New Delhi, April 10 (Commodities Control): Cotton markets in Lower Rajasthan witnessed a downturn on Wednesday, attributed mainly to diminished procurement by spinning mills in the region, while a decrease in the daily arrivals of Kapas registered in the state's mandis.
Market participants have identified weak procurement activities by the local spinning mills as a significant factor behind the declining cotton prices. Additionally, the sales of gins at reduced rates have further softened due to a limited arrival of Kapas in the region.
Moreover, the onset of warmer weather has led most ginning mills to operate only during select shifts. Given that these mills currently hold stocks of Kapas purchased at higher rates, thus, a substantial drop in domestic cotton prices seems unlikely. Consequently, Kapas and cottonseed prices have also found a level of stability in the region.
The domestic futures market for cotton also faced a downturn. The April-24 futures contract for Kapas on the NCDEX was marked down by Rs 4.5 to Rs 1,521 per 20 kg.
Today's Kapas arrivals in the mandis of Lower Rajasthan were recorded at 700 bales, each bale weighing 170 kg, marking a decrease from the previous day's tally of 800 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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