New Delhi, April 25 (Commodities Control): Cotton prices in Madhya Pradesh maintained stability for the third consecutive day on Thursday, attributed to limited demand from spinning mills, while a surge in daily arrivals of Kapas noted in the state's mandis.
Traders note that spinning mills in the state are currently procuring cotton only as per their immediate requirements, as recent declines in cotton prices on the global market have impacted the margins of cotton exporters. Consequently, demand for yarn in the domestic market has not seen the anticipated growth.
However, local ginning mills are also hesitant to lower cotton prices. As a result, the potential for significant fluctuations in cotton prices in the spot market remains limited. Similarly, prices of cottonseed, along with Kapas, have stabilized in the state.
In today's domestic futures market, cotton prices witnessed a downward trend. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 9.5 to Rs 1,446 per 20 kg.
The arrival of Kapas in the state's producing mandis reached 1,800 bales (one bale equals 170 kg), compared to 1,500 bales on the previous working day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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