New Delhi, April 4 (Commodities Control): The cotton market in Madhya Pradesh experienced a downturn on Thursday as demand from spinning mills waned, though the state saw an increase in daily Kapas arrivals.
Market participants noted that the international cotton market has seen prices drop by more than three cents over the past two days, influencing the domestic market to trend downwards due to diminished mill purchases.
Despite a reduction in margins for domestic mills, profitability appears to be maintained. The expectation that local demand for cotton yarn will persist suggests that a significant decrease in current cotton prices is unlikely. Prices for both Kapas and cottonseed in the state have stabilized.
In the domestic futures market, a declining trend continued for cotton prices. The April-24 futures contract for Kapas on NCDEX weakened by Rs 7 to Rs 1,529 per 20 kg. Concurrently, cotton prices in the May-24 futures contract on MCX dropped by Rs 220 to Rs 62,040 per candy.
Today, the state’s producer markets reported the arrival of 3,300 bales of Kapas, each weighing 170 kg, marking an increase from the 3,000 bales recorded on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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