New Delhi, September 9 (Commodities Control): Cotton prices in Maharashtra's mandis remained steady on Monday for the third consecutive working day, attributed to limited purchasing activity by spinning mills. Meanwhile, daily arrivals of Kapas have risen in the state's markets.
Traders report that the stability in cotton prices is due to the restrained buying by local spinning mills. With new cotton expected to enter the markets next month and weaker than usual local and export demand for yarn, spinning mills are procuring cotton strictly according to their immediate needs. Despite the stable prices, experts note that there is no indication of a price slump in the near term. Cottonseed prices have also stabilized in the state alongside Kapas.
In the domestic futures market, a downward trend was observed today, with Kapas prices for the April-25 futures contract on NCDEX decreasing by Rs 4.5 to Rs 1,617 per 20 kg.
On the ground, the arrival of Kapas in Maharashtra's producing markets increased to 2,500 bales today, compared to 2,000 bales on the previous trading day.
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(By CommoditiesControl Bureau; +91-9820130172)
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