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Cotton falls further in Madhya Pradesh amid sluggish buying, higher arrivals

29 Sep 2022 2:39 pm
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NEW DELHI, Sept 29 (Commoditiescontrol) : Cotton prices continued to rule weak in the mandis of Madhya Pradesh on Thursday amid subdued buying from spinning mills, while daily arrivals were reported higher.

The weather is clear in the cotton growing areas of the state. According to traders, the arrival of cotton is increasing in the mandis of the state, while procurement from the spinning mills as well as the ginners are weak due to non-availability of cotton along with kapas. Lighter quality produce are coming more in the producer mandis, with high moisture content in new produce, so MNCs have not started procurement yet. Along with cottonseed, the buying is also weak in cotton seed cake. If the weather remains favourable, the arrival of new cotton crop in the state's mandis will increase further in the coming days, due to which the current prices of cotton are expected to soften further. However, the balance stock of old cotton with the mills of the state is negligible.

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 0.85 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 4,500 bales of kapas arrived in the state, up from 4,000 bales a day ago.

Cotton prices in the state's mandis ranged between Rs 5,000 to Rs 8,500 per quintal, while cottonseed was quoted at Rs 3,000 to Rs 3,500 per quintal.

In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 70,000 - 71,000 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 68,000 -69,000 per candy, 73 RD variety of cotton at Rs 67,000 -68,000 and 72 RD variety of cotton at Rs 66,000 to Rs 67,000 per candy.

There is no availability of 30 mm cotton in the state.


       
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