Cotton Prices Continue to Decline in Maharashtra; Daily Arrivals Decrease

New Delhi, March 22 (Commodities Control): Cotton prices in Maharashtra witnessed a fourth consecutive day of decline on Friday, attributed to reduced demand from spinning mills, while a decline in daily arrivals of Kapas in the state's mandis.

Traders noted a recent decline in global cotton prices, which have had a ripple effect on domestic market prices. The domestic market tends to follow global price trends closely. Experts pointed out that while the Cotton Corporation of India (CCI) is selling cotton in the domestic market, its selling prices are higher than those in the spot market. Despite this, experts anticipate an increase in local demand for yarn in the upcoming days due to the ongoing consumption season, which may prevent significant one-sided falls in cotton prices. Kapas prices in the state weakened by Rs 100, while cottonseed prices remained stable.

On Thursday, the Cotton Corporation of India (CCI) sold 3,700 bales (each bale weighing 170 kg) of cotton to mills in various states. The agency currently holds an outstanding stock of 29.46 lakh bales for the 2023-24 season.

In the domestic futures market, a declining trend was observed in cotton prices today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 18 to Rs 1,534 per 20 kg. Similarly, cotton prices in the March-24 futures contract on MCX weakened by Rs 520 to Rs 59,400 per candy during this period.

Today, the arrival of Kapas in the producer markets of the state stood at 26,000 bales, compared to 30,000 bales on the previous trading day.



(CommoditiesControl Bureau; +91-9820130172)