Mumbai, 30 NOV (Commoditiescontrol): Cotton prices maintained steady tone at various mandis across Maharashtra on Wednesday, for third straight session, due to limited spinning mills demand at higher rate, while increase in daily arrivals were reported.
Clear weather conditions are reported in the cotton growing areas of the state. Traders said that limited mills buying has kept cotton prices well supported, while cotton arrivals continue to lag expectations. Due to below average cotton arrivals mills are not functioning at full strength.
Despite increased cotton output expectations in the state, markets have been receiving cotton below average level. Below average demand for cotton yarn has resulted in mills suffering from price disparity. They are also holding high rate cotton purchased previously. Cloth demand is also subdued. Given the slow arrival of cotton about 40-50% ginning mills are in operation currently. Usually, most of the ginning and spinning mills turn active in the month of November or December. In the current season, land under cotton cultivation has surpassed that of previous year’s. Hence, the state is expected to harvest bumper crops. Cotton arrival is likely to gather pace in the near term. Mill buying activity may improve soon. Poor local and export demand for cotton yarn alongside negative realisation from raw cotton has led multi national companies (MNCs) from adopting wait and watch approach.
On the domestic futures market today, cotton prices traded mixed. April'23 futures contract of kapas on the NCDEX eased 0.67 percent. The November month cotton contract on the MCX has added Rs 310 at Rs 33,400 per bale (1 bale -170 kg).
On Wednesday, a total of 18,000 bales of 170 kgs each of cotton arrived in the mandis of the state, as compared to 15,000 bales received on the previous day.
Cotton prices in the state's mandis were at Rs 8,500 - Rs 9,200 while cottonseed was quoted at Rs 3,700 to Rs 3,950 per quintal.
In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 70,500 to Rs 71,000 per candy.
In Nagpur and Yavatmal line, 30 mm varieties of cotton were priced at Rs 69,500-70,000, 29.5 mm at Rs 69,000-69,500 and 29 mm varieties of cotton at Rs 68,500- 69,000 per candy.
In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 68,000 to Rs 68,500 per candy depending on the quality.
In Akola line mandis, the price of 29 mm varieties of cotton was Rs 67,500 to Rs 68,000 and that of 28.5 plus cotton at Rs 66,500 to Rs 67,000 per candy, depending on the quality.
(By Commoditiescontrol Bureau: +91-22-40015505)
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