New Delhi, April 13 (Commodities Control): Cotton prices witnessed a decline for the second consecutive day in Madhya Pradesh on Saturday, attributed to diminished purchases from spinning mills. Meanwhile, a notable decrease noted in daily arrivals of Kapas in the state's mandis.
Traders in the region reported that spinning mills are currently procuring cotton according to immediate requirements, as the export of cotton from the domestic market appears unprofitable. Additionally, the local demand for yarn has dwindled, exerting downward pressure on cotton prices.
Most spinning mills in the state are operating with reduced cotton stock, while ginners find it challenging to maintain profitability at current price levels.
Reflecting the market sentiment, Kapas prices weakened by Rs 100, while cottonseed prices saw a decline of Rs 50 in the state.
Today's arrival of Kapas in the producer markets of Madhya Pradesh totaled 1,200 bales, each weighing 170 kg. This figure marked a notable decrease from the 1,800 bales recorded on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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