New Delhi, March 21 (Commodities Control): Cotton prices in Maharashtra continued downward trend for the third consecutive day on Thursday, as demand from spinning mills remained subdued. Meanwhile, the daily arrival of Kapas in the state's mandis remained stable.
Traders attribute the ongoing decline in cotton prices to the recent downturn in global cotton prices, which has resulted in weak demand from domestic spinning mills. Additionally, with festival holidays on the horizon, spinning mills are only procuring cotton as per immediate requirements, further dampening market activity.
Consequently, market observers anticipate limited fluctuations in cotton prices in the domestic market during this period. However, with the consumption season approaching, local demand for yarn is expected to increase in the coming days, necessitating cotton procurement by mills in April.
In Maharashtra, Kapas prices weakened by Rs 100, while cottonseed prices remained stable amidst the prevailing market conditions.
The domestic futures market displayed a mixed trend in cotton prices today. Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 5.5 to Rs 1,561.5 per 20 kg. Meanwhile, cotton prices in the March-24 futures contract on the MCX saw a modest increase of Rs 60 to reach Rs 60,700 per candy.
Today, the arrival of Kapas in the producer markets of the state stood at 30,000 bales, maintaining consistency with the previous trading day's arrival figures.
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(CommoditiesControl Bureau; +91-9820130172)
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