New Delhi, April 26 (Commodities Control): Cotton prices in Maharashtra maintained stability for the second consecutive day on Friday, amid subdued demand from spinning mills, while daily arrivals of Kapas in the state's mandis witnessed a decline.
Traders highlight minimal fluctuations in global cotton prices, leading mills in the state to refrain from increasing their inventory. Consequently, cotton prices in the spot market have remained steady. However, the state's spinning mills possess limited outstanding cotton stock, and ginners are unwilling to lower prices, thus mitigating the possibility of a significant decline in cotton prices. In such circumstances, the prices of cottonseed and Kapas remained stable in the state.
According to data from the Cotton Corporation of India (CCI), 68.74 lakh bales of cotton had arrived in the state's mandis by the end of March, while the estimated production stands at 80 lakh bales in the region. This indicates a reduced outstanding stock left for farmers.
In the domestic futures market, cotton prices exhibited a mixed trend today. The April-24 futures contract for Kapas on NCDEX weakened by Rs 2 to Rs 1,448 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 60 to Rs 58,680 per candy.
Today, the arrival of Kapas in the state's producing mandis amounted to 15,000 bales, down from 18,000 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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