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Cotton prices stay flat in MP on slow buying

8 Aug 2022 6:18 pm
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Mumbai, Aug 8 (Commoditiescontrol) Cotton prices remained flat in the markets of Madhya Pradesh on Monday amid slow buying while arrivals were almost nil.



The ginners were hesitant to sell their the bales at lower prices due to low availability of cotton in the domestic market, while the spinning mills of the state were buying cotton in limited quantity as they find disparity amid weak local and export demand in yarn. The balance stock of cotton with the mills of the state is much less than last year due to the fall in the production, while the arrival of new crop in the mandis of the state will start in September-October. In such a situation, only limited variation is expected to remain in the prices of cotton in the domestic market.



The weather condition was favourable with clear sky in the cotton growing region of the state.



In Madhya Pradesh, cotton sowing in the current kharif has been reduced to 5.99 lakh hectares so far as against 6 lakh hectares over the same period of last kharif season. According to the India Meteorological Department (IMD), from June 1 to August 7, western Madhya Pradesh has received 19 %more rainfall than normal, but eastern Madhya Pradesh has received 9 %less rainfall so far this monsoon season.



Kapas prices in the state's mandis ranged between Rs 9,000-10,000 per quintal, while cottonseed was quoted at Rs 3,200 to 3,700 per quintal.



In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 94,000-96,000 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 93,000 -94,000 per candy, 73 RD variety of cotton at Rs 91,000 to 93,000 and 72 RD variety of cotton at Rs 89,000 to 90,000 per candy.


The price of 72 RD variety of cotton in 28 mm was Rs 88,000 -89,000 per candy, while 70 RD variety of cotton at Rs 86,000-87,000 per candy.

The price of 68 RD variety of cotton in 27mm was Rs 76,000-77,000 per candy and that of 65 RD variety was Rs 74,000 -75,000 per candy.


The price of 30 mm 75 RD variety of cotton in the state ranged from Rs 96,000 to Rs 98,000 per candy.


       
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