per candy).

Meanwhile, in Pilani, Rajasthan, spot delivery prices ranged from Rs 5,425 to Rs 5,875 per maund. Lower Rajasthan witnessed an increase in spot delivery prices from Rs 57,500 to Rs 57,700 per candy.



(By Commoditiescontrol Bureau: +91-9820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
ICE Cotton Futures Rebound as Traders Cover Shorts Ahea...
ZCE Cotton And Yarn Evening Closing - 18 JUNE 2024
ICE/ZCE Daily Rates Update ( Time: 20:18 ) - 18 JUNE 20...
Cotton Arrival Up in Madhya Pradesh; Cotton Candy Price...
Cotton Prices in Karnataka Remain Stable; Daily Arrival...
more
Top 5 News
CBOT Soyoil Prices Climb Amid Tightened US Stocks and R...
Global equity/currency market update: Asian Shares Reac...
Rising Brazilian Sugar Production Pressures Global Pric...
ICE Cotton Futures Rebound as Traders Cover Shorts Ahea...
CBOT Wheat Futures Hit Two-Month Lows Amid U.S. Harvest...
Top 5 Special Reports
Weekly: ICE Sugar Futures Revived By ISO's Global Defic...
Weekly: Cotton Prices Slide for Third Consecutive Week ...
India Plans Boost in Arhar and Urad Dal Production to T...
US soybean net sales for May 31-June 6 at 377,100 MT, u...
US cotton net export sales for May 31-June 6 at 177,100...
Copyright © CC Commodity Info Services LLP. All rights reserved.