New Delhi, April 18 (Commodities Control): Cotton prices weakened in Madhya Pradesh on Thursday due to a decrease in demand from spinning mills, accompanied by an increase in daily arrivals of Kapas in the state's mandis.
The decline in cotton prices is due to weak procurement from spinning mills. Traders noted that while domestic demand for cotton yarn is not increasing as expected, cotton exports seem unprofitable in view of low international prices. This stability in the export market is contributing to the lack of a significant rise in cotton prices in the state. Cottonseed prices remained stable alongside Kapas prices.
A downward trend was observed in cotton prices in the domestic futures market today. Kapas prices in the April 2024 futures contract on NCDEX fell by Rs 21.5 to Rs 1,462 per 20 kg. Additionally, cotton prices in the May 2024 futures contract on MCX dropped by Rs 460 to Rs 57,160 per candy.
Kapas arrivals in the producer markets of Madhya Pradesh reached 2,500 bales, each weighing 170 kg per bale, compared to 2,200 bales on the previous trading day.
(CommoditiesControl Bureau; +91-9820130172)
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