New Delhi, April 30 (Commodities Control): Cotton prices in Madhya Pradesh continued their steady streak for the third consecutive working day on Tuesday, buoyed by restrained demand from spinning mills, while daily arrivals of Kapas surged in the state's mandis.
Traders observed that both local and export demand for cotton yarn are subdued compared to normal levels, resulting in spinning mills purchasing cotton only as per their immediate requirements. Consequently, prices in the spot market have maintained stability. However, ginning mills find cotton unprofitable at current price levels, largely due to their existing stock of high-priced Kapas. As a result, there is limited likelihood of a significant decline in cotton prices. Alongside Kapas, cottonseed prices have also stabilized in the state.
In the domestic futures market, cotton prices experienced a decline today. Prices in the May-24 futures contract on MCX weakened by Rs 360 to reach Rs 58,300 per candy.
The arrival of Kapas in the state's producing markets totaled 2,000 bales, with each bale weighing 170 kg, compared to the previous working day's arrival of 1,800 bales.
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(By CommoditiesControl Bureau, +91-9820130172)
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