New Delhi, April 24 (Commodities Control): Cotton prices in Maharashtra mandis witnessed a decline on Wednesday due to weakened demand from spinning mills at elevated prices. Daily arrivals of Kapas remained steady in the state's mandis.
Traders observed that while cotton prices had surged in the state over the past two days, yarn prices failed to follow suit. Consequently, cotton prices softened as spinning mills made limited purchases at higher prices. Moreover, the recent decrease in daily arrivals of Kapas in the state's mandis, coupled with farmers holding reduced outstanding stock and stockists reluctant to sell at reduced prices, has led to a lack of significant downward pressure on cotton prices in the spot market. Consequently, Kapas prices witnessed a decline of Rs 100 in the state, while cottonseed prices remained stable.
In the domestic futures market, cotton prices experienced a decline today. Kapas prices in the April-24 futures contract on NCDEX fell by Rs 3.5 to Rs 1,445 per 20 kg.
The arrival of Kapas in the state's producing markets stood at 15,000 bales, consistent with the previous trading day's arrivals.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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