New Delhi, June 26 (Commodities Control): Cotton prices in Maharashtra rose for the third consecutive trading day on Wednesday, driven by increased demand from spinning mills. Concurrently, daily arrivals of Kapas in the state's mandis also saw an uptick.
The increased purchases by the state's spinning mills have led to this sustained price increase. Traders attribute this trend to the central government's hike in the minimum support price (MSP) for cotton and the ongoing lag in cotton sowing this season. Additionally, the global market has seen a recovery in cotton prices from previous lows, suggesting a potential further increase in domestic prices. The demand from major companies for cotton has surged over the past two to three days. While Kapas prices in the state have increased by Rs 100, cottonseed prices have remained stable.
In the domestic futures market, cotton prices continued to rise today. On NCDEX, the price of Kapas for the April-25 futures contract increased by Rs 2 to Rs 1,629 per 20 kg. Similarly, on MCX, the price of cotton for the July-24 futures contract rose by Rs 230 to Rs 59,120 per candy.
Today, the arrival of Kapas in Maharashtra's producing mandis was recorded at 11,000 bales, up from 10,000 bales on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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