New Delhi, April 9 (Commodities Control): Cotton prices in Maharashtra maintained stability on Tuesday as spinning mills limited their purchases, while consistent daily arrival of Kapas noted in state mandis.
Traders attributed the stability in prices to cautious procurement by spinning mills in the state. Recent fluctuations in global cotton prices have prompted mills to buy only as per immediate requirements, leading to a cautious approach in the market.
The decline in international cotton prices has impacted the margins of exporters, further influencing buying patterns. Despite relatively low outstanding stocks of cotton in most spinning mills, the limited availability of Kapas with farmers has prevented a significant drop in prices. Stockists are reluctant to lower prices, thereby mitigating the potential for a sharp decline in spot market prices. Concurrently, Kapas and cottonseed prices have also remained stable in the state.
Meanwhile, the domestic futures market witnessed an upward trend in cotton prices today. In the April-24 futures contract on NCDEX, Kapas prices saw a rise of Rs 4 to reach Rs 1,525 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX surged by Rs 40 to reach Rs 61,700 per candy.
On the supply side, the arrival of Kapas in producer mandis across the state stood at 25,000 bales today, matching the previous trading day's figures.
(484)(1).png)
(CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
