New Delhi, June 15 (Commodities Control): Cotton prices in Maharashtra maintained stability for the second consecutive day on Saturday, attributed to subdued purchases by spinning mills and a reduction in daily arrivals of Kapas across the state.
Traders reported that spinning mills in Maharashtra are procuring cotton only to meet their immediate production needs, given the sluggish demand both domestically and in the export market for yarn.
This cautious approach from mills has contributed to the stable prices observed in the spot market over the past two days. Experts suggest that any significant improvement in cotton prices in the domestic market will hinge on a resurgence in local demand for yarn, as ginning mills in the state currently hold substantial stocks of cotton.
Meanwhile, according to data from the Indian Meteorological Department (IMD), Maharashtra has experienced a 27 percent surplus in rainfall compared to normal levels during the period from June 1 to June 14, which may impact crop growth and future market trends.
Today, the arrival of Kapas in Maharashtra's producing markets totaled 12,000 bales, marking a decrease from the previous trading day's arrival of 13,000 bales. Both Kapas and cotton seed prices remained stable across the state.
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(By CommoditiesControl Bureau: +91-9820130172)
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