New Delhi, June 29 (Commodities Control): Cotton prices declined in Maharashtra on Saturday due to weak demand from spinning mills, while daily arrivals of Kapas in the state's mandis remained stable.
The weather is clear in the Kapas-producing areas of the state. According to traders, cotton prices had been rising continuously for the last five days in the state, but ICE cotton futures prices fell by three points on Friday. This decline led to reduced purchases by spinning mills in the state, resulting in a drop in cotton prices.
Experts suggest that the expectation of decreased exports and the possibility of increased production may continue to pressure ICE cotton futures prices in July. Consequently, domestic cotton prices are likely to follow the trend of ICE futures, leading to limited fluctuations in the spot market. Additionally, Kapas and cottonseed prices remained stable in the state.
The Indian Meteorological Department (IMD) reported that Maharashtra received one percent more rainfall than normal from June 1 to June 28. According to the state's Agriculture Directorate, Kapas sowing has increased significantly to 16,29,486 hectares in the current Kharif season, compared to just 1,79,910 hectares during the same period last year.
Today, the arrival of Kapas in the state's producing markets was 10,000 bales, matching the number of bales that arrived on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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