New Delhi, March 21 (Commodities Control): Cotton prices in Lower Rajasthan witnessed a second consecutive day of decline on Thursday, primarily attributed to subdued demand from spinning mills and a reduction in the daily arrival of Kapas in the state's mandis.
Traders highlighted that the recent weakening of cotton prices in the global market has led to decreased purchases from spinning mills within the state. Consequently, cotton prices in the spot market experienced a decline for the second consecutive day.
Additionally, with the festivals of Holi and Ramzan, along with the approaching March closing, business activities are being conducted in limited volumes, contributing to the observed market dynamics. However, traders anticipate limited fluctuations in prices during this period. Moreover, with the onset of the consumption season, local demand for yarn is expected to rise in the coming days, mitigating the possibility of a significant unilateral decline in the spot market.
In Lower Rajasthan, Kapas prices weakened by Rs 300, while cottonseed prices saw a modest increase of Rs 25 amidst the prevailing market conditions.
The domestic futures market also reflected the downward trend in cotton prices today. Kapas prices in the April-24 futures contract on the National Commodity and Derivatives Exchange (NCDEX) weakened by Rs 4.5 to Rs 1,562 per 20 kg. Similarly, cotton prices in the March-24 futures contract on the Multi Commodity Exchange (MCX) experienced a decline of Rs 100 to reach Rs 60,540 per candy.
The daily arrival of Kapas in the mandis of Lower Rajasthan today stood at 1,500 bales, with each bale weighing 170 kg. This marks a decrease from the previous trading day's arrival of 1,800 bales, indicating a notable decline in daily arrivals.
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(CommoditiesControl Bureau; +91-9820130172)
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