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Cotton Prices in Maharashtra Remain Stable as Spinning Mills Limit Purchases

8 May 2024 12:59 pm
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New Delhi, May 8 (Commodities Control): Cotton prices in Maharashtra remained steady for the third consecutive day on Wednesday, as purchases from spinning mills remained subdued. Concurrently, the state witnessed a surge in daily arrivals of Kapas in its mandis.

Traders noted a marginal fluctuation in global cotton prices over the past three days, leading spinning mills in the state to procure cotton only as per immediate requirement. However, the downward trend in cotton prices in the international market over the past month has dampened both export demand for cotton and yarn. This, coupled with unfavorable profit margins for ginning mills at current cotton prices, has restrained market dynamics, with expectations of limited bullish and bearish movements in domestic cotton prices. Alongside Kapas, cottonseed prices also remained stable in the state.

In the domestic futures market, cotton prices exhibited a declining trend today. The April-25 futures contract for Kapas on NCDEX weakened by Rs 7, settling at Rs 1,568.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX experienced a decline of Rs 220, reaching Rs 57,300 per candy.

Today, the arrival of Kapas in the state's producer markets reached 22,000 bales, up from the previous trading day's arrival of 20,000 bales.



(By CommoditiesControl Bureau: +91-9820130172)


       
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