New Delhi, May 21 (Commodities Control): Cotton prices remained stagnant for the fourth consecutive trading day in Gujarat on Tuesday due to limited purchases from spinning mills. However, the daily arrival of Kapas in the state's mandis saw a reduction.
Traders report that local demand for cotton yarn is weak, and current cotton export deals are not proving profitable. Additionally, ginning mills in Gujarat are facing pressure from bank interest charges due to high stock levels, prompting continued selling by ginners.
This, coupled with selling by multinational companies amid weak global market prices, has kept cotton prices stable in the spot market. Consequently, there is little expectation for a significant rise in spot market prices. Cottonseed prices also stabilized alongside Kapas in the state.
Today, the domestic futures market for cotton displayed a mixed trend. Kapas prices in the April-25 futures contract on NCDEX rose by Rs 8 to Rs 1,582.5 per 20 kg, whereas cotton prices in the May-24 futures contract on MCX weakened by Rs 100 to Rs 56,100 per candy.
The arrival of Kapas in Gujarat's producer markets was recorded at 6,500 bales, each weighing 170 kg, down from 7,000 bales on the previous working day.
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(By CommoditiesControl Bureau: +91-9820130172)
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