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Maharashtra Cotton Prices Hold Steady for Second Consecutive Session amid Weak Demand, Increased Arrivals

3 Mar 2021 1:10 pm
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Mumbai (Commodities Control) - Maharashtra cotton prices have stalled for the second straight session on Wednesday due to weak demand from MNCs and private millers amid higher daily arrivals.

ICE cotton futures fell about 1% on Tuesday following a sharp rise in the previous session, as a subdued sentiment in equity markets weighed on the natural fiber. The cotton market was able to shed intense selling pressure and close moderately lower. However Domestic futures are on the rise during the afternoon session as Kapas April ‘21 trades 0.79% higher at Rs 1259.50 and cotton is quoted close to Rs 22,390, up 0.36%.

It is to be noted that state mandis are facing a crunch of good quality cotton supplies, while exporters are looking for premium quality. Farmers are holding back remaining supplies, while there are estimates of higher exports of Indian cotton. This will aid price rise in Indian cotton in future.

On Wednesday, daily cotton arrivals were registered at 32,000 bales vs 30,000 bales in the last session. It is to be noted that weather conditions have improved in the region.

Maharashtra Cotton Quotes (Per Quintal)

Kapas - Rs 5,500 - 6,500

Cottonseed - Rs 2,500-3,000

CCI Purchase Rate- Rs 5,825

It is to be noted that CCI procurement is near to nil due to cotton rates past MSP.

Mandi-wise Cotton Quotes (Per Candy)

New Cotton Nagpur/Yavatmal 30 mm RD 75+ - Rs 46,500 - 46,900

RD 74 - Rs 44,700 - 45,300

29/29.5 mm RD 75 - Rs. 45, 600 - 46,000

Sillod Line 31 mm RD 75 - Rs 47,400 - 48,000

RD 75 Jalgaon/Khandesh - Rs 45,300- 45,800

RD 74+ Akola/Marathwada - Rs 45,200 - 45,600

28/28.5 mm - Rs 42,800 - 43,900

29 mm Lower RD 62/71 -Rs 41,500-43,000




       
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