New Delhi, April 22 (Commodities Control): Cotton markets in North Indian states, including Punjab, Haryana, and Rajasthan, witnessed a notable surge in prices on Monday, driven by increased demand from spinning mills. Concurrently, daily arrivals of Kapas reduced in these mandis.
Last Friday, ICE cotton futures prices exhibited a bullish trend. In the May-24 futures contract, prices climbed by 0.59 cents to 78.69 cents, while in the July-24 futures contract, a rise of 0.41 cents to 81.02 cents was recorded. Similarly, in the December-24 futures contract, prices ascended by 0.14 cents to 77.55 cents. Today, cotton prices continued to ascend in ICE electronic trading.
Traders attribute the surge in cotton prices to the uptick in ICE electronic trading, prompting increased purchases by spinning mills across North Indian states. With stocks of Kapas dwindling and ginning mills finding current prices unprofitable, ginners' sales have slowed down. Consequently, the current bullish trend is anticipated to persist, driven by the sustained demand from spinning mills. Prices of Kapas and cottonseed have stabilized accordingly.
In the producing markets of Punjab, Haryana, and Rajasthan, the arrival of Kapas stood at 2,400 bales, with each bale weighing 170 kg, compared to 3,200 bales on the previous working day.
The price of Kapas ranged from Rs 6,500 to Rs 6,800 per quintal in Punjab and Haryana, while in upper Rajasthan, it remained between Rs 6,600 to Rs 6,900 per quintal. Cottonseed prices were quoted at Rs 2,250 to Rs 2,550 per quintal in Punjab and Haryana, and Rs 2,350 to Rs 2,800 per quintal in upper Rajasthan.
Domestic futures markets also reflected bullish sentiments today, with April-24 futures contract prices on NCDEX rising by Rs 2 to Rs 1,434 per 20 kg, and May-24 futures contract prices on MCX climbing by Rs 960 to Rs 58,920 per candy.
In Punjab, spot delivery prices for cotton ranged from Rs 5,825 to Rs 5,850 per maund, equivalent to Rs 55,400 to Rs 55,700 per candy. Similarly, in Haryana, prices ranged from Rs 5,750 to Rs 5,850 per maund, translating to Rs 54,800 to Rs 55,700 per candy. In upper Rajasthan, cotton spot delivery prices varied from Rs 5,550 to Rs 5,950 per maund, i.e., Rs 52,900 to Rs 56,700 per candy. In Pilani, Rajasthan, prices were quoted at Rs 5,550 to Rs 5,950 per maund for spot delivery. Meanwhile, in lower Rajasthan, cotton prices ranged from Rs 57,800 to Rs 58,000 per candy for spot delivery.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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