Cotton improves in Maharashtra on increased demand from mills

NEW DELHI, June 28 (Commoditiescontrol) - Cotton prices improved in the mandis of Maharashtra on Tuesday as demand from spinning mills increased, while daily arrivals were reported lower.

According to traders, ICE cotton futures climbed in the electronic trading today, due to which buying from the mills also improved in the domestic market. Meanwhile, the balance stock of cotton with the mills of the state is less than last year, while the arrival of the new crop will start in September-October. On the other hand, CCI, Maharashtra Federation and other MNCs are also left with limited stock of cotton. Therefore, there may be limited variation in cotton prices in the domestic market right now. According to the India Meteorological Department, (IMD), from June 1 to June 27, where Madhya Maharashtra has received 43 per cent less rainfall than normal, Vidarbha received 39 percent below normal rainfall.

As far as weather is concerned, it is bad in the cotton growing areas of the state, with some areas have received rain.

A mixed trend was seen in cotton and kapas prices in the domestic futures market today afternoon with April'23 futures contract of kapas on the NCDEX edged lower by 0.81 percent. While the July month cotton contract on the MCX climbed by Rs 760 at Rs 42,270 per bale (1 bale -170 kg).

A total 2,000 bales of cotton arrived in the mandis of the state today, down from 3,000 bales a day ago.

Cotton prices in the state's mandis were at Rs 10,500 - Rs 11,500 while the price of fardar quality kapas was Rs 9,000 - 9,500 and cottonseed was quoted at Rs 3,800 to Rs 4,200 per quintal. The cottonseed of fardar quality was offered at Rs 3,000 to 3,100 per quintal according to the quality.

In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 96,000 to Rs 98,000 per candy.

In Nagpur and Yavatmal line, 30 mm variety of cotton was priced at Rs 95,000-95,500, 29.5 mm at Rs 94,000-94,500 and 29 mm variety of cotton at Rs 93,000-94,000 per candy.

In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 94,000 to Rs 96,000 per candy depending on the quality.

In Akola line mandis, the price of 29 mm variety of cotton was Rs 92,500 to Rs 94,500 and that of 28.5 plus cotton at Rs 91,500 to Rs 92,500 per candy, depending on the quality.

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