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Cotton Prices Surge in North Indian States Amid Increased Demand

4 May 2024 11:38 am
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New Delhi, May 4 (Commodities Control): Cotton prices witnessed a notable surge on Saturday across the markets of North Indian states including Punjab, Haryana, and Rajasthan, attributed to a spike in demand from spinning mills. Meanwhile, daily arrivals of Kapas in these mandis experienced a decline.

On Friday, ICE (Intercontinental Exchange) maintained bullish trends in cotton futures, with the May-24 futures contract rising by 2.44 cents to 77.36 cents, the July-24 futures contract increasing by 2.44 cents to 78.06 cents, and the December-24 futures contract climbing by 1.79 cents to 75.97 cents.

Traders cited a three-point increase in ICE cotton futures prices on Friday as a driving factor behind the improved cotton prices, fueled by heightened purchases from spinning mills in North India. Experts noted that ginning mills in these regions had procured Kapas at elevated prices, impacting their profitability at current market rates, consequently leading to reduced sales compared to previous periods. While spinning mills maintain a lower outstanding stock of cotton, the trend of domestic cotton prices depends the movements in ICE cotton futures prices.

In the producer mandis of Punjab, Haryana, and Upper Rajasthan, Kapas prices remained stable, while cottonseed prices saw a rise of Rs 100. Arrivals of Kapas in these states' producer mandis totaled 1,350 bales of 170 kg each, compared to 1,450 bales on the previous working day.

In Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, prices remained at Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices stood at Rs 2,250 to Rs 2,800 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 various regions were as follows:
- Punjab: Rs 5,750 to Rs 5,800 per maund (Rs 55,000 to Rs 55,300 per candy).
- Haryana: Rs 5,700 to Rs 5,725 per maund (Rs 54,300 to Rs 54,500 per candy).
- Upper Rajasthan: Rs 5,500 to Rs 5,875 per maund (Rs 52,400 to Rs 55,900 per candy).
- Pilani, Rajasthan: Ranged from Rs 5,500 to Rs 5,875 per maund.
- Lower Rajasthan: Increased from Rs 57,500 to Rs 57,800 per candy.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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