New Delhi, May 6 (Commodities Control): Cotton prices in Madhya Pradesh maintained stability for the third consecutive trading day on Monday, due to subdued demand from spinning mills. Concurrently, there was an uptick in the daily arrivals of Kapas in the state's mandis.
Traders note that spinning mills in the state are currently procuring cotton only as needed, thus keeping prices stable. Conversely, prices of cotton have surged in the foreign market today, leading to reduced sales for ginners in the domestic market. Experts suggest that an upturn in cotton prices in the domestic market hinges upon an increase in both local and export demand for cotton yarn. However, most mills in the state possess limited outstanding stocks of cotton. Meanwhile, cottonseed prices stabilized alongside Kapas in the state.
In the domestic futures market, cotton prices witnessed an upward trajectory today. Kapas prices surged by Rs 11 to reach Rs 1,583 per 20 kg in the April-25 futures contract on NCDEX.
The arrival of Kapas in the producer markets of the state totaled 1,800 bales, with each bale weighing 170 kg. This figure marks an increase from the previous working day, which saw 1,600 bales being brought to the market.
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(By CommoditiesControl Bureau: +91-9820130172)
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