Cotton rules weak in Madhya Pradesh on lacklustre offtake

NEW DELHI, June 28 (Commoditiescontrol) - Cotton prices ruled weak in the mandis of Madhya Pradesh on Tuesday due to subdued buying by the spinning mills, while daily arrivals stayed unchanged.

According to traders, ICE cotton futures improved in electronic trading today, but due to weak procurement by the mills of the state, the local prices declined. The local and export demand for yarn is weak, due to which mills are procuring only as per requirement. Moreover, due to the tight supply of cotton, most of the small mills in the state have stopped production, and the big ones are also cutting production. However, the arrival of new cotton crop in the state mandis will start only in September-October, while the balance stock of cotton with the mills is less than last year. Therefore, there is a possibility of limited variation in cotton prices right now.

Meanwhile, the weather is clear in the cotton producing areas of the state.

The arrival of cotton in the mandis of Madhya Pradesh stood at 150 bales (1 bale-170 kg), unchanged from a day before.

Cotton prices in the state's mandis ranged between Rs 9,500-12,000 per quintal, while cottonseed was quoted at Rs 3,500 to 3,800 per quintal.

In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 94,000 -96,000 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 93,000 -94,000 per candy and 73 RD variety of cotton at Rs 92,000 to 93,000. The price of 72 RD variety of cotton was offered at Rs 90,000 to 91,000 per candy.

The price of 72RD variety of cotton in 28 mm was Rs 85,000 to 86,000 per candy and the price of 70 RD variety cotton was Rs 84,000 to 85,000 per candy.

The price of 68 RD variety of cotton in 27mm was Rs 80,000 to Rs 81,000 per candy and that of 65 RD variety was Rs 78,000 - Rs 79,000 per candy.

The price of 30 mm 75 RD variety of cotton in the state ranged from Rs 96,000 to Rs 98,000 per candy.

(By Commoditiescontrol Bureau)