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Cotton maintains downtrend in North India on subdued demand, higher arrivals

1 Oct 2022 3:24 pm
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NEW DELHI, Oct 1 (Commoditiescontrol) : Cotton prices fell in the mandis of North India for the fifth consecutive day on Saturday as demand from spinning mills continued to remain subdued, while daily arrivals were reported higher.

Globally, ICE cotton futures ended higher on Fiday, with the benchmark December contract moved up by 18 points to close at 85.34 cents per pound. The March 2023 contract also gained by 72 points to 83.45 cents per pound.

The weather remains clear in the cotton producing regions of North India, due to which the daily arrival of cotton in the mandis of these states is increasing. Therefore, keeping in view the increase in arrivals, the spinning mills are buying cotton only as per the requirement, hence the cotton prices in the spot market declined further today. The daily arrivals of cotton will increase in this month, but the arrival of moisture-rich produce will be more. That's why mills are still waiting. Moreover, the production of cotton is expected to be higher in these states in the current season than last year. Meanwhile, the local and export demand in yarn is much weaker than normal due to which spinning mills are facing disparity at the current price of cotton. Therefore, cotton prices in the domestic market are expected to decline further.

In the northern Indian states of Punjab and Haryana, cotton sowing has come down to 2.48 and 6.50 lakh hectares, respectively, in the current kharif season as against 2.54 and 6.88 lakh hectares, respectively, in these states till this time last year.

According to the India Meteorological Department (IMD), from October 1 to September 30, Haryana has received 8 per cent more rainfall than normal, while Punjab has recorded 6 per cent less than normal.

In the states of North India, 16,800 bales of new raw cotton (kapas) arrived in the mandis today, up from 16,000 bales a day before.

The prices of kapas were quoted at Rs 8,100 to Rs 8,600 per quintal in the mandis of Punjab and Haryana line, while offered at Rs 8,200 to Rs 8,800 per quintal in Upper Rajasthan line. Cottonseed price was quoted at Rs 3,350 to 3,700 in Punjab and Haryana line and Rs 3,450 to Rs 3,800 per quintal in Upper Rajasthan line.

In Punjab, cotton spot delivery rates were quoted from Rs 6,750 to Rs 6,800 per maund, i.e. Rs 64,000 to Rs 64,500 per candy.

In Haryana, cotton prices were quoted at Rs 6,750 to Rs 6,800 per maund for spot delivery, i.e. Rs 64,000 to Rs 64,500 per candy.

In Upper Rajasthan, cotton prices were quoted at Rs 6,750 to Rs 6,800 per maund for spot delivery, i.e. Rs 64,000 to Rs 64,500 per candy.

In Rajasthan's Pilani, the price of cotton was quoted at Rs 6,750-6,850 per maund for spot delivery.

In Lower Rajasthan, cotton traded at Rs 64,000 to Rs 65,000 per candy for spot delivery.


       
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