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Cotton prices unchanged in Maharashtra on weak mills demand

8 Aug 2022 6:01 pm
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Mumbai, Aug 8 (Commoditiescontrol) Cotton prices stayed steady in the ,markets of Maharashtra for the third straight session on Monday due to weak demand from the spinning mills. As per the trade sources, millers have lowered their buying at high prices. Cotton prices are ruling high, that’s why mills demand is down, a trade analyst said.




Monsoon is active in Maharashtra and several areas of the states received rains. According to traders, amid tight balance sheet of cotton in the domestic market, selling from the ginners is coming down. However, the spinning mills of the state are facing disparity and buying in limited quantities because yarn prices did not increase as much as the cotton prices climbed last week. On the other hand, the balance stock of cotton with the mills of the state is less, while the arrival of the new crop in the mandis will start in the state only in September-October. In such a situation, there is little chance of a big uptrend or downtrend.




In Maharashtra, cotton sowing so far in the current kharif season has increased to 41.71 lakh hectares as against 38.74 lakh hectares in the same period last year. According to the India Meteorological Department (IMD), from June 1 to August 7, Madhya Maharashtra, Marathwada and Vidarbha have received above normal rains by 21%, 54 %t and 26 %, respectively.


Arrivals were steady around 200 bales of 170 kgs each.
Cotton prices in the state's mandis were at Rs 10,000 - Rs 11,000 while the price of fardar quality kapas was Rs 8,000 - 9,000 and cottonseed was quoted at Rs 3,400 to Rs 4,200 per quintal.



In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 99,000 to Rs 1,00,000 per candy.



In Nagpur and Yavatmal line, 30 mm variety of cotton was priced at Rs 98,000, 29.5 mm at Rs 97,500 and 29 mm variety of cotton at Rs 96,000-97,000 per candy.

In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 87,000 to Rs 95,000 per candy depending on the quality.


In Akola line mandis, the price of 29 mm variety of cotton was Rs 93,000 to Rs 96,000 and that of 28.5 plus cotton at Rs 90,000 to Rs 93,000 per candy, depending on the quality.


       
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