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Cotton prices stable in Madhya Pradesh on limited buying

26 May 2022 3:53 pm
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NEW DELHI, May 26 (Commoditiescontrol) - Cotton prices stayed unchanged in the mandis of Madhya Pradesh on Thursday due to limited buying by spinning mills, while daily arrivals were reported lower.

The weather is clear in the cotton producing areas of the state. According to traders, the prices of cotton eased in the global market in electronic trading today, due to which buying from domestic mills has softened. The arrival of cotton in the state's mandis is happening in limited quantity, and the quality of the fibre which is coming at this time is very low. Also, ginners are not selling the bales by reducing the price.

According to experts, the importers are also not taking the risk of big import deals at the current price, as the rupee is weak against the dollar along with the increase in cotton prices abroad. As a result, imports have turned costlier, as well as it will take at least three months for the shipment of imported cotton to arrive. Therefore, traders are not expecting a major fall right now.

A mixed trend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged down by 0.11 percent. While the May month cotton contract on the MCX gained by Rs 40 at Rs 48,240 per bale (1 bale -170 kg).

The arrival of cotton in the mandis of Madhya Pradesh stood at 400 bales (1 bale-170 kg), down from 700 bales a day before.

Cotton prices in the state's mandis ranged between Rs 9,500-12,500 per quintal, while cottonseed was quoted at Rs 3,600 to 4,000 per quintal.

In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 1,04,000 -1,05,000 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 1,02,000-1,04,000 per candy and 73 RD variety of cotton at Rs 1,01,000 to 1,02,000. The price of 72 RD variety of cotton was offered at Rs 1,00,000 to 1,01,000 per candy.

The price of 72RD variety of cotton in 28 mm was Rs 95,000 to 96,000 per candy and the price of 70 RD variety cotton was Rs 94,000 to 94,500 per candy.

The price of 68 RD variety of cotton in 27mm was Rs 86,000 to Rs 87,000 per candy and that of 65 RD variety was Rs 82,000 - Rs 85,000 per candy.

The price of 30 mm 75 RD variety of cotton in the state ranged from Rs 1,07,000 to Rs 1,10,000 per candy.

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

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