New Delhi, April 19 (Commodities Control): Cotton prices declined for the second consecutive day in Madhya Pradesh on Friday due to weak demand from spinning mills, while a decline in daily arrivals of Kapas was recorded in the mandis of the state.
According to traders, with the absence of export deals for cotton from the domestic market, the local demand for cotton yarn has become less than before, because the prices of cotton in the world market have recently fallen by about six to seven cents. Although ginners are not finding profitable in the reduced prices, despite this, the rise or fall in cotton prices in the domestic market will depend on the price of ICE cotton futures. Cottonseed and Kapas prices remained stable in the state.
There was a declining trend in cotton prices in the domestic futures market today. Kapas prices weakened by Rs 8 to Rs 1,453 per 20 kg in April-24 futures contract on NCDEX. During this period, cotton prices in May-24 futures contract on MCX weakened by Rs 80 to Rs 57,500 per candy.
The arrival of Kapas in the producer markets of the state was 2,000 bales, each bale of 170 kg, whereas the arrival on the previous working day was 2,500 bales.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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