New Delhi, January 25 (Commodities Control): Cotton prices remained stable across the North Indian states of Punjab, Haryana, and Rajasthan on Friday, as limited purchases from spinning mills kept demand subdued. The daily arrivals of Kapas in these states also stood unchanged.
Despite the stability in the domestic market, ICE cotton futures prices showed an upward trend on Friday. The March-25 futures contract saw an increase of 0.14 cents, closing at 67.61 cents. Similarly, the May-25 and July-25 contracts rose by 0.13 cents each, reaching 68.67 cents and 69.77 cents, respectively. The rise in ICE cotton futures was attributed to a weak dollar and a favorable export sales report, which helped push prices to a two-week high.
In contrast, the cotton market in North India remained relatively unaffected by the global price movements, with local mills showing little activity. Spinning mills’ reluctance to purchase cotton amid limited demand helped keep prices stable. As a result, ginners have faced challenges selling at lower prices, even though global cotton prices have improved.
Weather conditions across the key Kapas-producing regions of North India have been clear. The arrival of Kapas in the markets was recorded at 3,000 bales in Haryana, 8,000 bales in Rajasthan, and only 500 bales in Punjab.
Meanwhile, cottonseed prices remained stable in the region. In Punjab and Haryana, cottonseed was quoted between Rs 3,450 and Rs 3,650 per quintal, while in upper Rajasthan, prices ranged from Rs 3,550 to Rs 3,750 per quintal.
For spot delivery, cotton prices in Punjab were quoted between Rs 5,560 and Rs 5,570 per maund, translating to Rs 52,900 to Rs 53,000 per candy. In Haryana, spot prices were quoted at Rs 5,540 to Rs 5,560 per maund, or Rs 52,700 to Rs 52,900 per candy.
Upper Rajasthan saw spot delivery prices ranging from Rs 5,560 to Rs 5,630 per maund, equivalent to Rs 52,900 to Rs 53,600 per candy. Meanwhile, in Pilani (Rajasthan), the price for spot delivery stood at Rs 5,560 to Rs 5,630 per maund. The lower Rajasthan market saw cotton being quoted between Rs 53,600 and Rs 53,800 per candy for spot delivery.
Experts believe that despite the current market stability, the improving global cotton prices could eventually lead to a rise in domestic cotton rates, should demand from spinning mills pick up. However, for now, the market remains cautious, with limited activity and prices largely stable across the North Indian states.
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(By CommoditiesControl Bureau; +91-9820130172)
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