New Delhi, June 27 (Commodities Control): Cotton prices in Maharashtra rose for the fourth consecutive day on Thursday, driven by strong demand from spinning mills. Meanwhile, daily arrivals of cotton in the state's mandis have declined.
The persistent increase in cotton prices is attributed to continued purchases from the state's spinning mills. According to traders, most of the spinning mills in Maharashtra have low outstanding stock of cotton, and local demand for cotton yarn is expected to increase in the coming days.
The total arrivals of Kapas have declined in mandis across the country, with ginners and stockists unwilling to sell at lower prices. Consequently, cotton prices are expected to improve further in the spot market. Today, Kapas prices rose by Rs 100 in the state, while cottonseed prices increased by Rs 200.
Sources indicate that in the current Kharif season, Kapas has been sown in 16.29 lakh hectares in Maharashtra as of June 27, surpassing the sowing area during the same period last year.
In the domestic futures market, cotton prices remained bullish today. Kapas prices rose by Rs 9.5 to Rs 1,625 per 20 kg in the April-25 futures contract on NCDEX.
Today, the arrival of Kapas in the state's producing markets was 10,000 bales, compared to 11,000 bales on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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