New Delhi, April 16 (Commodities Control): Cotton prices in Maharashtra remained steady in the market for the second consecutive day on Tuesday, as ginners refrained from selling at reduced prices. Meanwhile, the daily arrivals of Kapas in the state's mandis remained unchanged.
Traders observed a prevailing sense of uncertainty in the domestic cotton trade, primarily stemming from recent declines in global cotton prices, which have rendered exports from the domestic market less profitable.
Despite this, most spinning mills in the state are grappling with diminished stocks of cotton, necessitating future purchases. Ginning mills are compelled to operate within narrow margins under the current cotton price regime. Consequently, the trajectory of cotton prices in the domestic market is anticipated to be heavily influenced by global market dynamics. Concurrently, Kapas and cottonseed prices remain stable in Maharashtra.
In the domestic futures market, cotton prices exhibited a downward trend today. Prices for Kapas in the April-24 futures contract on NCDEX weakened by Rs 2.5 to settle at Rs 1,484.5 per 20 kg.
The daily arrival of Kapas in the producer mandis of the state amounted to 20,000 bales, maintaining parity with the previous trading day's arrival figures.
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(CommoditiesControl Bureau; +91-9820130172)
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