Login ID:
Password:
Partner Login
Contact Us : 7066511911

Cotton falls for 3rd straight day in Maharashtra amid sluggish buying, higher arrivals

29 Sep 2022 2:04 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Sept 29 (Commoditiescontrol) : Cotton prices extended weakness in the mandis of Maharashtra for the third consecutive day on Thursday amid sluggish buying from spinning mills, while daily arrivals were reported higher.

The weather remained inclement in some of the cotton growing areas of the state. According to traders, multinational companies are not buying cotton in view of the arrival of the new crop. The arrival of cotton in the producing mandis will increase next month. Moreover, state's spinning mills are also adopting wait and see policy at this time. The moisture content in the new cotton is around 25 to 35 per cent, due to which the mills are facing disparity at current prices. Anyway, domestic demand is weak in yarn, as well as exports are also not competitive. However, due to negligible stock of old cotton with the mills of the state, its prices are expected to soften further.

Cotton Corporation of India (CCI) will start procurement of cotton from the state's mandis at market price by the end of November, and the corporation will set up 20 procurement centers in the state for the purchase of cotton.

Markfed will also start procurement of cotton in the state mandis. It will procure cotton from the state in two phases. The agency has identified 11 areas in Nagpur, Vani, Yavatmal, Amravati, Akola, Khamgaon, Jalgaon, Parbhani, Nanded, Parali and Aurangabad where it will set up 50 centers for buying cotton. The procurement will be done at the Minimum Support Price (MSP), while 20 per cent will be done through the the open market.

A downtrend was seen in cotton and kapas prices in the domestic futures market today afternoon with April'23 futures contract of kapas on the NCDEX edged lower by 0.97 percent. The November month cotton contract on the MCX also fell by Rs 550 at Rs 29,620 per bale (1 bale -170 kg).

A total 1,200 bales of 170 kgs each of cotton arrived in the mandis of the state today, up from 1,000 bales a day ago.

Cotton prices in the state's mandis were at Rs 7,000 - Rs 9,000 while cottonseed was quoted at Rs 3,000 to Rs 3,600 per quintal.

In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 72,000 to Rs 75,000 per candy.

In Nagpur and Yavatmal line, 30 mm variety of cotton was priced at Rs 72,000- 73,000, 29.5 mm at Rs 70,000- 72,000 and 29 mm variety of cotton at Rs 68,000 -70,000 per candy.

In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 72,000 to Rs 74,000 per candy depending on the quality.

In Akola line mandis, the price of 29 mm variety of cotton was Rs 70,000 to Rs 72,000 and that of 28.5 plus cotton at Rs 69,000 to Rs 70,000 per candy, depending on the quality.


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Major producing states witness arrival of 1,10,400 bale...
Cotton trade steady in Andhra & Telangana on limited mi...
Cotton prices steady at Karnataka markets on limited mi...
Cotton prices soften in Maharashtra on poor mill demand...
Cotton prices ease at Madhya Pradesh markets on slow mi...
more
Top 5 News
Nafed Procures 25,824 MT Moong In Kharif-2022 Season So...
Major producing states witness arrival of 1,10,400 bale...
Cotton trade steady in Andhra & Telangana on limited mi...
Branded processed pulses at Mumbai APMC market- 3rd Dec...
Cotton prices steady at Karnataka markets on limited mi...
Top 5 Special Reports
Weekly: ICE Cotton holds up gains on short covering; De...
Weekly: ICE raw sugar post marginal gain for the week; ...
Soybean (Indore) Positive Short-term Trend / Next Res...
Chana Delhi (Rajasthan Line) Trending Higher / Next R...
US Cotton net export sales for Nov 18 -24 at 16,500 RB ...
Copyright © CC Commodity Info Services LLP. All rights reserved.