New Delhi, May 2 (Commodities Control): Cotton prices declined for the third consecutive day in Maharashtra on Thursday due to reduced demand from spinning mills, while an increase in daily arrivals of Kapas was recorded in the state mandis.
According to traders, the state's spinning mills are purchasing cotton only as per requirement, because local and export demand for yarn is weaker than normal. On the other hand, export deals of cotton have also decreased recently, because its prices have slowed down in the world market. Therefore, spinning mills do not want to increase inventory.
According to experts, due to weak cotton prices in the world market, the sales of MNC companies have also increased in the domestic market. In such a situation, no big rise in cotton prices is expected right now. Kapas prices in the state weakened by Rs 100, while cottonseed prices remained stable.
There was a mixed trend in cotton prices in the domestic futures market today. Kapas prices in April-25 futures contract on NCDEX weakened by Rs 5 to Rs 1,583 per 20 kg. During this period, cotton prices in May-24 futures contract on MCX rose by Rs 320 to Rs 57,440 per candy.
Today, the arrival of Kapas in the producer markets of the state was 18,000 bales, whereas the arrival on the previous trading day was 15,000 bales.
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(By Commoditiescontrol Bureau: +91-9820130172)
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