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Cotton Softens Further In North India On Weak Demand

26 Feb 2020 1:55 pm
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MUMBAI (Commoditiescontrol) - Cotton prices declined further by Rs 10-15 per maund at major markets in North India on Wednesday due to the decrease in demand and higher arrivals.

A total of 20,000 bales of cotton today arrived in North India, including 5,000 bales in Punjab, 9,000 bales in Haryana and 6,000 bales in upper Rajasthan. Arrivals were at 19,000 bales on Monday.

The price of 27-28.5MM cotton in Punjab quoted lower by Rs 10 at Rs 3,990-4,040/maund. 27-28MM cotton in Haryana also softened by Rs 10 to Rs 3,990-4,005 per maund. Price of 26.5-28MM cotton too ruled weak by Rs 15 at Rs 4,000 per maund in upper Rajasthan.

Average price of kapas in North India was at Rs 5,075-5,200/quintal. While cotton seed quoted at Rs 2,300-2,400/quintal. Cotton seed oil cake on the other hand traded at Rs 1,975-2,025 per quintal.

According to traders, stockists have increased selling in the market as there is a possibility of further pressure on pricesdue to the fall in the global market. The demand from China is already weak due to the outbreak of coronavirus there.

At the same time, the demand of mills has also weakened due to decrease in demand for cotton cake.

Globally, US cotton futures extended losses on Tuesday, after touching a more than two-month low in the previous session, as a sharp rise in the new coronavirus cases outside China sparked worries of a global economic slowdown.

Cotton May contract slipped 126 points to settle at 66.70 cents per lb after moving in the range of 66.52 and 67.75 cents a lb.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 26-Feb 25-Feb AVERAGE % Change US cent/lb
26-Feb 25-Feb ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 3990-4040 4000-4050 4,015 4,025 -10 -0.2 67.74-68.59
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 3990-4005 4000-4015 3,998 4,008 -10 -0.2 67.74-67.99
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4000-4000 4015-4015 4,000 4,015 -15 -0.4 67.91-67.91
Note: USD/INR= Rs 71.59
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 26-Feb 25-Feb AVERAGE %Change US cent/lb
26-Feb 25-Feb ABS CHANGE*
Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8) Rs/Candy 37800-39000 37900-39100 38400 38500 -100 -0.3 67.36-69.49
Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8) Rs/Candy 36850-38350 36950-38450 37600 37700 -100 -0.3 65.67-68.33
Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2) Rs/Candy 38350-38650 38450-38750 38500 38600 -100 -0.3 68.34-68.86
Note: USD/INR= Rs 71.59
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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