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Cotton Prices Stable in North India for Second Day Amid Limited Demand

18 May 2024 1:12 pm
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New Delhi, May 18 (Commodities Control): Cotton prices remained stable for the second consecutive day on Saturday in the markets of North Indian states, including Punjab, Haryana, and Rajasthan. This stability is attributed to limited purchases from spinning mills, while daily prices of Kapas also remained unchanged in these states.

The ICE cotton futures predicted a decline on Friday, with the July-24 futures contract price weakening by 0.35 cents to 75.89 cents. Similarly, the December-24 futures contract fell by 0.22 cents to 74.97 cents, and the March-25 futures contract decreased by 0.22 cents to 76.58 cents.

Traders indicated that spinning mills are currently purchasing only limited quantities of cotton due to weakened global cotton prices this week. Consequently, exporting cotton from the domestic market is not profitable, and local demand for cotton yarn has diminished. Despite ginners facing losses at the current prices, future domestic market prices are expected to align with ICE cotton futures prices.

In the producer mandis of Punjab, Haryana, and Rajasthan, the arrival of Kapas was consistent, totaling 1,300 bales, each weighing 170 kg, mirroring the previous working day's arrival.

Kapas prices in the mandis of Punjab and Haryana were quoted between Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, prices ranged from Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices were noted at Rs 2,500 to Rs 2,950 per quintal in Punjab and Haryana, and Rs 2,550 to Rs 3,150 per quintal in Upper Rajasthan.

Spot delivery cotton prices in Punjab ranged from Rs 5,700 to Rs 5,725 per maund (Rs 54,300 to Rs 54,500 per candy). In Haryana, spot delivery prices were between Rs 5,625 to Rs 5,650 per maund (Rs 53,500 to Rs 53,800 per candy). In Upper Rajasthan, prices varied from Rs 5,350 to Rs 5,850 per maund (Rs 50,900 to Rs 55,700 per candy).

In Pilani, Rajasthan, spot delivery prices were consistent with those in Upper Rajasthan, quoted at Rs 5,350 to Rs 5,850 per maund. Meanwhile, in Lower Rajasthan, spot delivery prices rose slightly, ranging from Rs 56,500 to Rs 56,800 per candy.



(By CommoditiesControl Bureau: +91-9820130172)

       
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