New Delhi, April 10 (Commodities Control): Cotton prices in Madhya Pradesh saw no significant change on Wednesday, as limited buying by spinning mills influenced market trends. Meanwhile, a decrease in the daily arrival of Kapas noted in the state's mandis.
Market participants attribute the stabilization of cotton prices to the cautious buying strategy adopted by the state's spinning mills. This caution stems from a recent dip in global cotton prices, which has, in turn, reduced the profit margins of cotton exporters and led to fewer export deals for cotton yarn than anticipated.
Despite this international trend, traders remain optimistic about the domestic market, anticipating a rise in local demand for cotton yarn due to the ongoing consumption season. This expected uptick in demand suggests that significant price reductions for cotton in the near term are unlikely. Cottonseed and Kapas prices have also remained stable in the state.
In the domestic futures market, however, cotton prices experienced a slight downturn. The April-24 futures contract for Kapas on the NCDEX decreased by Rs 5 to settle at Rs 1,520.5 per 20 kg.
Comparatively, the arrival of Kapas in the state's producer markets was significantly lower, with today's total reaching only 1,200 bales, each weighing 170 kg. This figure contrasts with the 3,500 bales reported on the previous trading day, highlighting a substantial reduction in supply.
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(CommoditiesControl Bureau; +91-9820130172)
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