New Delhi, April 24 (Commodities Control): Cotton prices maintained stability for the second consecutive day on Wednesday in Madhya Pradesh, reflecting limited demand from spinning mills. Daily arrivals of Kapas also remained steady in the state's mandis.
Traders noted that there has been minimal fluctuation in global cotton prices, prompting spinning mills to procure cotton as per their immediate requirements in the domestic market. Consequently, cotton prices remained unchanged for the second consecutive day in the spot market. However, ginners find themselves holding Kapas stocks purchased at higher prices, thereby operating within limited margins at current price levels. Consequently, the likelihood of significant declines in cotton prices in the spot market is low. Prices of cottonseed, along with Kapas, also maintained stability in the state.
In the domestic futures market, cotton prices experienced a downward trend today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 3.5 to Rs 1,445 per 20 kg.
The arrival of Kapas in the state's producier mandis stood at 1,500 bales, with one bale weighing 170 kg, consistent with the previous working day's arrivals.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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