New Delhi, April 5, 2024 (Commodities Control): The cotton market in Lower Rajasthan witnessed a downturn for the second consecutive day on Friday, driven by a slowdown in procurement activities from spinning mills. This decline in purchasing activity has coincided with a stagnation in the daily arrival of Kapas.
Market insiders report that the continued price weakness can be attributed to diminished buying from the region's spinning mills. Despite this downturn, there remains an underlying local demand for cotton yarn, buoyed by the ongoing consumption season. However, ginners are showing reluctance to sell at reduced prices, which could potentially stabilize cotton prices in the spot market in the near term. In a contrasting movement to the overall trend, Kapas prices in the state saw an uptick, increasing by Rs 200 on the second day, while cottonseed prices maintained stability without any change.
The domestic futures market showed this downward trend, with Kapas prices for the April-24 futures contract on the NCDEX experiencing a decrease of Rs 4.5, settling at Rs 1,514.5 per 20 kg. Concurrently, May-24 futures contract for cotton on the MCX saw a significant reduction, with prices dropping by Rs 380 to Rs 61,480 per candy.
Today’s arrivals stood with only 700 bales of Kapas, matching the volume reported on the previous trading day.
(613)(1).png)
(CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
