New Delhi, April 10 (Commodities Control): Cotton prices in Maharashtra remained unchanged for the second day in a row on Wednesday, with spinning mills making limited purchases and the daily arrival of Kapas in state mandis maintaining a steady pace.
Traders highlight that domestic cotton prices are closely aligned with international trends, notably the prices on the ICE, which experienced a dip on Tuesday. Consequently, spinning mills in Maharashtra are buying cotton strictly based on immediate need.
Despite this cautious approach, the low inventory levels at most of the state’s spinning mills necessitate continued cotton purchases, indicating that a significant decrease in cotton prices is unlikely in the near future. This has also led to the stabilization of cottonseed prices within the state.
In the domestic futures market, cotton witnessed a slight downturn. The April-24 futures contract for Kapas on the NCDEX dropped by Rs 5 to Rs 1,520.5 per 20 kg, reflecting the cautious sentiment prevailing in the market.
The volume of Kapas arriving in the state’s producer mandis remained constant at 25,000 bales, matching the figure reported on the previous trading day.
(CommoditiesControl Bureau; +91-9820130172)
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