New Delhi, April 16 (Commodities Control): Cotton prices in Madhya Pradesh remained unchanged on Tuesday as spinning mills curbed their procurement activities, while the region witnessed a surge in daily arrivals of Kapas in local markets.
Traders reported a halt in the decline of cotton prices in the state, attributed to an uptick in global market rates on Monday. This cessation in the downward trend has discouraged ginners from selling cotton at reduced prices. Experts quoted the dependence of domestic cotton prices on international fluctuations, suggesting that an increase in global prices would positively impact local rates. Furthermore, the spinning mills in the state hold limited outstanding stocks, indicating a potential rise in demand for cotton yarn in the near future. Meanwhile, cottonseed prices stabilized alongside Kapas in the state.
In the domestic futures market, cotton prices witnessed a downward trend today. The April-24 futures contract on NCDEX saw a decline of Rs 2.5 to settle at Rs 1,484.5 per 20 kg.
The arrival of Kapas in the producer mandis of the state reached 2,200 bales, each bale weighing 170 kg, marking an increase from the previous working day's arrival of 2,000 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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