New Delhi, June 25 (Commodities Control): Cotton prices rose for the second consecutive day in Lower Rajasthan on Tuesday due to continued purchases by spinning mills.
The increase in cotton prices is attributed to sustained demand from the state's spinning mills. However, experts do not foresee a significant rise due to the recent slowdown in cotton prices in the global market. Export deals from the domestic market are not deemed profitable currently, and the local demand for cotton yarn is not growing as anticipated. Additionally, ginners are holding substantial stocks of cotton.
During the Cotton Production and Consumption Committee (COCPC) meeting held on Monday, it was estimated that cotton imports for the 2023-24 crop season would decrease to 12 lakh bales (170 kg per bale), while exports are projected to reach 28 lakh bales. In comparison, the previous crop season saw 14 lakh bales imported and 15.89 lakh bales exported.
In the domestic futures market today, cotton prices showed a mixed trend. Kapas prices in the April-25 futures contract on NCDEX fell by Rs 6 to Rs 1,612 per 20 kg. Meanwhile, cotton prices in the July-24 futures contract on MCX rose by Rs 470 to Rs 58,250 per candy.
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(By CommoditiesControl Bureau: +91-9820130172)
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