Cotton Prices Soften in North Indian States Amid Weak Demand; Daily Arrivals Down

New Delhi, April 17 (Commodities Control): Cotton prices witnessed a softening trend in the markets of North Indian states, namely Punjab, Haryana, and Rajasthan, on Wednesday, owing to subdued demand from spinning mills. The daily arrivals of Kapas in these states' mandis also registered a decline.

The decline in cotton prices paralleled a downward trend in ICE cotton futures on Tuesday. The May-24 futures contract saw a dip of 1.64 cents, settling at 81.29 cents, while the July-24 futures contract dropped by 2.06 cents to 83.09 cents. Similarly, the December-24 futures contract weakened by 1.43 cents to 79.14 cents. Today, the electronic trading of ICE continued to reflect a downward trend in cotton prices.

Traders noted a three-point decline in cotton prices in the foreign market on Tuesday, which persisted in electronic trading today. The reduced purchasing activity from spinning mills in North Indian states primarily contributed to the softening of cotton prices in the spot market. Experts say that despite the spinning mills' limited stock of cotton and farmers' low Kapas stock, the movement of cotton prices remains contingent upon global market trends. Concurrently, Kapas and cottonseed prices remained stable in these states.

The arrival of Kapas in the producer mandis of Punjab, Haryana, and Rajasthan stood at 3,200 bales, each weighing 170 kg, compared to 4,400 bales on the previous working day.

In the mandis of Punjab and Haryana, Kapas was quoted at Rs 6,600 to Rs 6,900 per quintal, while in Upper Rajasthan, prices ranged from Rs 6,700 to Rs 7,000 per quintal. Cottonseed prices were recorded at Rs 2,250 to Rs 2,500 per quintal in Punjab and Haryana, and Rs 2,350 to Rs 2,700 per quintal in Upper Rajasthan.

Spot delivery prices for cotton in Punjab ranged from Rs 5,775 to Rs 5,825 per maund (approximately Rs 55,000 to Rs 55,500 per candy), while in Haryana, they were quoted at Rs 5,725 to Rs 5,825 per maund (approximately Rs 54,500 to Rs 55,500 per candy).

In Upper Rajasthan, spot delivery prices ranged from Rs 5,475 to Rs 6,000 per maund (approximately Rs 52,200 to Rs 57,100 per candy), while in Pilani, Rajasthan, they stood at Rs 5,475 to Rs 6,000 per maund.

Meanwhile, in Lower Rajasthan, spot delivery prices increased from Rs 57,800 to Rs 58,000 per candy.






(CommoditiesControl Bureau; +91-9820130172)