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Cotton Prices Rise in North Indian States Amid Spinning Mills Increased Purchases

20 May 2024 1:30 pm
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New Delhi, May 20 (Commodities Control): Cotton prices saw a notable improvement on Monday across the markets in the North Indian states of Punjab, Haryana, and Rajasthan. This surge is attributed to a significant increase in purchases by spinning mills, even as daily arrivals of Kapas in these states also saw an uptick.

Last Friday, the International Cotton Exchange (ICE) had predicted a decline in cotton futures prices. Specifically, the July-24 futures contract weakened by 0.35 cents to 75.89 cents, the December-24 contract decreased by 0.22 cents to 74.97 cents, and the March-25 contract also weakened by 0.22 cents to 76.58 cents. Despite these predictions, cotton prices opened higher today in ICE's electronic trading.

Traders indicated that today's higher opening in ICE's electronic trading has contributed to the improved cotton prices. This improvement is further supported by reduced sales from ginning mills in the region. However, spinning mills are cautious, purchasing cotton at the increased prices strictly as needed.

This caution stems from a global decline in cotton prices earlier this month, which has negatively impacted export deals for cotton and yarn from the domestic market. Experts suggest that the fluctuation in domestic cotton prices will continue to hinge on the ICE cotton futures. In addition to cotton, cottonseed prices remained stable across these states.

The arrival of Kapas in the producer mandis of Punjab, Haryana, and Rajasthan was reported at 1,400 bales (each bale weighing 170 kg), up from 1,300 bales on the previous working day.

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 in Punjab and Haryana were between Rs 2,500 to Rs 2,950 per quintal, and in Upper Rajasthan, they ranged from Rs 2,550 to Rs 3,150 per quintal.

Spot delivery prices for cotton in Punjab were quoted at Rs 5,725 to Rs 5,750 per maund (equivalent to Rs 54,500 to Rs 54,700 per candy). In Haryana, the prices were Rs 5,650 to Rs 5,675 per maund (Rs 53,700 to Rs 54,000 per candy). Upper Rajasthan saw spot delivery prices ranging from Rs 5,375 to Rs 5,875 per maund (Rs 51,100 to Rs 55,900 per candy).

Specifically in Pilani, Rajasthan, spot delivery prices were quoted between Rs 5,375 to Rs 5,875 per maund. In Lower Rajasthan, the prices ranged from Rs 56,700 to Rs 57,000 per candy.



(By CommoditiesControl Bureau: +91-9820130172)


       
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