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Cotton Prices Decline in North Indian States Amid Weak Demand; Arrivals Increase

18 Apr 2024 12:08 pm
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New Delhi, April 18 (Commodities Control): Cotton prices have seen a decline for the second consecutive trading day in the North Indian states of Punjab, Haryana, and Rajasthan due to a dip in demand from spinning mills. Meanwhile, an increase in daily arrivals of Kapas noted in these states.

The downward trend in cotton prices aligns with the dip in ICE cotton futures prices on Wednesday. In the May 2024 futures contract, prices dropped by 1.73 cents to 79.56 cents. Similarly, the July 2024 contract saw a decrease of 1.76 cents to 81.33 cents, while the December 2024 contract fell by 0.60 cents to 78.54 cents. Today, a mixed trend was noted in electronic trading of ICE cotton.

According to traders, the global cotton market has seen a reduction of about six cents over the past two days, which has contributed to the downward pressure on domestic prices. Local demand for cotton yarn has also declined, further impacting prices. Although the spinning mills' stock of cotton is lower than usual, future price movements will depend on the world market.

In North India, cottonseed prices remained stable alongside Kapas prices. Kapas arrivals in North Indian markets reached 4,200 bales today, compared to 3,200 bales on the previous working day.

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

Domestic futures markets also saw a downward trend in cotton prices today. In the April 2024 futures contract on NCDEX, Kapas prices dropped by Rs 16.5 to Rs 1,467 per 20 kg. On the other hand, the May 2024 futures contract on MCX saw cotton prices fall by Rs 340 to Rs 57,260 per candy.

In Punjab, spot delivery cotton prices ranged from Rs 5,750 to Rs 5,850 per maund (equivalent to Rs 54,800 to Rs 55,300 per candy). In Haryana, spot delivery prices were quoted between Rs 5,700 and Rs 5,800 per maund (Rs 54,300 to Rs 55,300 per candy). In Upper Rajasthan, prices ranged from Rs 5,450 to Rs 5,975 per maund (Rs 52,000 to Rs 56,900 per candy). In Lower Rajasthan, prices rose to Rs 57,600 to Rs 57,800 per candy.




(CommoditiesControl Bureau; +91-9820130172)


       
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