New Delhi, March 21 (Commodities Control): Cotton prices in Madhya Pradesh experienced a second consecutive day of decline on Thursday, attributed to sluggish procurement from spinning mills, Meanwhile, a reduction in daily arrivals of Kapas in the state's mandis noted.
Traders reported that the decline in prices is directly linked to the subdued procurement activities by spinning mills in the state. Recent fluctuations in cotton prices in the global market have led to a decrease in exporters' margins, further impacting the local market.
Despite this, Indian cotton remains competitively priced in the global arena, which is expected to sustain export demand. Experts foresee a potential uptick in prices in the future as mills are anticipated to ramp up cotton purchases in April.
In the state, Kapas prices weakened by Rs 200, while cottonseed prices remained stable amidst the market fluctuations.
The domestic futures market also reflected the declining trend in cotton prices today. Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 4.5 to Rs 1,562 per 20 kg. Similarly, cotton prices in the March-24 futures contract on the MCX witnessed a decline of Rs 100 to reach Rs 60,540 per candy.
The arrival of Kapas in the producer mandis of the state was recorded at 5,000 bales, with each bale weighing 170 kg. This marks a decrease from the previous working day's arrival of 5,500 bales, indicating a notable decline in daily arrivals.
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(CommoditiesControl Bureau; +91-9820130172)
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