Cotton weakens further in Maharashtra amid lacklustre demand, steady arrivals

NEW DELHI, Oct 1 (Commoditiescontrol) : Cotton prices fell in the mandis of Maharashtra for the fifth consecutive day on Saturday amid sluggish buying from spinning mills, while daily arrivals remained steady.

The weather is inclement in some cotton producing areas of the state, with some places have received rain. According to traders, the moisture content in the cotton coming into the mandis of the state is higher, due to which the MNCs have not started procurement yet. Exports are also not even taking place in yarn and cotton, so spinning mills are also procuring cotton in limited quantities.

If the weather remains clear, the arrival of cotton in the producing mandis will increase in the current month. Therefore, the spinning mills of the state are currently adopting a wait and see policy. Therefore, further softening in cotton prices is expected.

In Maharashtra, cotton sowing has increased to 42.29 lakh hectares in the current kharif season as against 39.57 lakh hectares in the same period last year. According to the India Meteorological Department (IMD), in the current season from October 1 to September 30, western Madhya Maharashtra has received 26 per cent above normal rainfall, while 24 per cent above normal in Marathwada and 31 per cent above normal in Vidarbha.

A total 1,500 bales of 170 kgs each of cotton arrived in the mandis of the state today, up from 1,200 bales a day ago.

Cotton prices in the state's mandis were at Rs 7,000 - Rs 9,000 while cottonseed was quoted at Rs 2,900 to Rs 3,500 per quintal.

In Sillod line, the price of Cotton 30/30 plus MM variety was Rs 70,000 to Rs 73,000 per candy.

In Nagpur and Yavatmal line, 30 mm variety of cotton was priced at Rs 71,000- 72,000, 29.5 mm at Rs 69,000- 70,000 and 29 mm variety of cotton at Rs 67,000 -68,000 per candy.

In Marathwada, Khandesh line, the price of 29 mm RD 75 variety of cotton was Rs 66,000 to Rs 70,000 per candy depending on the quality.

In Akola line mandis, the price of 29 mm variety of cotton was Rs 68,000 to Rs 70,000 and that of 28.5 plus cotton at Rs 66,000 to Rs 68,000 per candy, depending on the quality.