NEW DELHI, May 28 (Commoditiescontrol) - Cotton prices moved lower in the mandis of Maharashtra on Saturday due to weak buying from spinning mills, while daily arrivals remained steady.
According to traders, there was a further fall in the prices of cotton in the global market on Friday, so buying from the mills in the state remained subdued. Anyway, the mills of the state are currently procuring cotton only according to the need as they are not getting parity as the proportion in which cotton prices had climb last week in the domestic market, the prices of yarn could not climb. This is the reason why small mills in the state have stopped production and big mills have started cutting production. However, the balance stock of cotton with the mills of the state is less than last year and the new crop will start arriving only in October. Therefore, going forward in the spot market, gradually, the price of cotton will come down. As far as weather is concerned it is clear in cotton producing areas of the state.
A total 5,000 bales (1 bale-170 kg) of cotton arrived in the mandis of the state today, unchanged from a day before.
Cotton prices in the state's mandis were at Rs 12,000 to 12,800, while the price of fardar quality kapas was Rs 9,500 to Rs 10,200 and cottonseed was quoted at Rs 3,800 to Rs 4,200 per quintal.
In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 1,03,000 to Rs 1,05,000 per candy.
In Nagpur and Yavatmal line, 30 mm variety of cotton was priced at Rs 1,06,000-1,06,500, 29.5 mm at Rs 1,05,000 to 1,05,500 and 29 mm variety of cotton at Rs 1,03,000 to 1,04,000 per candy.
In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 98,000 to Rs 1,03,000 per candy depending on the quality.
In Akola line mandis, the price of 29 mm variety of cotton was Rs 99,000 to Rs 1,03,000 and that of 28.5 plus cotton at Rs 98,000 to Rs 99,000 per candy, depending on the quality.
(By Commoditiescontrol Bureau: +91-22-40015505)
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