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Cotton Prices Stable in North Indian States Amid Ginners Subdued Sales

3 May 2024 1:18 pm
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New Delhi, May 3 (Commodities Control): Cotton prices demonstrated stability on Friday in the markets of North Indian states including Punjab, Haryana, and Rajasthan. This stability comes in responce to the subdued sales from ginning mills at lower price points, coupled with a decrease in daily arrivals.

ICE (Intercontinental Exchange) witnessed a halt in the decline of cotton futures for the third consecutive day on Thursday. However, May-24 futures contracts weakened by 0.89 cents to 74.92 cents, July-24 futures contracts decreased by 0.89 cents to 75.62 cents, and December-24 futures contracts saw a decrease of 0.99 cents to 74.18 cents. Despite this, cotton prices opened higher in electronic trading on ICE today.

Traders attribute the recent stability in cotton prices to a two-day depressive trend coupled with a disparity in prices faced by ginners. Furthermore, the reduced sales from mills, owing to prior high purchasing prices, contributed to the current stabilization in the spot market. Experts note that the recent downturn in cotton prices has also impacted the demand for cotton yarn.

Meanwhile, Kapas arrivals remained limited in the North Indian states, with many ginning mills ceasing production. However, the trajectory of cotton prices in the domestic market will continue to be influenced by global market trends. Kapas and Cottonseed prices also remained stable in these regions.

In terms of arrivals, Kapas saw a slight decline with 1,450 bales recorded, compared to 1,550 bales on the previous trading day.

In the mandis of Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, prices remained steady at Rs 6,600 to Rs 6,900 per quintal. Similarly, cottonseed prices were quoted at 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.

Turning to futures market trends, Kapas prices in April-25 futures contracts on NCDEX weakened by Rs 1.5 to Rs 1,580 per 20 kg. Meanwhile, cotton prices in May-24 futures contracts on MCX saw a decline of Rs 220 to Rs 57,060 per candy.

Spot delivery prices in Punjab stood at Rs 5,725 to Rs 5,750 per maund, equivalent to Rs 54,500 to Rs 54,700 per candy. In Haryana, cotton prices for spot delivery ranged from Rs 5,650 to Rs 5,675 per maund, i.e., Rs 53,800 to Rs 54,000 per candy.

Upper Rajasthan witnessed spot delivery prices ranging from Rs 5,450 to Rs 5,850 per maund, translating to Rs 51,900 to Rs 55,700 per candy. In Pilani, Rajasthan, spot delivery prices were consistent at Rs 5,450 to Rs 5,850 per maund, while in Lower Rajasthan, prices ranged from Rs 57,000 to Rs 57,300 per candy.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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