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

11 May 2024 1:56 pm
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New Delhi, May 11 (Commodities Control): Cotton prices experienced a softening trend on Saturday across the markets of North Indian states like Punjab, Haryana, and Rajasthan. This decline can be attributed to weak procurement from spinning mills, despite the daily arrival of Kapas remaining stable in these regions.

The Intercontinental Exchange (ICE) had forecasted a decline in cotton futures prices on Friday, further exacerbating the situation. Prices in the July-24 futures contract weakened by 1.29 cents to 77.31 cents, while the December-24 futures contract decreased by 1.33 cents to 75.13 cents. Similarly, the March-25 futures contract saw a decline of 1.28 cents to 76.73 cents.

Traders point out that the prices of ICE cotton futures dipped by three points on Friday, leading to reduced purchases from spinning mills in the domestic market. Experts suggest that the decline in cotton prices in the global market this week, coupled with profitable export opportunities, has diminished local demand for cotton yarn. Mill owners are cautious about purchasing cotton yarn at current prices, fearing potential losses if prices continue to fall. Consequently, any upward movement in cotton prices in the domestic market is contingent upon an increase in global prices. Alongside Kapas, cottonseed prices also remained stable in these states.

According to sources, the Cotton Corporation India (CCI) has sold 6.65 lakh bales of cotton in the current season, leaving the corporation with an outstanding stock of 26.30 lakh bales as of May 8th.

In terms of arrivals, Kapas in the producer mandis of these states stood at 1,400 bales, with each bale weighing 170 kg, mirroring the figures from 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 2,700 per quintal in Punjab and Haryana and Rs 2,350 to Rs 2,900 per quintal in Upper Rajasthan.

Spot delivery prices for cotton varied across regions:
- In Punjab, prices ranged from Rs 5,725 to Rs 5,750 per maund (Rs 54,500 to Rs 54,800 per candy).
- In Haryana, prices were quoted at Rs 5,675 to Rs 5,700 per maund (Rs 54,100 to Rs 54,300 per candy).
- In Upper Rajasthan, prices ranged from Rs 5,425 to Rs 5,925 per maund (Rs 51,700 to Rs 56,200 per candy).

In Pilani, Rajasthan, spot delivery prices ranged from Rs 5,425 to Rs 5,925 per maund, while in Lower Rajasthan, prices rose from Rs 57,200 to Rs 57,400 per candy.

(By CommoditiesControl Bureau: +91-9820130172)

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