New Delhi, April 22 (Commodities Control): Cotton markets in Madhya Pradesh witnessed a strengthening of prices on Monday, propelled by increased purchases by spinning mills, coupled with an uptick in daily arrivals of Kapas in the state's mandis.
Traders noted that cotton prices had experienced a decline last week, prompting spinning mills to capitalize on the lower prices today. However, ginning mills in the state are facing profitability challenges at current price levels, primarily due to their inventory of Kapas purchased at higher rates.
Consequently, ginners are reluctant to sell at lower prices. However, a modest improvement in cotton prices in the spot market is anticipated. Alongside, prices of cottonseed and Kapas have stabilized in the state.
In the domestic futures market, cotton prices continued their upward trajectory today. Kapas prices in the April-24 futures contract on NCDEX surged by Rs 14 to Rs 1,445 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX rose by Rs 1,040 to Rs 59,000 per candy.
The arrival of Kapas in the state's producing mandis totaled 2,000 bales, with each bale weighing 170 kg, compared to 1,800 bales on the previous working day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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