New Delhi, March 27 (Commodities Control): Cotton prices remained steady in the markets of Maharashtra for the third consecutive trading day on Wednesday, attributed to limited demand from spinning mills. Moreover, a reduction in daily arrivals of Kapas noted in the state's mandis.
Traders note that spinning mills in Maharashtra are currently procuring cotton only as per their immediate requirements, primarily due to March closing activities. Consequently, cotton prices have maintained stability in the spot market. However, global cotton prices have witnessed an uptick, rendering exports more profitable.
With the onset of the consumption season, local demand for cotton yarn is anticipated to escalate in the forthcoming days. Notably, Indian cotton currently stands as the most affordable option in the global market, suggesting a potential improvement in cotton prices in April. Additionally, cottonseed prices have also stabilized across the state.
In the domestic futures market, cotton prices experienced a downward trend. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 6.5 to Rs 1,533 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a decline of Rs 480 to Rs 62,040 per candy.
The arrival of Kapas in the state's producer markets stood at 20,000 bales on Wednesday, a decrease from the 25,000 bales reported on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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