New Delhi, April 23 (Commodities Control): Cotton prices continued to show upward trend for the second consecutive day on Tuesday in Lower Rajasthan, driven by sustained purchases from spinning mills, while daily arrivals of Kapas remained stable in the state's mandis.
Traders noted that cotton prices in the global market have seen an uptick over the past two days, leading to increased purchases by spinning mills in the state. Experts suggest that most spinning mills in the region are holding lesser outstanding stock of cotton, coupled with an anticipated rise in local demand for cotton yarn. Consequently, mills are compelled to procure cotton, contributing to a slight improvement in current prices. Alongside Kapas, cottonseed prices have also stabilized in the state.
In the domestic futures market, cotton prices maintained their bullish momentum. The April-24 futures contract on NCDEX witnessed a rise of Rs 6 in Kapas prices, reaching Rs 1,450 per 20 kg. Similarly, the May-24 futures contract on MCX experienced a surge of Rs 160, settling at Rs 59,100 per candy.
The arrival of Kapas in the mandis of Lower Rajasthan today amounted to 300 bales, with each bale weighing 170 kg. This figure remained consistent with the previous trading day, indicating stable daily arrivals.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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