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Cotton Prices Surge in North India Amid Increased Demand; Daily Arrivals Stable

6 May 2024 12:15 pm
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New Delhi, May 6 (Commodities Control): Cotton prices experienced a notable surge on Monday across the markets of North Indian states including Punjab, Haryana, and Rajasthan. This uptick in prices is attributed to an increased demand from spinning mills, while daily arrivals of Kapas remained stable in these regions.

Last Friday, ICE witnessed bullish trends in cotton futures prices. In the May-24 futures contract, prices saw a rise of 2.44 cents to reach 77.36 cents, while the July-24 futures contract observed an increase of 2.44 cents to hit 78.06 cents. Similarly, the December-24 futures contract saw a rise of 1.79 cents to settle at 75.97 cents. The electronic trading of ICE today also witnessed a surge in cotton prices.

Traders suggest that the increase in cotton prices in the electronic trading of ICE has subsequently bolstered demand from spinning mills in North Indian states, thereby leading to an improvement in spot market prices. Experts note that ginners find the current prices less profitable, and with Kapas stocks nearly exhausted among farmers in these states, most ginning mills have either halted production or are operating at reduced capacity. Despite these circumstances, the trajectory of cotton prices in the domestic market remains contingent upon ICE cotton futures prices.

In Punjab, Haryana, and Rajasthan, the prices of Kapas witnessed a rise of Rs 100, while cottonseed prices experienced a decline of Rs 100.

The arrival of Kapas in the producer markets of these states stood at 1,350 bales, each bale weighing 170 kg, which match the arrival figures of the previous working day.

In the mandis of Punjab and Haryana, the price of Kapas ranged between Rs 6,500 to Rs 6,900 per quintal, while in Upper Rajasthan, it stood between Rs 6,600 to Rs 7,000 per quintal. Meanwhile, 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.

Furthermore, domestic futures markets witnessed an upward trend today, with Kapas prices rising by Rs 11 to Rs 1,583 per 20 kg in the April-25 futures contract on NCDEX.

Spot delivery prices for cotton varied across different regions:
- In Punjab, prices ranged from Rs 5,800 to Rs 5,825 per maund, equivalent to Rs 55,700 to Rs 56,000 per candy.
- In Haryana, prices stood between Rs 5,725 to Rs 5,750 per maund, translating to Rs 54,500 to Rs 54,700 per candy.
- In Upper Rajasthan, prices ranged from Rs 5,475 to Rs 5,925 per maund, i.e., Rs 52,100 to Rs 56,400 per candy.
- In Pilani, Rajasthan, prices ranged between Rs 5,475 to Rs 5,925 per maund.
- In Lower Rajasthan, prices increased from Rs 57,500 to Rs 57,800 per candy.


(By CommoditiesControl Bureau: +91-9820130172)


       
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