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Cotton Prices Surge in Madhya Pradesh Driven by Exporter Demand; Daily Arrivals Stable

9 May 2024 2:58 pm
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Indore, May 9 (Commodities Control): Cotton candy prices in Madhya Pradesh witnessed a notable increase of Rs 100 on Thursday, driven by demand from exporters. Meanwhile, daily arrivals of Kapas in the state's mandis remained stable.

Traders attribute the rise in cotton prices to an uptick observed in the global market on Wednesday, prompting increased demand from domestic mills. However, traders express caution regarding significant price hikes, citing weaker-than-normal local demand for cotton yarn. Additionally, a decline in global cotton prices over the past month has resulted in decreased export deals from the domestic market, preventing a buildup in spinning mills' inventories. Cottonseed prices remained stable alongside Kapas in the state.

In the domestic futures market, cotton prices experienced a declining trend today. In the April-25 futures contract on NCDEX, cotton prices weakened by Rs 4 to Rs 1,561.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX declined by Rs 80 to Rs 57,500 per candy.

Daily arrivals of cotton in Madhya Pradesh's producer markets ranged from 1500 to 2000 bales, each bale weighing 170 kg, with prices witnessing an increase to the upper level. The average cotton price in the state rose by Rs 900 to Rs 8300 per quintal. At the lower end, cotton prices fell by Rs 1250, reaching Rs 5050 per quintal. Cottonseed prices remained stable in the range of Rs 2700 to Rs 2950.

According to the International Cotton Advisory Committee (ICAC) report, cotton stocks are projected to decline by approximately 31% in 2023-24 due to lower production and increasing consumption in India. This shortage in stocks is anticipated to disrupt exports, bolster global prices, and potentially elevate domestic prices.

The arrival of cotton in various markets of Madhya Pradesh till Thursday afternoon is as follows:
- Khetiya: Rs 5505 to Rs 7595 per quintal (Arrival 74 quintals)
- Kukshi: Rs 6415 to Rs 7550 per quintal (Arrival 59 quintals)
- Sendhwa: Rs 6200 to Rs 7800 per quintal (Arrival 29 quintals)
- Bhikangaon: Rs 4850 to Rs 7321 per quintal (Arrival 22 quintals)
- Sailana: Rs 5980 to Rs 6030 per quintal (Arrival 18 quintals)
- Khandwa: Rs 6380 to Rs 7018 per quintal (Arrival 9 quintals)
- Jobat: Rs 7000 per quintal (Arrival 7 quintals)
- Barwani: Rs 7415 to Rs 7461 per quintal (Arrival 7 quintals)
- Jhabua: Rs 8300 to Rs 8325 per quintal (Arrival 5 quintals)
- Khargone: Rs 5050 to Rs 6185 per quintal (Arrival 4 quintals)
- Anjad: Rs 6371 to Rs 6480 per quintal (Arrival 2 quintals)
- Manawar: Rs 8000 per quintal (Arrival 2 quintals)
- Dhamnod: Rs 7685 per quintal (Arrival 1 quintal).

It may be noted that there will be a holiday in Indore Mandi on Friday, May 10 due to Akshaya Tritiya. There is a bank holiday on 11th May. The market will remain closed on 12th May due to Sunday. There will be a holiday in the market due to voting on May 13.




(By CommoditiesControl Bureau: +91-9820130172)

       
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