New Delhi, April 22 (Commodities Control): Cotton prices witnessed a robust uptick in Lower Rajasthan on Monday, driven by increased buying from spinning mills, while daily arrivals of Kapas maintained stability in the state's mandis.
Traders highlight that cotton prices surged due to heightened purchasing activity from the state's spinning mills, attributed to improved prices in the global market. However, last week's decline in cotton prices by six to seven cents in the global market led to decreased margins for cotton exporters in the domestic market.
Experts suggest that while the state's spinning mills will need to procure cotton, the direction of price movements will be largely influenced by global market trends. Concurrently, prices of Kapas and cottonseed have stabilized in the state.
In the domestic futures market, cotton prices continued their bullish trend today. Kapas prices in the April-24 futures contract on NCDEX rose by Rs 14 to Rs 1,445 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX surged by Rs 940 to Rs 58,900 per candy.
Today, the arrival of cotton in Lower Rajasthan markets amounted to 300 bales, with each bale weighing 170 kg, mirroring the previous trading day's arrivals.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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