New Delhi, March 23 (Commodities Control): Cotton prices in Madhya Pradesh experienced a decline for the fourth consecutive day on Saturday, due to weak procurement from spinning mills and a decrease in daily arrivals of Kapas in the state's mandis.
Traders highlighted that cotton prices have continued to weaken due to subdued demand from spinning mills in the domestic market, mirroring the downtrend observed in ICE cotton futures prices, which hit a one-month low over the weekend.
Despite the decrease in daily arrivals of Kapas in domestic markets, mills are adjusting their procurement in line with immediate requirements amidst the closure of March. Consequently, market observers anticipate limited bullish or bearish movements in cotton prices. Furthermore, cottonseed prices have stabilized in the state alongside Kapas.
The arrival of Kapas in the producer markets of Madhya Pradesh amounted to 3,500 bales, with each bale weighing 170 kg. This figure represents a decrease from the 4,500 bales recorded on the previous working day.
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(CommoditiesControl Bureau; +91-9820130172)
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