Mumbai, 3 DEC (Commoditiescontrol): Cotton prices eased at the mandis of Madhya Pradesh on Saturday, on slow mill buying, amid steady pace of daily arrivals seen, traders said.
Clear weather condition are witnessed in the cotton growing regions of the state. As per traders, mills are buying limited quantity of cotton due to poor cloth offtake. Lack of demand resulted in cotton prices staying subdued. On Friday, ICE cotton futures settled lower. Experts have pointed out that poor cotton demand has resulted in millers suffering from price disparity. Farmers are delaying sell cotton at lower price, although the state is expected to harvest bumper cotton crop this season. This has affected cotton arrivals in the state. Hence, cotton prices are likely to witness volatility in the near term.
A total 10,000 bales of cotton arrived today in the state, similar quantity was received on the previous day.
Cotton prices in the state mandies were offered in the range of Rs 8,000 to Rs 9,000 per maund. Cottonseed prices moved in the range of Rs 3,500 to Rs 3,700 per quintal.
In mandi of Madhya Pradesh, 29 mm 75RD variety of cotton traded at Rs 67,500 to 68,000 per candy (candy-356 kg), while 74RD variety cotton traded at Rs 67,000-67,500 per candy, 73RD variety of cotton was traded at the rate of Rs 66,500 - 67,000 per candy (candy-356 kg). A 72RD variety cotton traded at Rs 66,000 - 66,500 per candy.
The state reported no availability of 30/30 MM variety cotton.
(By Commoditiescontrol Bureau: +91-22-40015505)
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