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Cotton Prices Hold Steady in Maharashtra; Daily Arrivals Stable

16 May 2024 3:13 pm
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New Delhi, May 16 (Commodities Control): Cotton prices remained stable in Maharashtra on Thursday, attributed to limited purchases from spinning mills, while the daily arrival of Kapas in the state's mandis maintained consistency.

Traders indicated that cotton prices in Maharashtra stabilized due to subdued sales from ginning mills at lower prices, as ginners procured Kapas from farmers at comparatively higher prices. This disparity in pricing has put ginning mills in a challenging position.

Additionally, both local and export demand for yarn is weaker than usual, leading spinning mills to procure cotton in limited quantities. Consequently, the possibility of significant price surges in the cotton spot market remains slim. Alongside Kapas, cottonseed prices also maintained stability in the state.

In the domestic futures market, cotton prices experienced an upward trend today. Kapas prices rose by Rs 5 to reach Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Similarly, cotton prices in the May-24 futures contract on MCX increased by Rs 120 to Rs 56,100 per candy.

The arrival of Kapas in the state's producer markets today amounted to 17,000 bales, matching the figures from the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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