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Cotton Prices Surge in Maharashtra Amid Increased Purchases

9 May 2024 3:02 pm
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New Delhi, May 9 (Commodities Control): Cotton prices experienced a strengthening trend in Maharashtra on Thursday, attributed to increased purchases from spinning mills. Concurrently, there was a decline in daily arrivals of Kapas in the state's mandis.

Traders report that cotton prices strengthened due to increased purchases from spinning mills in the state. However, despite this uptick, cotton prices fell by three points in electronic trading on the ICE (Intercontinental Exchange). Consequently, there is limited expectation for significant price rises in the domestic market. Moreover, export demand for cotton and yarn remains subdued. Alongside Kapas, cottonseed prices remained stable in the state.

In the domestic futures market, cotton prices witnessed a declining trend today. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 4 to Rs 1,561.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX declined by Rs 80 to Rs 57,500 per candy.

Today, the arrival of Kapas in the producer markets of the state totaled 20,000 bales, compared to 22,000 bales on the previous trading day.




(By CommoditiesControl Bureau: +91-9820130172)

       
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