New Delhi, April 19 (Commodities Control): Cotton prices witnessed a significant decline in Lower Rajasthan on Friday, attributed to a notable decrease in purchases from spinning mills. Adding to the market woes, there were no daily arrivals of Kapas in the state's mandis.
Traders pointed out that the absence of Kapas arrivals in the mandis was due to the ongoing Lok Sabha elections, which led to limited trading activities. Moreover, the global cotton market has been experiencing a continuous decline, thereby dampening export demand from the domestic market. This subdued demand outlook is further compounded by the anticipation of minimal price hikes in the near term.
Additionally, the state's spinning mills are grappling with reduced outstanding cotton stocks. Notably, cottonseed prices remained stable alongside Kapas in the state.
The domestic futures market echoed this downward trend, with Kapas prices weakening by Rs 8 to Rs 1,453 per 20 kg in the April-24 futures contract on NCDEX. Concurrently, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 80 to Rs 57,500 per candy.
Today, the arrival of Kapas in the mandis of Lower Rajasthan stood at 0 bales, in stark contrast to the previous trading day's arrival of 500 bales, with each bale weighing 170 kg.
(625)(1).png)
(By Commoditiescontrol Bureau: +91-22-40015505)
0 Comments 
Post Comment 
