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Cotton Prices Stable in Maharashtra Amid Weak Yarn Demand

17 May 2024 2:01 pm
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New Delhi, May 17 (Commodities Control): Cotton prices remained stable in the markets of Maharashtra for the second consecutive day on Friday due to limited demand from spinning mills. Additionally, the daily arrival of Kapas in the state's mandis remained consistent.

Traders attribute the stagnant cotton prices to weak demand for yarn in the spot market. The recent global market recession has also impacted margins in cotton exports, leading spinning mills in the state to maintain limited inventory levels.

Cotton stock remains available in the state, with daily arrivals expected to continue until the end of June. Price increases are anticipated only if there is an uptick in the offtake of cotton yarn. Alongside Kapas, cottonseed prices have also stabilized in the state.

In the domestic futures market, there was an upward trend in cotton prices today. Kapas prices in the April-25 futures contract on NCDEX rose by Rs 3, reaching Rs 1,569.5 per 20 kg. Cotton prices in the May-24 futures contract on MCX increased by Rs 20, bringing the price to Rs 56,100 per candy.

The arrival of Kapas in Maharashtra's producer markets today was recorded at 17,000 bales, consistent with the previous trading day's arrivals.



(By CommoditiesControl Bureau: +91-9820130172)


       
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