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Cotton firms up in North India as demand improves at lower prices

27 Jun 2022 2:30 pm
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NEW DELHI, June 27 (Commoditiescontrol) - Cotton gained in the mandis of north India on Monday as demand from spinning mills improved after a decline in the price for four conseutive days, while no arrivals were reported today.

Globally, ICE Cotton futures fell sharply on Friday, extending downside for the third straight day, with the benchmark December contract declined by 396 points to close at 98.05 cents per pound, while December contract moved lower by 3,256 points to 103.76 cents per pound. A downtrend was also seen in electronic trading today.

According to traders, there was a sharp fall in the prices of cotton in the domestic market last week, but as the balance stock of cotton with the spinning mills of these states is less, while two to two and a half months are still left for the arrival of the new cotton crop, cotton prices climbed in these states today due to increased demand from mills at lower prices. In the current season, cotton prices in the domestic market had reached a record level, despite this, the sowing of cotton has declined in the states of North India as compared to last year. According to experts, the sporadic/scattered arrivals of the new cotton crop in the mandis of these states will start by the end of August, but the demand from the mills will also continue to remain due to the shortage of balance stock. In such a situation, there is little chance of a major fall in the prices of cotton in the domestic market right now.

As far as weather is concerned, it is clear in most of the cotton producing areas of North India.

A mixed trend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged lower by 0.62 percent. While the June month cotton contract on the MCX climbed by Rs 670 at Rs 42,000 per bale (1 bale -170 kg).

The daily arrival of cotton in the mandis of the states of North India stood nil.

The prices of cotton were quoted at Rs 9,000 to Rs 10,200 per quintal in the mandis of Punjab and Haryana line, while offered at Rs 9,500 to Rs 10,500 per quintal in Upper Rajasthan line. Cottonseed price was quoted at Rs 3,750 to 4,150 in Punjab and Haryana line and Rs 3,850 to Rs 4,200 per quintal in Upper Rajasthan line.

In Punjab, cotton spot delivery rates were quoted from Rs 8,200 to Rs 8,600 per maund, i.e. Rs 81,000 to Rs 85,000 in candy.

In Haryana, cotton prices were quoted at Rs 8,000 to Rs 8,200 per maund for spot delivery, i.e. Rs 79,000 to Rs 81,000 in candy.

In Upper Rajasthan, cotton prices were quoted at Rs 8,400 to Rs 8,800 per maund for spot delivery, i.e. Rs 83,000 to Rs 87,000 in candy.

In Rajasthan's Pilani, the price of cotton was quoted at Rs 8,200 to Rs 8,600 per maund for spot delivery.

In Lower Rajasthan, cotton traded at Rs 82,000 to Rs 84,000 per candy for spot delivery.

MARKET/VARIETY UNIT 27-Jun-2022 25-Jun-2022 AVERAGE %Change US cent/lb
27-Jun 25-Jun ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM Rs/Candy 78179-81993 79133-81039 80086 80086 0 0.00 127.38-133.59
Haryana J-34 (RG) 27-28 MM Rs/Candy 76272-78179 76272-78179 77226 77226 0 0.00 124.27-127.38
Rajasthan J-34 (RG) 26.5-28 MM Rs/Candy 80086-83900 79133-81993 81993 80563 1430 1.74 130.48-136.7
Pilani, Surajgrah Line Rs/Candy 78179-81993 78179-81039 80086 79609 477 0.60 127.38-133.59
PJB/HR line kapas Rs/100Kg 9000-10200 8500-10000 9600 9250 350 3.65 1149.65-1302.93
UPPER/RAJ KAPAS Rs/100Kg 9500-10500 8800-10000 10000 9400 600 6.00 1213.51-1341.25
PJB/HR line Seed Rs/100Kg 3750-4200 3750-4200 3975 3975 0 0.00 479.02-536.5
Note : USD / INR 78.285
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg
*Average Change is the difference between average price of current date vs previous date

(By Commoditiescontrol Bureau: +91-22-40015505)

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