New Delhi, March 28 (Commodities Control): Cotton prices witnessed a weakening trend in the markets of Maharashtra on Thursday, primarily due to reduced demand from spinning mills, while the daily arrival of Kapas surged in the state's mandis.
Traders attribute the decline in cotton prices to a global market downturn observed on Wednesday, leading to reduced margins in cotton export deals from the domestic market. Consequently, prices dipped as spinning mills in the state curtailed their purchases.
However, traders express reluctance towards expecting a significant plunge in prices, citing the upcoming consumption season where local demand for yarn is anticipated to rise in the coming days. Additionally, it's noted that most small spinning mills in the state hold a lower outstanding stock of cotton. Meanwhile, alongside the softening of cotton prices, Kapas prices remained stable in the state, while cottonseed prices showed no significant fluctuations.
In the domestic futures market, cotton prices continued their declining trajectory. The April-24 futures contract for Kapas on NCDEX weakened by Rs 7.5 to Rs 1,527.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a decline of Rs 80 to Rs 62,000 per candy.
Today, the arrival of Kapas in the producer markets of the state surged to 30,000 bales, marking a significant increase from the previous trading day's figure of 20,000 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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