New Delhi, May 2 (Commodities Control): Cotton prices maintained stability in Maharashtra on Friday, largely due to limited buying activity from spinning mills, while there was an uptick in daily arrivals of Kapas in the state's mandis.
Traders point out that a recent decline in cotton prices in the global market has squeezed margins for cotton exporters in the domestic market. Consequently, export deals for cotton have reduced compared to previous levels. In light of this, spinning mills in the state are cautiously procuring cotton only as per immediate requirement. With increasing interest charges on mills and weak demand for yarn, spinning mills are refraining from building up inventory, thereby averting any significant surge in cotton prices in the domestic market. Kapas and cottonseed prices have remained stable in the state.
In the domestic futures market, cotton prices experienced a downward trend today. Kapas prices in April-25 futures contracts on NCDEX weakened by Rs 8 to Rs 1,573.5 per 20 kg. Similarly, cotton prices in May-24 futures contracts on MCX saw a decline of Rs 80 to Rs 57,200 per candy.
Today, the arrival of Kapas in the producer mandis of the state reached 20,000 bales, compared to 18,000 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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