New Delhi, April 25 (Commodities Control): Cotton prices hold steady in Maharashtra on Thursday, primarily due to sluggish sales from ginning mills at lower price levels, even as daily arrivals of Kapas surged in the state's mandis.
Traders report a weakening trend in cotton prices in the state on Wednesday, but ginning mills are hesitant to engage in sell at reduced prices, citing profitability concerns. Consequently, the stability in cotton prices is attributed to the lackluster sales by ginners.
Experts suggest that farmers in the state have limited quantities of Kapas stock, while stockists are unwilling to sell at reduced prices. As a result, the likelihood of a significant one-sided decline in cotton prices in the spot market remains low. In this scenario, prices of cottonseed, alongside Kapas, have stabilized in the state.
In the domestic futures market today, cotton prices witnessed a downward trajectory. Kapas prices in the April-24 futures contract on NCDEX fell by Rs 5.5 to Rs 1,450 per 20 kg.
Today, the arrival of Kapas in the state's producing mandis reached 18,000 bales, compared to 15,000 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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