New Delhi, May 2 (Commodities Control): Cotton prices in Madhya Pradesh experienced a downturn for the second consecutive day on Thursday, primarily due to weak demand from spinning mills. Additionally, the daily arrival of Kapas in the state's mandis saw a decrease.
Traders highlight that the local demand for yarn has weakened significantly, and the outlook for cotton exports appears unprofitable. Consequently, the reduced demand from the state's spinning mills has led to a decline in cotton prices. However, ginners are finding the current prices unprofitable, and with the decline in Kapas arrivals, many small ginning mills have halted production. Despite these challenges, the trend of cotton prices in the domestic market depends upon the ICE futures prices. Meanwhile, Kapas and cottonseed prices remained stable in the state.
In the domestic futures market, cotton prices showed a mixed trend today. In the April-25 futures contract on NCDEX, Kapas prices weakened by Rs 5 to Rs 1,583 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 320 to reach Rs 57,440 per candy.
The arrival of Kapas in the producer markets of the state amounted to 1,800 bales, each weighing 170 kg, which is slightly lower than the 2,000 bales recorded on the previous working day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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