New Delhi, April 30 (Commodities Control): Cotton prices maintained stability in Lower Rajasthan on Tuesday as spinning mills in the region scaled back purchases at increased prices, while daily arrivals of Kapas remained stable in the state's mandis.
Traders noted that cotton prices had surged in the state on Monday, yet local demand for cotton yarn failed to match this. Consequently, prices remained steady due to a reduction in purchases by the state's spinning mills at the elevated price levels.
However, most spinning mills in the region are operating with diminished outstanding stock of cotton, coupled with negligible arrivals of Kapas. As a result, mills are compelled to procure cotton, indicating little possibility of a significant downturn in cotton prices in the spot market. Alongside Kapas, cottonseed prices have stabilized in the state.
In the domestic futures market, cotton prices witnessed a downward trend today. Prices in the May-24 futures contract on MCX weakened by Rs 360 to reach Rs 58,300 per candy.
The arrival of cotton in the markets of Lower Rajasthan today stood at 300 bales, with each bale weighing 170 kg, consistent with the previous trading day's arrival.
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(By Commoditiescontrol Bureau: +91-9820130172)
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