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M.P: Cotton prices surge by Rs 100-150 /candy amid increased demand

16 Sep 2021 1:45 pm
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Mumbai, 16 September (Commoditiescontrol): Cotton prices surged by Rs 100-150 per candy in the markets of Madhya Pradesh on Thursday amid increased demand from mills, while daily arrivals stood higher.

The weather continued to be bad in many kapas growing areas of the state, with light rain in some parts while clear in the rest of the areas. Traders revealed that the cotton prices have surged due to increase in demand from mills. But traders are not seen in a bullish mood. If the weather remains clear, then the daily arrivals of new kapas will increase further, while the pressure of arrivals is expected to build up in next month. Today the arrivals of new kapas took place in Khargone market, farmers with 300 vehicles brought kapas to the market in 125 bullock carts. Meanwhile, the CCI kept its rates of cotton sales stable on Wednesday. The corporation is left with limited stock of cotton.

On NCDEX, the April'22 futures kapas declined by 0.42 percent, while the October futures cotton contract on MCX rose by Rs 90 to Rs 25,590 per bale (1 bale – 170kg).

Today market arrivals of new kapas were reported at 1,500 bales vs 500 bales in the last trading session.

The price of new kapas in the state mandis is Rs 5,500 to Rs 6,800 per quintal, while the price of new cottonseed is Rs 3,200 to Rs 3500 per quintal. The price of old cottonseed was Rs 3300 to Rs 3700 per quintal.

The rate of 29/29 plus MM 75 RD kapas in the mandis was Rs 54100 to Rs 54500, RD 74 kapas at the rate of Rs 53600 to 54000 per candy. The price of 29 mm RD 71 variety of kapas was Rs 51,200 to Rs 51,700 per candy.

Trade in 30 mm, RD 75 variety of kapas was Rs 55200 to 55500 per candy.




(By Commoditiescontrol Bureau: +91-22-40015505)


       
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