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Cotton Prices Stable in Maharashtra as Spinning Mills Limit Procurements

13 May 2024 3:26 pm
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New Delhi, May 13 (Commodities Control): Cotton prices remained unchanged in the markets of Maharashtra on Monday due to limited procurement from spinning mills, while there was a notable increase in the daily arrivals of Kapas in the state's mandis.

Traders attribute the stagnation in cotton prices to ongoing voting for several Lok Sabha seats in the state, which has resulted in subdued business activities. Furthermore, local demand for yarn has not surged as anticipated, and the profitability of cotton exports is hindered by weak prices in the global market.

While major spinning mills in the state hold sufficient cotton stocks for one to one and a quarter month's consumption, smaller mills possess less outstanding stock. Consequently, significant price hikes in the spot market are unlikely. Kapas and cottonseed prices remained stable in the state.

In the domestic futures market, cotton prices exhibited a mixed trend today. The April-25 futures contract for Kapas on NCDEX witnessed a rise of Rs 10, reaching Rs 1,572 per 20 kg. However, during the same period, cotton prices in the May-24 futures contract on MCX weakened by Rs 260 to Rs 57,100 per candy.

Today, the arrival of Kapas in the producer markets of the state amounted to 20,000 bales, reflecting an increase from the previous trading day's arrival of 18,000 bales.



(By CommoditiesControl Bureau: +91-9820130172)


       
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