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Cotton Prices Surge in Maharashtra Amid Rise in Demand, Daily Arrivals Decline

24 Jun 2024 3:49 pm
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New Delhi, June 24 (Commodities Control): Cotton prices in Maharashtra's markets surged on Monday, driven by increased demand from spinning mills, while a reduction in daily arrivals of Kapas noted across the state.

Traders reported that the increased purchases by local spinning mills have bolstered cotton prices, although substantial upward movement remains uncertain presently. The global cotton market has witnessed sluggishness over the past two months, impacting export transactions from India. Concurrently, ginning mills are grappling with losses at current price levels, resulting in subdued sales. In contrast, prices of Kapas and cottonseed have held steady in Maharashtra.

In domestic futures trading today, there was a mixed pattern observed. NCDEX's April-25 futures contract for Kapas weakened by Rs 8 to settle at Rs 1,609 per 20 kg, whereas the MCX's July-24 futures contract for cotton rose by Rs 20 to reach Rs 57,800 per candy.

Today's arrival of cotton in Maharashtra's markets totaled 10,000 bales, down from 13,000 bales recorded during the previous trading session.



(By CommoditiesControl Bureau: +91-9820130172)


       
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