New Delhi, April 12 (Commodities Control): Cotton prices in Lower Rajasthan experienced a third consecutive day of decline on Friday, impacted by weakened procurement from spinning mills and a consistent supply of Kapas in the state's mandis.
Traders report that the decrease in cotton prices is due to recent price drops in the global market, which have reduced margins for cotton exporters. Despite this, the domestic market has seen a comparatively lesser decrease in prices. However, the significant decrease in daily arrivals of Kapas in the state, coupled with unprofitable price levels for ginning mills, suggests limited potential for a steep decline in cotton prices.
In line with these developments, Kapas prices in the state weakened by Rs 100, while cottonseed prices remained stable.
The domestic futures market reflected the bearish sentiment, with the April-24 futures contract for Kapas on NCDEX falling by Rs 20 to Rs 1,493 per 20 kg. Similarly, the May-24 futures contract for cotton on MCX saw a decline of Rs 520, closing at Rs 59,600 per candy.
Today's arrivals of Kapas in the mandis of Lower Rajasthan stagnated at 700 bales, with each bale weighing 170 kg, matching the numbers from the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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