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Cotton Prices Surge in Maharashtra on Increased Demand; Daily Arrivals Down

22 Apr 2024 1:35 pm
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New Delhi, April 22 (Commodities Control): Cotton prices experienced an upward trend in Maharashtra on Monday, driven by increased demand from spinning mills, while daily arrivals of Kapas witnessed a decline in the state's mandis.

Traders point out that cotton prices in the domestic market are closely mirroring the trends in ICE cotton futures, which opened two points higher today. Consequently, buoyed by heightened purchases from the state's spinning mills, cotton prices surged in the spot market.

Experts indicate that Maharashtra's spinning mills currently hold lower cotton inventories, necessitating increased procurement. Therefore, any further rise in global market prices is likely to propel spot market prices even higher. Meanwhile, prices of Kapas and cottonseed have stabilized in the state.

In the domestic futures market, cotton prices maintained their upward trend today. On NCDEX, the price of Kapas in the April-24 futures contract rose by Rs 14 to Rs 1,445 per 20 kg. Similarly, on MCX, cotton prices surged by Rs 940 to Rs 58,900 per candy in the May-24 futures contract.

Today, the arrival of Kapas in the state's producing mandis totaled 20,000 bales, compared to 22,000 bales on the previous trading day, reflecting a decrease in daily arrivals.



(By Commoditiescontrol Bureau: +91-22-40015505)


       
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