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Cotton extends weakness in Madhya Pradesh amid lower offtake

1 Oct 2022 8:21 pm
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NEW DELHI, Oct 1 (Commoditiescontrol) : Cotton prices continued to rule subdued in the mandis of Madhya Pradesh on Saturday amid lacklustre demand from spinning mills, while daily arrivals quoted unchanged.

The weather remained clear in the cotton growing areas of the state. According to traders, cotton prices have come down by around Rs 11,000 to 12,000 per candy in the state's mandis during the week, so millers are buying only as per their requirement amid the ongoing fall in prices. Although the moisture content has declined as compared to earlier, but still the new produce is arriving with up to 15 percent moisture content. With the weather has cleared up in the cotton producing areas of the state, the arrival of new cotton crop will increase in the state's mandis in the coming days, due to which the current prices of cotton are expected to soften further. It is believed that the purchase from multinational companies will start by the end of the current month, only after that the price is expected to hold ground.

According to traders, cotton is going to the mandis of neighbouring states of Gujarat and Maharashtra due to the imposition of 1.50 percent mandi tax on cotton in the state's mandis. The traders have also decided to observe a symbolic strike on October 3, to protest against the imposition of that mandi tax. If the state government does not reduce the mandi tax, then there will be an indefinite strike from October 11.

In Madhya Pradesh, cotton sowning has declined to 5.99 lakh hectares in the current kharif season as against 6 lakh hectares over the same period of last kharif season. According to the India Meteorological Department (IMD), in the current season from October 1 to September 30, western Madhya Pradesh has received 30 per cent more rainfall than normal, while eastern Madhya Pradesh received 10 percent more than normal.

A total 4,500 bales of kapas arrived in the state, unchanged from a day ago.

Cotton prices in the state's mandis ranged between Rs 5,000 to Rs 8,500 per quintal, while cottonseed was quoted at Rs 3,000 to Rs 3,400 per quintal.

In the state mandis, the price of 29 mm 75 RD variety of cotton was Rs 67,000 - 68,000 per candy (one candy-356 kg), while the cost of 74 RD variety of cotton was Rs 66,000 -67,000 per candy, 73 RD variety of cotton at Rs 65,000 -66,000 and 72 RD variety of cotton at Rs 64,000 to Rs 65,000 per candy.

There is no availability of 30 mm cotton in the state.

(By Commoditiescontrol Bureau)

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