New Delhi, April 30 (Commodities Control): Cotton prices witnessed a decline in Maharashtra on Tuesday, attributed to lackluster demand from spinning mills, while a reduction in daily arrivals of Kapas noted in the state's mandis.
Traders noted that although cotton prices had risen in the state on Monday, the local demand for yarn remained subdued. Consequently, cotton prices dipped due to weak purchases by spinning mills. However, traders express reluctance towards a significant decline, citing two key factors: Firstly, cotton exports from the domestic market have seen an increase this season compared to last year. Secondly, the Cotton Corporation of India (CCI) is selling cotton in the domestic market at a higher price than the spot market rate, indicating market support. Additionally, MNCs are inclined to refrain from selling at lower prices. Kapas prices experienced a Rs 200 decline in the state, while cottonseed prices remained stable.
In the domestic futures market, cotton prices registered a decline today. Prices in the May-24 futures contract on MCX weakened by Rs 360 to reach Rs 58,300 per candy.
The arrival of cotton in the state's producing markets amounted to 18,000 bales today, compared to the previous trading day's arrival of 20,000 bales.
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(By Commoditiescontrol Bureau: +91-9820130172)
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