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Cotton Prices Dip in North Indian States Amid Weak Procurement

15 May 2024 1:47 pm
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New Delhi, May 15 (Commodities Control): Cotton prices witnessed a downturn on Wednesday across the markets of North Indian states including Punjab, Haryana, and Rajasthan, attributing the decline to subdued procurement from spinning mills. Concurrently, daily arrivals of Kapas in these states' mandis remained steady.

The ICE had anticipated a decline in cotton futures prices on Tuesday. Notably, the July-24 futures contract observed a dip of 3.00 cents, settling at 74.63 cents. Similarly, the October-24 futures contract saw a decrease of 1.48 cents, closing at 75.58 cents, while the March-25 futures contract weakened by 1.42 cents, reaching 75.70 cents. Today, cotton prices commenced weak in the electronic trading of ICE.

Traders pointed towards a slump in global cotton prices on Tuesday, marking a two-week low. The combination of favorable weather conditions and an increase in Kapas sowing exerted downward pressure on prices. This downward trend spilled over to the domestic market, leading to a decline in cotton prices across North Indian states. Experts noted a decrease in local demand for cotton yarn, further diminishing the prospects of a price surge. Meanwhile, Kapas prices weakened in these regions, while cottonseed prices remained steady.

The arrival of Kapas in the producer mandis of Punjab, Haryana, and Rajasthan amounted to 1,400 bales, with each bale weighing 170 kg, matching the figures from the previous working day.

Kapas prices ranged from Rs 6,500 to Rs 6,800 per quintal in the mandis of Punjab and Haryana, while in Upper Rajasthan, prices hovered between Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices stood at Rs 2,450 to Rs 2,900 per quintal in Punjab and Haryana, and Rs 2,450 to Rs 3,050 per quintal in Upper Rajasthan.

Today, a downward trend was observed in cotton prices in the domestic futures market. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 7.5, settling at Rs 1,562 per 20 kg. Simultaneously, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 100, reaching Rs 56,400 per candy.

Spot delivery prices for cotton in Punjab were quoted at Rs 5,700 to Rs 5,725 per maund, equivalent to Rs 54,300 to Rs 54,500 per candy.

In Haryana, spot delivery prices ranged from Rs 5,625 to Rs 5,650 per maund, i.e., Rs 53,600 to Rs 53,800 per candy.

In Upper Rajasthan, spot delivery prices were quoted at Rs 5,400 to Rs 5,825 per maund, translating to Rs 51,400 to Rs 55,500 per candy.

In Pilani, Rajasthan, spot delivery prices ranged from Rs 5,400 to Rs 5,825 per maund.

In Lower Rajasthan, spot delivery prices increased from Rs 56,700 to Rs 56,900 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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