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Cotton Prices Stable in North Indian States Amid Limited Procurement; Daily Arrivals Decrease

13 May 2024 11:30 am
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New Delhi, May 13 (Commodities Control): Cotton prices in the markets of North Indian states, including Punjab, Haryana, and Rajasthan, remained stable on Monday due to limited purchases from spinning mills. Additionally, there was a noticeable decrease in the daily arrivals of Kapas in these states.

Last Friday, ICE (Intercontinental Exchange) had predicted a decline in cotton futures prices. The July-24 futures contract weakened by 1.29 cents to 77.31 cents, the December-24 futures contract decreased by 1.33 cents to 75.13 cents, and the March-25 futures contract weakened by 1.28 cents to 76.73 cents. However, despite opening higher in electronic trading today, cotton prices stabilized due to restrained purchases from spinning mills in the region.

Traders attribute the stability in cotton prices to the limited procurement from spinning mills. Experts note that there was a decline in cotton prices in the world market last week, rendering export deals less profitable. Despite this, the daily arrival of Kapas in North Indian states remains limited, causing ginners to face price disparities. The fluctuation in domestic cotton prices continues to be influenced by global market trends. Meanwhile, cottonseed prices also stabilized in these states.

In the ongoing crop season 2023-24, there has been a significant increase of 79.16 percent in cotton exports, totaling 20.50 lakh bales (one bale equals 170 kg). This surge in exports was initially driven by the competitive pricing of Indian cotton in the global market. However, the decline in ICE cotton futures prices throughout March led to a reduction in export deals compared to previous months.

Despite a lower production estimate for the current season, cotton arrivals have increased by 25.77 percent compared to the same period last year. The Cotton Association of India (CAI) has estimated cotton production for this season at 309.07 lakh bales, similar to the previous year's production of 318.90 lakh bales. Experts anticipate that the industry may revise production estimates upwards in the upcoming meetings.

In the producer mandis of North Indian states, the arrival of Kapas was reported at 1,300 bales, with each bale weighing 170 kg. Prices of Kapas ranged from Rs 6,500 to Rs 6,900 per quintal in Punjab and Haryana, and Rs 6,600 to Rs 7,000 per quintal in Upper Rajasthan.

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.

In Punjab, cotton spot delivery prices were quoted at Rs 5,750 to Rs 5,775 per maund i.e. Rs 54,700 to Rs 55,000 per candy.

In Haryana, cotton prices for spot delivery were quoted at Rs 5,675 to Rs 5,700 per maund, i.e. Rs 54,100 to Rs 54,300 per candy.

In Upper Rajasthan, cotton prices for spot delivery were quoted at Rs 5,450 to Rs 5,875 per maund, i.e. Rs 51,900 to Rs 55,700 per candy.

In Pilani, Rajasthan, cotton prices for spot delivery ranged from Rs 5,450 to Rs 5,875 per maund.

In Lower Rajasthan, cotton prices for spot delivery ranged from Rs 57,000 to Rs 57,300 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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