New Delhi, March 27 (Commodities Control): Cotton prices witnessed a notable uptick in Madhya Pradesh on Wednesday, propelled by increased procurement activities from spinning mills. Concurrently, daily arrivals of Kapas in the state's mandis remained stable.
Traders attribute the surge in cotton prices to the escalated purchases by spinning mills, which responded to the rise in global market prices on Tuesday. The interconnectedness between domestic and international markets has prompted cotton prices in the domestic market to mirror the trends observed in the world market.
Moreover, the daily arrival of Kapas in the state's mandis has reduced significantly compared to previous periods, with further reductions anticipated. Farmers in the state are reported to have minimal outstanding stock of Kapas, while stockists and ginners are refraining from selling at reduced prices. Additionally, Kapas and cottonseed prices have maintained stability across the state.
In the domestic futures market, cotton prices exhibited a mixed trend. Kapas prices in the April-24 futures contract on NCDEX weakened marginally by Rs 4.5 to Rs 1,535 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX experienced a decline of Rs 320 to Rs 62,200 per candy.
The arrival of Kapas in the state's producer markets remained stable, with 3,000 bales reported on Wednesday, consistent with the figures from the previous working day.
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(CommoditiesControl Bureau; +91-9820130172)
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