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Cotton Prices Up In North India On Low-Level Demand

18 Jan 2020 1:34 pm
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MUMBAI (Commoditiescontrol) - Cotton prices moved higher by Rs 20-40 per maund after remaining subdued over the last 3-4 days at major markets in North India on Saturday due to the emergence of demand at lower levels.

A total of 14,500 bales of cotton today arrived in North India than 16,000 bales on Friday.

The price of 27-28.5MM cotton in Punjab quoted firm by Rs 40 at Rs 4,150-4,180/maund. While, 27-28MM cotton in Haryana ruled up Rs 30 at Rs 4,110-4,130 per maund. Price of 26.5-28MM cotton also gained by Rs 20 to Rs 4,120 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,250-5,350/quintal. While cotton seed quoted at Rs 2,600-2,650/quintal. Cotton seed oil cake on the other hand traded at Rs 2,300-2,450 per quintal.

According to traders, mills have increased purchases at lower levels after a decline in prices over the last few days. At the same time, exporters have also become active in the market due to a sharp rise in the global prices.

On the ICE, cotton March futures settled 103 points higher at 71.25 cents per pound yesterday. However, there was a weakness of about 1 point during the week. May futures also settled with a gain of 100 points at 72.19 cents.

Globally, cotton has support at 69.44 cents, while the resistance at 72.28 cents.


SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 18-Jan 17-Jan AVERAGE % Change US cent/lb
18-Jan 17-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4150-4180 4110-4140 4,165 4,125 40 1.0 71.14-71.65
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4110-4130 4080-4100 4,120 4,090 30 0.7 70.45-70.8
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4120-4120 4100-4100 4,120 4,100 20 0.5 70.62-70.62
Note: USD/INR= Rs 70.9
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

SPOT COTTON PRICE IN LOWER RAJASTHAN
MARKET/VARIETY UNIT 18-Jan 17-Jan AVERAGE %Change US cent/lb
18-Jan 17-Jan ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 38400-40000 38000-39500 39200 38750 450 1.2 69.1-71.96
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 37900-39500 37500-39000 38700 38250 450 1.2 68.2-71.06
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 39400-39700 39000-39200 39550 39100 450 1.2 70.9-71.42
Note: USD/INR= Rs 70.9
Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg
*Average Change is the difference between average price of current date vs previous date

       
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