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Cotton Prices Surge in North Indian States on Increased Purchases; Daily Arrivals Rise

9 May 2024 11:30 am
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New Delhi, May 9 (Commodities Control): Cotton prices witnessed a notable uptick on Thursday in the markets of North Indian states including Punjab, Haryana, and Rajasthan, driven by increased purchases from spinning mills, accompanied by a surge in daily arrivals of Kapas in these states.

On Wednesday, ICE cotton futures maintained a bullish stance, with the May-24 futures contract climbing by 3.06 cents to 80.06 cents, the July-24 futures contract increasing by 2.56 cents to 80.06 cents, and the December-24 futures contract rising by 1.95 cents to 77.70 cents. However, electronic trading today saw a weak opening in cotton prices.

Traders attribute the increase in cotton prices to a three-point rise in foreign market prices on Wednesday, subsequently influencing domestic market trends. Despite current cotton prices, ginning mills in these states are facing profitability challenges due to their high-priced Kapas stock. Conversely, spinning mills hold lower cotton inventories, prompting increased purchases as local demand for cotton yarn rises. However, future trends in cotton prices remain contingent on ICE cotton futures.

Meanwhile, Kapas prices remained stable in these states, while cottonseed prices experienced a decline of Rs 50.

Daily arrivals of Kapas in producer markets across these states totaled 1,400 bales, each weighing 170 kg, compared to 1,300 bales on the previous working day.

In the domestic futures market, cotton prices exhibited a downward trend today. The April-25 futures contract on NCDEX saw cotton prices weaken by Rs 4 to Rs 1,561.5 per 20 kg.

In Punjab and Haryana line, Kapas prices ranged from Rs 6,500 to Rs 6,900 per quintal, while cottonseed prices were quoted at Rs 2,250 to Rs 2,700 per quintal.

In Upper Rajasthan line, Kapas prices ranged from Rs 6,600 to Rs 7,000 per quintal, with cottonseed prices quoted at Rs 2,350 to Rs 2,900 per quintal.

Spot delivery prices for cotton in different regions were as follows:
- In Punjab, cotton spot delivery prices were quoted at Rs 5,775 to Rs 5,800 per maund (Rs 54,900 to Rs 55,200 per candy).
- In Haryana, cotton prices ranged from Rs 5,725 to Rs 5,750 per maund (Rs 54,500 to Rs 54,700 per candy).
- In Upper Rajasthan, cotton spot delivery prices ranged from Rs 5,475 to Rs 5,950 per maund (Rs 52,100 to Rs 56,600 per candy).
- In Pilani, Rajasthan, cotton prices for spot delivery were quoted at Rs 5,475 to Rs 5,950 per maund.
- In Lower Rajasthan, cotton prices for spot delivery rose from Rs 57,200 to Rs 57,700 per candy.




(By CommoditiesControl Bureau: +91-9820130172)


       
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