New Delhi, October 8 (Commodities Control): Cotton prices in Maharashtra have softened for the fifth consecutive day, primarily due to weak purchases by spinning mills. Daily arrivals of new Kapas in the state’s mandis have remained stable at 3,000 bales, the same as the previous trading day.
Traders report that local demand for cotton yarn is limited, compounded by weaker-than-usual export demand. As a result, spinning mills are purchasing cotton only as per their immediate requirements, contributing to a continuous decline in spot market prices.
Last year, prices rose significantly during the arrival of the new crop, but subsequent declines led to losses for ginners. This has resulted in a cautious approach from ginners this season, with many opting not to rush into buying Kapas.
In Maharashtra, Kapas prices have weakened by Rs 200, while cottonseed prices have remained stable. The domestic futures market has also reflected this downward trend, with the price of Kapas in the April-25 futures contract on NCDEX decreasing by Rs 4 to Rs 1,578 per 20 kg. Additionally, the price of cotton in the July-24 futures contract on MCX fell by Rs 340 to Rs 56,500 per candy, each candy weighing 356 kg.
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(By CommoditiesControl Bureau; +91-9820130172)
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