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Cotton Prices Stable in North Indian States Amidst Low Ginner Sales and Reduced Arrivals

8 May 2024 12:50 pm
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New Delhi, May 8 (Commodities Control): Cotton prices in the markets of North Indian states, including Punjab, Haryana, and Rajasthan, maintained stability on Wednesday, largely due to decreased sales by ginning mills and a decline in the daily arrivals of Kapas in the mandis.

On Tuesday, bullish prices in cotton futures were observed on the Intercontinental Exchange (ICE). The May-24 futures contract saw a rise of 0.44 cents to 77.00 cents, the July-24 futures contract increased by 0.44 cents to 77.50 cents, and the December-24 futures contract saw an increase of 0.44 cents to 75.75 cents. Today, cotton prices opened higher in ICE's electronic trading, yet demand from spinning mills in North Indian states remained limited, contributing to the stability in spot market prices.

Traders noted that ginners are facing profitability challenges at current prices due to their stock of high-priced Kapas, leading to weak selling in cotton. However, the outstanding cotton stock with mills in these states is low, indicating that mills will need to procure cotton as soon as local demand for cotton yarn increases. Kapas prices remained stable in these states, while cottonseed prices saw an increase of Rs 50.

The arrival of Kapas in the producer markets of these states stood at 1,300 bales (each bale weighing 170 kg), compared to 1,350 bales on the previous working day.

In Punjab and Haryana, the price of Kapas ranged from Rs 6,500 to Rs 6,900 per quintal, while in Upper Rajasthan, it remained at Rs 6,600 to Rs 7,000 per quintal. Cottonseed prices were quoted at Rs 2,250 to Rs 2,750 per quintal in Punjab and Haryana, and Rs 2,350 to Rs 2,950 per quintal in Upper Rajasthan.

In the domestic futures market, there was a declining trend in cotton prices today. Kapas prices in the April-25 futures contract on the National Commodity and Derivatives Exchange (NCDEX) rose by Rs 7 to Rs 1,568.5 per 20 kg.

Spot delivery prices for cotton in various regions were as follows:
- Punjab: Rs 5,750 to Rs 5,775 per maund (Rs 54,700 to Rs 55,000 per candy).
- Haryana: Rs 5,700 to Rs 5,725 per maund (Rs 54,300 to Rs 54,500 per candy).
- Upper Rajasthan: Rs 5,425 to Rs 5,925 per maund (Rs 51,600 to Rs 56,400 per candy).
- Pilani, Rajasthan: Rs 5,425 to Rs 5,925 per maund.
- Lower Rajasthan: Rs 57,000 to Rs 57,500 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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