New Delhi, April 26 (Commodities Control): Cotton prices witnessed a decline in Madhya Pradesh on Friday, attributed to subdued demand from spinning mills, although daily arrivals of Kapas in the state's mandis remained stable.
Traders report that local demand for yarn is not experiencing the anticipated growth, coupled with recent declines in cotton prices in the global market. Consequently, spinning mills in the state are procuring cotton only to meet immediate requirements, leading to softening prices in the spot market.
However, experts say that the remaining stock of cotton in the state is limited, with mills having low total availability. Therefore, the likelihood of a significant drop in current cotton prices is minimal. Additionally, the prices of cottonseed, along with Kapas, have stabilized in the state.
In the domestic futures market, cotton prices exhibited a mixed trend today. The April-24 futures contract for Kapas on NCDEX weakened by Rs 2 to Rs 1,448 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 60 to Rs 58,680 per candy.
The arrival of Kapas in the state's producing markets amounted to 1,800 bales (one bale equals 170 kg), consistent with the previous working day's arrivals.
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(By Commoditiescontrol Bureau: +91-9820130172)
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