Mumbai (Commodities Control) - Maharashtra cotton prices stalled due to demand from yarn millers and MNCs on Monday, while daily arrivals increased. The fibre prices cooled off on Saturday.
On MCX, active cotton futures has dropped 0.24% to Rs 21,050, due to which stockists have distanced themselves from making purchases. Although export parity continues to be in favour of Indian cotton, due to which MNCs demand is consistent.
According to the traders, the demand from yarn millers has lowered tracking weakness in global markets. Strong dollar index weighed upon ICE cotton futures on Friday. Having said so, domestic and even global cotton output is expected to be lower, while nearly 60-65% of the new crop has already arrived.
Meanwhile the remaining stocks are being held by farmers in anticipation of higher prices. Global price rallies are expected to keep domestic prices supported, eventually bringing MNCs back to the markets.
On Monday, daily cotton arrivals were registered at 40,000 baes vs 35,000 bales in the last session.
Maharashtra Cotton Quotes (Per Quintal)
Kapas - Rs 4,700-5,900
Cottonseed - Rs 2,250-2,600
CCI Purchase Rate- Rs 5,825
Mandi-wise Cotton Quotes (Per Candy)
New Cotton Nagpur/Yavatmal 30 mm RD 75+ - Rs 44,400- 44,700
RD 74 - Rs 42,600- 43,100
29.5 mm RD 75 - Rs. 43,400 - 43,600
RD 75 Jalgaon/Khandesh - Rs 43,500- 43,700
RD 74+ Akola/Marathwada - Rs 43,100 - 43,500
28.5 mm - Rs 41,500 - 42,100
Lower RD 62/71 - Rs 36,500 - 41,700
(Commodities Control Bureau)
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