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Cotton prices edge lower amid slowdown in global market

27 Nov 2021 2:37 pm
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Mumbai, 27 November (Commoditiescontrol): The demand from spinning mills in the domestic market was seen sluggish because of fall of about three percent in the global market due to the threat of new variants of Corona. Therefore, the prices of cotton declined in the mandis of Madhya Pradesh, Gujarat and Maharashtra.

According to experts, cotton prices have declined in the mandis of the state due to the decrease in buying by the mills. Preliminary investigations of the new variant of Corona have revealed that the infection may increase again due to this variant. Hence the price of cotton on ICE fell by more than three percent due to the fall in commodity markets around the world.

According to experts, there is a possibility of reduction in the production estimate of cotton in the domestic market. In addition, the outstanding stock was also less at the time of arrival of the new crop. Therefore, there is less chance of a major fall in the cotton prices in the domestic market. However, the outstanding stock of cotton with the mills is less, so the buying by the mills is expected to increase.

In Madhya Pradesh, the price of 30 mm R75 variety of cotton were Rs 66,200 to Rs 66,500 per candy. Similarly, the price of 29/29 plus mm RD 75 variety of cotton was reduced from Rs 65,500 to Rs 65,800 per candy.

In Maharashtra's Nagpur Line, the price of 29/29 plus mm RD 75 variety of cotton was reduced from Rs 65,700 to Rs 66,000 per candy.

In Lower Rajasthan, the price of cotton was Rs 61,200 to Rs 62,700 per candy in Khairthal line and Rs 58,500 to Rs 63,000 per candy in Marwar and Mewar lines.

Today cotton prices declined by Rs 500-700 per candy in the states like Karnataka, Andhra Pradesh, Telangana etc.

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


       
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