New Delhi, April 29 (Commodities Control): Cotton prices experienced a notable uptick in Maharashtra's markets on Monday, driven by increased demand from spinning mills. Concurrently, the daily arrival of Kapas surged in the state's mandis.
The uptrend in cotton prices can be attributed to an uptick in purchases from Maharashtra's spinning mills, influenced by the rise in prices in the electronic trading of ICE cotton futures. Traders anticipate a potential surge in export demand from the domestic market if cotton prices continue to ascend in the foreign market, potentially leading to further price improvements. Notably, Kapas prices in the state witnessed a rise of Rs 300, while cottonseed prices saw an increase of Rs 100.
In the domestic futures market, cotton prices displayed an upward trajectory today. In the April-24 futures contract on NCDEX, Kapas prices surged by Rs 9 to reach Rs 1,455 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a notable increase of Rs 460, reaching Rs 58,800 per candy.
Today, the arrival of Kapas in the producer markets of the state reached 20,000 bales, marking a significant increase from the 15,000 bales reported on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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