Cotton Prices Decline in Madhya Pradesh as Spinning Mills Reduced Demand

New Delhi, April 5 (Commodities Control): Cotton prices declined for the second consecutive day in Madhya Pradesh on Friday due to weak demand from spinning mills, while an increase in daily arrivals of Kapas was recorded in the mandis of the state.

According to traders, cotton prices in the domestic market are following the world market prices. On the other hand, cotton prices have remained weak in the foreign market in the last three days. Due to which the spinning mills in the domestic market are purchasing cotton only as per requirement. Therefore, prices have weakened in the spot market. However, local demand for cotton yarn is expected to remain intact, hence there is no possibility of a huge one-sided fall in the current cotton prices. Along with Kapas, cottonseed prices became stable in the state.

There was a declining trend in cotton prices in the domestic futures market today. Kapas prices in April-24 futures contract on NCDEX weakened by Rs 3 to Rs 1,516 per 20 kg. During this period, cotton prices fell by Rs 380 to Rs 61,480 per candy in the May-24 futures contract on MCX.

The arrival of Kapas in the producer mandis of the state was 4,000 bales, each bale of 170 kg, whereas the arrival on the previous working day was 3,300 bales.



(CommoditiesControl Bureau; +91-9820130172)