New Delhi, June 14 (Commodities Control): Cotton prices remained stable in Maharashtra's markets on Friday due to limited purchases by spinning mills, while daily arrivals of Kapas also stayed steady.
According to traders, spinning mills in Maharashtra are buying cotton in limited quantities because the local and export demand for yarn is weaker than usual, and cotton exports are not proving profitable.
Additionally, ginning mills in the state hold a large stock of cotton, reducing the likelihood of a price increase in the spot market. Prices of Kapas and cottonseed have also stabilized.
Experts note that Kapas sowing is progressing smoothly in Central Indian states. A slight increase in Kapas acreage is expected in Madhya Pradesh and Maharashtra this season, though Gujarat may see a slight decrease.
Cotton prices exhibited an upward trend in the domestic futures market today. On NCDEX, Kapas prices for the April-25 futures contract rose by Rs 6 to Rs 1,574 per 20 kg. On MCX, cotton prices for the July-24 futures contract increased by Rs 130 to Rs 56,250 per candy.
Today, the arrival of Kapas in Maharashtra's producing mandis was 13,000 bales, unchanged from the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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