New Delhi, April 12 (Commodities Control): Cotton prices experienced a downturn in Madhya Pradesh on Friday due to subdued purchasing activity from local spinning mills, while an increase in the daily arrivals of Kapas registered in the state’s mandis.
According to traders, the spinning mills of the state are currently purchasing cotton only as per requirement because the prices in the world market declined in the current week. Hence, the parity in export of cotton from the domestic market has decreased, and also the local demand for yarn in the domestic market is not increasing as expected.
However, most of the spinning mills in the state have less outstanding stock of cotton, and ginners are not finding it profitable at the current prices. In such a situation, there is no possibility of a big rise in the current prices of cotton. Kapas and cottonseed prices remined stable in the state.
In the domestic futures market, there was a noticeable downward trend in cotton prices. The NCDEX reported a decline in the April-24 futures contract for Kapas, dropping by Rs 10.5 to Rs 1,502.5 per 20 kg. Likewise, the May-24 futures contract for cotton on the MCX saw a decrease of Rs 320, settling at Rs 59,800 per candy.
Today's cotton arrivals in Madhya Pradesh's producer markets increased significantly, with 1,800 bales, each weighing 170 kg, reported. This marks an increase from the 1,200 bales recorded during the previous working day.
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(CommoditiesControl Bureau; +91-9820130172)
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