Cotton Prices Dip in North India Amid Weak Buying; Daily Arrivals Steady

New Delhi, June 18 (Commodities Control): Cotton prices in the North Indian states of Punjab, Haryana, and Rajasthan declined on Tuesday due to sluggish purchases by spinning mills, while daily arrivals of cotton remained stable.

On Monday, ICE cotton futures were on a downward trend. The July-24 futures contract dropped by 1.03 cents to 69.94 cents, the December-24 contract fell by 0.37 cents to 71.77 cents, and the March-25 contract decreased by 0.38 cents to 73.05 cents. Cotton prices continued to open weak in ICE electronic trading today.

Traders attribute the pressure on global cotton prices to several factors. On Monday, ICE cotton futures fell by approximately 3%, reaching a three-and-a-half-year low. This decline is primarily due to increased production estimates driven by a strong US dollar and favorable weather conditions.

Consequently, domestic cotton prices also fell due to weak demand from spinning mills. In North India, local demand for cotton yarn remains weak, and stockists have increased their selling activities. Prices for both Kapas and cottonseed remained stable across these states.

Daily arrivals of Kapas in the producing mandis of these states were recorded at 700 bales, each weighing 170 kg, up from 550 bales on the previous working day.

In the mandis of Punjab and Haryana, Kapas was quoted at Rs 6,500 to Rs 6,800 per quintal, while in Upper Rajasthan, it was priced at Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices were Rs 2,650 to Rs 3,150 per quintal in Punjab and Haryana, and Rs 2,700 to Rs 3,300 per quintal in Upper Rajasthan.

In Punjab, spot delivery cotton prices were quoted at Rs 5,650 to Rs 5,675 per maund (Rs 53,800 to Rs 54,100 per candy). In Haryana, prices were Rs 5,550 to Rs 5,575 per maund (Rs 52,800 to Rs 53,100 per candy).

In Upper Rajasthan, prices ranged from Rs 5,350 to Rs 5,775 per maund (Rs 51,000 to Rs 55,000 per candy). In Pilani, Rajasthan, cotton spot delivery prices were Rs 5,350 to Rs 5,775 per maund. In Lower Rajasthan, prices were quoted at Rs 55,800 to Rs 56,000 per candy.



(By CommoditiesControl Bureau: +91-9820130172)