New Delhi, March 28 (Commodities Control): Cotton prices in Madhya Pradesh experienced a softening trend on Thursday due to weak procurement from spinning mills, while the daily arrival of Kapas in the state's mandis remained stable.
Traders attribute the decline in cotton prices to the lackluster procurement from spinning mills in the state. The three-point decline in global cotton prices on Wednesday had a ripple effect in the domestic market. With March approaching its end, trading activity in the domestic market is limited, potentially resulting in subdued fluctuations in prices.
Despite this, daily arrivals of Kapas in producer markets have notably reduced compared to previous levels, while ginners find the current prices unprofitable. In anticipation of potential improvement in cotton prices in the coming days, Kapas prices remained stable in the state, while cottonseed prices witnessed a decline of Rs 50.
In the domestic futures market, cotton prices followed a declining trend. The April-24 futures contract for Kapas on NCDEX weakened by Rs 7.5 to Rs 1,527.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 80 to Rs 62,000 per candy.
The arrival of Kapas in the producer markets of the state remained consistent at 3,000 bales, with each bale weighing 170 kg, matching the figures from the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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