New Delhi, April 4 (Commodities Control): Cotton prices in the markets of Maharashtra experienced a downturn on Thursday, impacted by reduced procurement from spinning mills, while the daily arrival of Kapas in the state's mandis maintained steady.
Market analysts pointed out that the decline in cotton prices can be attributed to the subdued procurement activities of the state's spinning mills. Ginning mills, finding the reduced prices unprofitable, have scaled back their sales, which in turn has stabilized the prices to some extent. There is an anticipated slowdown in cotton exports, and with mills holding limited cotton stock, a significant price drop seems unlikely at the moment. Concurrently, cottonseed prices hold steady alongside Kapas within the state.
The domestic futures market reflected a similar downward trend in cotton prices. The April-24 futures contract for Kapas on NCDEX saw a reduction of Rs 7, closing at Rs 1,529 per 20 kg. Meanwhile, cotton prices in the May-24 futures contract on MCX decreased by Rs 220, settling at Rs 62,000 per candy.
Despite the decline in procurement from spinning mills, the producer markets in the state reported a stable arrival of Kapas, with today's figures matching the previous trading day's count at 25,000 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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