New Delhi, April 8 (Commodities Control): Cotton prices increased in Lower Rajasthan on Monday due to an uptick in purchases from spinning mills at lower prices level. This comes alongside a notable increase in daily arrivals of Kapas within the state's mandis.
Traders attribute this strengthening of prices to a recent dip last week, which has since encouraged spinning mills to step up their purchasing activities. Traders say, with the decline in prices, a significant increase in buying interest from mills noted. This demand is timely, considering the ongoing consumption season and the anticipation of sustained local demand for cotton yarn.
Ginning mills, facing profitability challenges due to previously low prices, may find some relief as the market shows signs of improvement. The stability observed in both Kapas and cottonseed prices further underscores a cautious optimism prevailing in the market.
Reflecting the buoyant mood, the domestic futures market also registered gains. Kapas prices edged up by Rs 4 to Rs 1,524.5 per 20 kg in the April-24 futures contract on NCDEX. Concurrently, cotton prices in the May-24 futures contract on MCX enjoyed a substantial increase of Rs 220, settling at Rs 61,800 per candy.
Today’s reported arrival of Kapas in Lower Rajasthan's mandis stood at 800 bales, each weighing 170 kg, marking an increase from the 700 bales recorded on the previous trading day.
(CommoditiesControl Bureau; +91-9820130172)
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