Cotton stable in North Indian states due to limited demand from spinning mills, daily arrivals increased

Due to limited demand from spinning mills, cotton prices became stable in the mandis of North Indian states of Punjab, Haryana and Rajasthan on Saturday, while an increase in daily arrivals of cotton was recorded in the mandis of these states. The weather is clear in the cotton growing areas of North India. According to traders, in the electronic trading of ICE, cotton prices opened high in the morning session on Friday, but the market closed weak in the evening. Hence, cotton prices had increased due to less sales of ginners in the domestic market. However, during this period, the demand for yarn in the domestic market remained weak, hence the increased prices did not increase the purchases from spinning mills. In such a situation, cotton prices became stable in the states of North India today. Demand for yarn remains weak in Ludhiana as well as Delhi and Panipat markets, hence its prices decreased by Rs 3 to 5 per kg in the current week. According to experts, cotton prices have already come down significantly in the domestic market, and in many states CCI has started purchasing cotton at MSP. In such a situation, there is no possibility of a big fall in the current prices. Along with cotton, the prices of cottonseed became stable in these states. The arrival of new cotton in the producer markets of these states was 30,800 bales, each bale of 170 kg, whereas the arrival on the previous working day was 29,000 bales. Cotton prices were quoted at Rs 6,600 to Rs 7,100 per quintal in the mandis of Punjab and Haryana line, while in the Upper Rajasthan line its prices remained at Rs 6,700 to Rs 7,200 per quintal. The price of cottonseed was Rs 3,000 to 3,150 per quintal in Punjab and Haryana line and Rs 3,100 to 3,300 per quintal in Upper Rajasthan line.

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