New Delhi, May 10 (Commodities Control): Cotton prices in Madhya Pradesh remained stagnant on Friday, reflecting a subdued market sentiment attributed to decreased demand from spinning mills at increased rates. Additionally, a decline in daily arrivals of Kapas was observed in the state's mandis.
Traders noted a surge in cotton prices in the state on Thursday, yet the corresponding increase in demand for cotton yarn failed to materialize. This mismatch between price and demand led to weakened demand from spinning mills, resulting in the prevailing stagnancy in the market.
Experts pointed out that both local and export demand for yarn remained subdued, prompting mills to adopt a cautious approach and procure cotton only as per immediate requirements. Consequently, the possibility of a significant rise in cotton prices in the near term appears unlikely. Cottonseed prices remained stable in line with Kapas in the state.
In the domestic futures market, cotton prices exhibited a declining trend. Kapas prices in the April-25 futures contract on NCDEX experienced a marginal decline of Rs 0.5 to Rs 1,562 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX weakened by Rs 120 to Rs 57,300 per candy.
The arrival of Kapas in the state's producer markets totaled 600 bales, with each bale weighing 170 kg. This figure marked a notable decline from the previous working day's arrival of 2,000 bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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