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Cotton Prices Stable in Maharashtra as Spinning Mills Limit Purchases

1 Mar 2024 1:26 pm
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New Delhi, March 01 (Commodities Control): Cotton prices remained stable in Maharashtra for the second consecutive day on Friday due to limited purchases from spinning mills, while the daily arrival of Kapas in the state mandis also stopped.

According to traders, cotton prices have remained stable due to limited purchases from the state's spinning mills, although cotton exports seem profitable. Also, the local demand for yarn in the domestic market has increased compared to earlier, due to which the mills are doing business at good margins. The stock of cotton with the farmers of the state is now less, hence the daily arrivals of Kapas will further reduce in the coming days. In such a situation, the price of cotton in the spot market is expected to increase further. Along with Kapas, cottonseed prices became stable in the state.

There was a mixed trend in cotton prices in the domestic futures market today. Kapas prices in April-24 futures contract on NCDEX rose by one rupee to Rs 1,655 per 20 kg. During this period, cotton prices in March-24 futures contract on MCX weakened by Rs 60 to Rs 61,880 per candy.

Today, the arrival of Kapas in the producer markets of the state was 35,000 bales, whereas the arrival on the previous trading day was the same number of bales.



(By CommoditiesControl Bureau; +91-9820130172)


       
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