New Delhi, January 18 (Commodities Control): Cotton prices in the markets of North Indian states, including Punjab, Haryana, and Rajasthan, remained stable on Saturday. This price stability was largely due to the limited demand from spinning mills, while daily cotton arrivals in these states stood consistent.
In contrast, ICE cotton futures prices saw a rise on Friday, with March-25 futures gaining 0.87 cents to 67.7 cents, May-25 futures rising 0.78 cents to 68.63 cents, and July-25 futures increasing 0.74 cents to 69.62 cents. The increase in ICE futures was attributed to short covering and repositioning.
However, despite the uptick in global futures prices, the cotton market in North India remained unchanged. Ginning mills in the region are reluctant to sell cotton at reduced prices due to their existing stock of high-priced cotton. Additionally, the domestic cotton price continues to remain elevated compared to the international market, making imports more cost-effective. This price discrepancy suggests that there is little potential for significant increases in cotton prices in the domestic market in the near future.
The daily arrivals of cotton, known locally as Kapas, have also slowed down significantly. In Haryana, around 2,500 bales of Kapas arrived, while Rajasthan saw 7,000 bales, and Punjab reported 500 bales.
Cottonseed prices remained stable as well, with the price quoted between Rs 3,550 and Rs 3,750 per quintal in Punjab and Haryana, and Rs 3,600 to Rs 3,850 per quintal in Upper Rajasthan.
As for the spot prices of cotton, they were as follows:
- In Punjab, cotton was priced at Rs 5,580 to Rs 5,590 per maund, which translates to Rs 53,100 to Rs 53,200 per candy.
- In Haryana, the spot price ranged from Rs 5,570 to Rs 5,590 per maund, equating to Rs 53,000 to Rs 53,200 per candy.
- In Upper Rajasthan, cotton was quoted at Rs 5,580 to Rs 5,650 per maund, or Rs 53,100 to Rs 53,800 per candy.
- In Pilani, Rajasthan, the price for cotton was also Rs 5,580 to Rs 5,650 per maund for spot delivery.
- In Lower Rajasthan, cotton was priced at Rs 54,100 per candy for spot delivery.
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(By CommoditiesControl Bureau; +91-9820130172)