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Cotton Prices Stable in North Indian States Amid Limited Arrivals and Purchases

17 May 2024 11:59 am
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New Delhi, May 17 (Commodities Control): Cotton prices remained stable across the markets of North Indian states including Punjab, Haryana, and Rajasthan on Friday. This stability is attributed to limited purchasing activity from spinning mills, coupled with a reduction in daily arrivals of Kapas in these regions.

On Thursday, the cotton futures on the ICE showed a bullish trend. The July-24 futures contract saw an increase of 0.83 cents, reaching 76.24 cents, while the December-24 contract rose by 0.90 cents to 75.19 cents. The March-25 contract also saw a rise, increasing by 0.95 cents to 76.80 cents. Despite this upward movement, Friday's electronic trading opened on a weaker note, affecting the domestic market sentiment.

Traders have observed that although international cotton prices improved on Thursday, the weak opening today has led to cautious purchasing by spinning mills domestically. The current export market conditions for cotton and yarn are not favorable, further discouraging ginners from selling at higher prices.

Market experts suggest that any significant rise in domestic cotton prices will be contingent on an increase in local demand for cotton yarn. Alongside Kapas, cottonseed prices have also stabilized in these states.

The daily arrival of Kapas in the producer markets dropped to 1,300 bales (each bale weighing 170 kg), down from 1,500 bales on the previous working day.

Kapas prices were quoted at Rs 6,500 to Rs 6,800 per quintal in the mandis of Punjab and Haryana, and Rs 6,600 to Rs 6,900 per quintal in Upper Rajasthan. Cottonseed prices ranged from Rs 2,450 to Rs 2,800 per quintal in Punjab and Haryana, and from Rs 2,450 to Rs 3,000 per quintal in Upper Rajasthan.

The domestic futures market also showed a declining trend today. Kapas prices in the April-25 futures contract on the NCDEX weakened by Rs 2.5, settling at Rs 1,564 per 20 kg.

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, translating to Rs 53,500 to Rs 53,800 per candy.

Upper Rajasthan saw spot delivery prices between Rs 5,425 and Rs 5,850 per maund, equivalent to Rs 51,600 to Rs 55,700 per candy. In Pilani, Rajasthan, prices for spot delivery were also quoted at Rs 5,425 to Rs 5,850 per maund. In Lower Rajasthan, prices for spot delivery increased to Rs 56,500 to Rs 56,700 per candy.




(By CommoditiesControl Bureau: +91-9820130172)


       
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