New Delhi, May 23 (Commodities Control): Cotton prices rose in Gujarat on Thursday driven by increasing demand from spinning mills, while the daily arrival of Kapas in the state's mandis remained stable.
Traders report that spot market prices for cotton have risen due to the heightened demand from the state's spinning mills. However, the local demand for cotton yarn has not increased as much as expected, and exports of cotton remain unaffected. Consequently, a significant unilateral rise in cotton prices is unlikely unless there is an increase in ICE cotton futures prices, which could subsequently drive domestic market prices higher. Additionally, most spinning mills in the state currently have low outstanding stock of cotton. Cottonseed prices have also stabilized alongside Kapas in the state.
In the domestic futures market, there was a mixed trend in cotton prices today. The April-25 futures contract on NCDEX saw Kapas prices weaken by Rs 1.5 to Rs 1,599.5 per 20 kg. Conversely, the May-24 futures contract on MCX saw cotton prices rise by Rs 220, reaching Rs 56,200 per candy.
The arrival of Kapas in the producer markets of the state remained stable at 6,500 bales, each bale weighing 170 kg, which was consistent with the previous working day's arrivals.
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(By CommoditiesControl Bureau: +91-9820130172)
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