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Cotton Prices Soften in North Indian States Amid Weak Purchases; Daily Arrivals Stable

7 May 2024 1:13 pm
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New Delhi, May 7 (Commodities Control): Cotton prices witnessed a softening trend in the markets of North Indian states Punjab, Haryana, and Rajasthan on Tuesday, attributed to a decline in demand from spinning mills. Concurrently, the daily arrival of Kapas in these states' mandis remained stable.

The Intercontinental Exchange (ICE) had earlier forecasted a downturn in cotton futures prices, with May-24 futures contracts experiencing a decline of 0.88 cents to 76.56 cents, while July-24 futures contracts dropped by 1.00 cents to 77.06 cents. Additionally, December-24 futures contracts weakened by 0.66 cents to 75.31 cents. However, today's trading saw cotton prices opening higher in ICE's electronic trading.

Despite a decline in cotton prices in the global market on Monday, prices surged in ICE's electronic trading today. However, the domestic market experienced softened prices due to subdued demand from spinning mills in North Indian states. Traders noted a recessionary trend across the entire Kapas supply chain in the domestic market. Weak demand for clothing, coupled with spinning mills' reluctance to increase inventory, contributed to the market's downward trajectory. Ginning mills' warehouses are reportedly stocked with cotton purchased at higher prices. Nonetheless, the direction of cotton prices in the domestic market hinges on ICE cotton futures prices. Concurrently, cottonseed prices remained stable in these states.

The arrival of Kapas in the producer markets of Punjab, Haryana, and Rajasthan totaled 1,350 bales, with each bale weighing 170 kg, matching the previous trading day's arrival.

In Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,900 per quintal, while in Upper Rajasthan, prices ranged from Rs 6,600 to Rs 7,000 per quintal. Cottonseed prices stood 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.

In the domestic futures market, there was a declining trend in cotton prices today, with Kapas prices in April-25 futures contracts on NCDEX rising by Rs 10 to Rs 1,572.5 per 20 kg.

Spot delivery prices for cotton in Punjab ranged from Rs 5,750 to Rs 5,775 per maund (i.e., Rs 55,200 to Rs 55,500 per candy), in Haryana from Rs 5,700 to Rs 5,725 per maund (i.e., Rs 54,200 to Rs 54,400 per candy), in Upper Rajasthan from Rs 5,500 to Rs 5,875 per maund (i.e., Rs 52,300 to Rs 56,000 per candy), and in Pilani, Rajasthan, from Rs 5,500 to Rs 5,875 per maund. Lower Rajasthan saw cotton prices for spot delivery rising from Rs 57,100 to Rs 57,300 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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