New Delhi, April 23 (Commodities Control): Cotton prices continued their upward trend for the second consecutive day in Maharashtra on Tuesday, driven by sustained demand from spinning mills. Concurrently, daily arrivals of Kapas witnessed a decline in the state's mandis.
Traders reported a significant rise in cotton prices in the foreign market on Monday, with ICE cotton futures prices opening higher today as well. This surge in international prices has bolstered demand from Maharashtra's spinning mills compared to previous periods. With spinning mills holding lesser outstanding stock of cotton and multinational companies scaling back sales due to the global price hike, there is anticipation of a slight improvement in cotton prices. Consequently, the prices of cottonseed, along with Kapas, have stabilized in the state.
In the domestic futures market, cotton prices maintained their upward momentum. The April-24 futures contract on NCDEX saw Kapas prices rise by Rs 6 to reach Rs 1,450 per 20 kg. Similarly, the May-24 futures contract on MCX experienced a surge of Rs 160 to settle at Rs 59,100 per candy.
The arrival of Kapas in the state's producing mandis amounted to 15,000 bales today, indicating a decrease from the previous trading day when arrivals totaled 20,000 bales.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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