New Delhi, April 15 (Commodities Control): Cotton prices in Madhya Pradesh continue to show downward trend for the third consecutive trading day on Monday, primarily due to subdued procurement from spinning mills. Meanwhile, the state witnessed a notable increase in the daily arrivals of Kapas across its mandis.
Traders attribute the decline in cotton prices to the reluctance of spinning mills to procure significant quantities, driven by the unprofitability of cotton exports. With spinning mills opting to purchase only as per immediate requirements, the outstanding stock of cotton remains relatively low across most establishments.
Consequently, amidst weak demand, the likelihood of a substantial uptick in current prices remains slim. However, cottonseed prices remained stable along with Kapas in the state.
In the domestic futures market, a declining trend was observed in cotton prices today. Notably, Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 9 to Rs 1,494.5 per 20 kg.
The arrival of Kapas in the producer mandis of the state saw a significant increase, with 2,000 bales of 170 kg each recorded, compared to 1,200 bales on the previous working day.
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(CommoditiesControl Bureau; +91-9820130172)
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