New Delhi, June 18 (Commodities Control): Cotton prices softened in Maharashtra on Tuesday due to weak demand from spinning mills, while daily arrivals of Kapas remained stable across the state's mandis.
The weather remains clear in the cotton-producing regions of Maharashtra. Traders report that weak global prices are exerting downward pressure on the domestic market, as yarn and cotton exports are currently unprofitable. This scenario has led to reduced purchases by the state's spinning mills, causing a slowdown in spot market prices.
Despite the decline in demand, ginners are facing losses at the current prices, resulting in weak selling activities. Along with Kapas, cottonseed prices have also stabilized in the state.
In the domestic futures market, cotton prices followed a downward trend today. The April-25 futures contract on the NCDEX saw a slight decline of Rs 1, settling at Rs 1,571 per 20 kg. Meanwhile, the July-24 futures contract on the MCX remained stable at Rs 56,100 per candy.
Today, the arrival of cotton in Maharashtra's mandis stood at 14,000 bales, matching the arrivals of the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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