New Delhi, April 12 (Commodities Control): Cotton prices in Maharashtra have declined for the second consecutive day on Friday, primarily driven by weak procurement from the state's spinning mills. Meanwhile, a drop in the daily arrivals of Kapas registered in the state mandis.
Market participants say that the ongoing decline in cotton prices is attributed to sluggish procurement from local spinning mills, compounded by a reduction in cotton export deals. Additionally, the domestic demand for yarn remains subdued, adding further pressure on cotton prices. Despite these challenges, most spinning mills in Maharashtra have low outstanding stocks of cotton, suggesting that purchases will need to resume soon.
While Kapas prices have remained stable, cottonseed prices have experienced a decline, falling by Rs 100.
In the domestic futures market, a downtrend in cotton prices was observed today. On the NCDEX, the April-24 futures contract for Kapas weakened by Rs 10.5 to Rs 1,502.5 per 20 kg. Similarly, the May-24 futures contract for cotton on the MCX saw a decrease of Rs 320, ending at Rs 59,800 per candy.
The state's producer markets reported a decrease in Kapas arrivals today, with 18,000 bales recorded, down from 20,000 bales on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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