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Cotton Prices Stable in North Indian States Amid Ginners' Decreased Sales; Daily Arrivals Up

16 May 2024 11:04 am
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New Delhi, May 15 (Commodities Control): Cotton prices in the markets of North Indian states, including Punjab, Haryana, and Rajasthan, showed signs of stability on Thursday, attributed to subdued sales by ginning mills at lower price points. Meanwhile, the arrival of Kapasin these states' mandis remained consistent.

The ICE cotton futures market witnessed a mixed trend on Wednesday, with the July-24 futures contract registering a modest increase of 0.78 cents to reach 75.41 cents, while the October-24 futures contract experienced a slight decline of 0.31 cents to 75.31 cents. Conversely, the March-25 futures contract saw a marginal uptick of 0.15 cents to reach 75.85 cents. However, today's electronic trading session saw cotton prices opening on a higher note, suggesting a potential shift in market sentiment.

Traders reported a varied scenario in global cotton prices on Wednesday, but today's electronic trading session hinted at a bullish start. The prevailing prices in North Indian states have placed ginning mills in a precarious position, leading to minimal sales and thereby stabilizing prices.

Experts attribute this phenomenon to the recent downtrend in global cotton prices, which has rendered exports of cotton and cotton yarn from the domestic market less lucrative. Consequently, spinning mill inventories in these states have not witnessed significant expansions. Alongside Kapas, cottonseed prices also maintained stability in these regions.

The daily arrival of Kapas in the producer markets of Punjab, Haryana, and Rajasthan stood at 1,500 bales of 170 kg each, marking a slight increase from the previous working day's tally of 1,400 bales.

In the mandis of Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, prices hovered between Rs 6,600 and Rs 6,900 per quintal.

Today, the domestic futures market witnessed an upward trajectory in cotton prices, with Kapas prices climbing by Rs 5 to Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Concurrently, cotton prices surged by Rs 300 to reach Rs 56,280 per candy in the May-24 futures contract on MCX.

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.

Spot delivery prices for cotton in various regions were as follows:
- Punjab: Rs 5,675 to Rs 5,700 per maund (equivalent to Rs 54,000 to Rs 54,300 per candy)
- Haryana: Rs 5,575 to Rs 5,600 per maund (equivalent to Rs 53,100 to Rs 53,300 per candy)
- Upper Rajasthan: Rs 5,375 to Rs 5,800 per maund (equivalent to Rs 51,200 to Rs 55,200 per candy)
- Pilani, Rajasthan: Rs 5,375 to Rs 5,800 per maund
- Lower Rajasthan: Rs 56,300 to Rs 56,600 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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