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Cotton Prices Surge in North Indian States as Spinning Mills Boost Purchases

24 Jun 2024 11:38 am
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New Delhi, June 24 (Commodities Control): Cotton prices witnessed a significant rise across markets in North Indian states such as Punjab, Haryana, and Rajasthan on Monday, driven by increased buying activity from spinning mills. Meanwhile, daily arrivals of Kapas remained steady in these states' mandis.

Last Friday, ICE cotton futures prices had declined. The July-24 futures contract saw a decrease of 2.66 cents to 68.19 cents, while the December-24 futures contract dropped by 0.41 cents to 72.21 cents. Similarly, the March-25 futures contract fell by 0.36 cents to 73.60 cents. Today, cotton futures prices showed a mixed trend in ICE's electronic trading.

Traders noted that despite lower futures prices, spinning mills in these states increased their purchases, leading to the uptick in local cotton prices. Ginning mills, however, refrained from reducing prices due to limited profitability at current levels. The demand for cotton yarn in Ludhiana and Delhi did not see the anticipated increase, which could temper any significant rise or fall in cotton prices.

Experts attributed the stable prices of Kapas in these states to reduced sowing this season and minimal pre-monsoon rains in June. Meanwhile, cottonseed prices experienced an increase.

Daily arrivals of Kapas in these mandis totaled 500 bales, each bale equivalent to 170 kg, matching the figures from the previous working day.

In Punjab and Haryana, Kapas prices ranged from Rs 6,500 to Rs 6,900 per quintal, while in upper Rajasthan, prices were quoted between Rs 6,600 and Rs 7,000 per quintal. Cottonseed prices stood at Rs 2,800 to Rs 3,150 per quintal in Punjab and Haryana, and Rs 2,850 to Rs 3,400 per quintal in upper Rajasthan.

Meanwhile, domestic futures market prices for cotton declined today. On NCDEX, Kapas prices in the April-25 futures contract weakened by Rs 3 to Rs 1,614 per 20 kg.

Spot delivery prices for cotton in various regions were as follows:
- Punjab: Rs 5,700 to Rs 5,725 per maund (Rs 54,200 to Rs 54,500 per candy)
- Haryana: Rs 5,625 to Rs 5,650 per maund (Rs 53,500 to Rs 53,800 per candy)
- Upper Rajasthan: Rs 5,425 to Rs 5,825 per maund (Rs 51,600 to Rs 55,400 per candy)
- Pilani, Rajasthan: Rs 5,425 to Rs 5,825 per maund
- Lower Rajasthan: Rs 56,000 to Rs 56,200 per candy for spot delivery.



(By CommoditiesControl Bureau: +91-9820130172)


       
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