New Delhi, April 4 (Commodities Control): The cotton market in Lower Rajasthan witnessed a downturn on Thursday as spinning mills scaled back their procurement, while a stability in the daily Kapas arrivals noted in the local mandis.
Market insiders attribute the dip in cotton prices to the decreased purchasing activity by the state's spinning mills. Despite the slowdown, industry stakeholders are not anticipating a significant drop in prices. The local demand for cotton yarn remains robust, and with most mills operating with low cotton inventories, the expectation is that mills will inevitably resume cotton purchases. In a somewhat positive turn, Kapas prices in the region saw an increase of Rs 200, with cottonseed prices up by Rs 300.
The domestic futures market also showed this declining trend in cotton prices. The April-24 futures contract for Kapas on the NCDEX experienced a reduction of Rs 8, closing at Rs 1,528 per 20 kg. Similarly, the May-24 futures contract for cotton on the MCX saw a decrease of Rs 120, settling at Rs 62,100 per candy.
Today's Kapas arrivals in the mandis of Lower Rajasthan were reported at 700 bales, each weighing 170 kg, marking no change from the previous trading day's arrivals.
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(CommoditiesControl Bureau; +91-9820130172)
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