New Delhi, May 7 (Commodities Control): Cotton prices retained stability in Maharashtra for the second consecutive day on Tuesday, reflecting restrained purchases from spinning mills, while witnessing a surge in daily arrivals of Kapas in the state mandis.
Traders noted that both export and local demand for cotton and yarn are weaker than usual, prompting spinning mills in the state to procure cotton only as needed. Consequently, cotton prices remained steady in the spot market for the second day in a row. However, ginning mills in the state are also grappling with profitability concerns at the current cotton prices, leading to a decline in sales. As a result, expectations for cotton prices in the spot market remain cautiously balanced. Concurrently, Kapas and cottonseed prices remained stable in the state.
In the domestic futures market, a declining trend was observed in cotton prices today, with Kapas prices in April-25 futures contracts on NCDEX witnessing a drop of Rs 8.5 to Rs 1,574 per 20 kg.
The arrival of Kapas in the state's producer markets today reached 20,000 bales, up from 18,000 bales recorded on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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