New Delhi, April 18 (Commodities Control): Cotton prices continued to show downward trend for the second consecutive day in Maharashtra on Friday, primarily due to diminished purchases from spinning mills. Concurrently, the state witnessed a notable increase in daily arrivals of Kapas in the mandis.
Clear weather prevailed in the cotton-producing regions of the state. Traders noted that multinational companies (MNCs) in Maharashtra are offloading their cotton stocks as export prospects appear bleak amidst weak prices in the global market. Consequently, cotton prices in the spot market have experienced a decline for the second consecutive day.
Despite current cotton prices, ginning mills are operating with limited margins. However, the prevailing market conditions suggest that significant upward movement in cotton prices in the domestic market is unlikely. In tandem with cotton, Kapas prices in the state dropped by Rs 100, while cottonseed prices also weakened by Rs 50.
In the domestic futures market, a declining trend in cotton prices persisted. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 13 to Rs 1,448 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decrease of Rs 60 to Rs 57,520 per candy.
Today, the arrival of Kapas in the producer markets of the state surged to 18,000 bales, marking a significant increase from the previous trading day's arrival of 14,000 bales.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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