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Rainfall in the cotton growing belts of Andhra Pradesh and Madhya Pradesh have resulted in a drop in kapas or raw cotton futures. The drop in prices was aided by the mills contracting to import nearly 10 lakh bales of cotton. This is in addition to the 10 lakh bales already imported by the spinning mills.
The mills have also been slow in picking up domestic cotton, prices of which they feel are high.
The Union Minister of State for Food, Prof K.V. Thomas’ statement that the Government is considering a ban on futures trading in commodities and the Government’s resolve to tackle the price rise in agri-commodities has also dampened sentiment in the market.
On the NCDEX, kapas for delivery in February was down 1.35 per cent at Rs 1,100 for a maund of 20 kg, while the March contract was down 2.83 per cent at Rs 1,103.
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