New Delhi, April 23 (Commodities Control): Cotton prices in Madhya Pradesh remained stable on Tuesday, attributed to a decrease in purchases by spinning mills at increased prices, coupled with a reduction in the daily arrivals of Kapas in the state's mandis.
Traders observed that the stability in cotton prices was a result of weakened purchases by spinning mills at higher prices. Despite the uptick in cotton prices, mills refrained from significant purchases due to the inability to match the increase in yarn prices with the surge in cotton prices. Additionally, ginners holding stock of cotton acquired at elevated prices were reluctant to decrease prices, further contributing to the stability in the market. Consequently, the potential for notable fluctuations in cotton prices in the spot market remains limited. Alongside cotton, the prices of cottonseed also stabilized in the state.
In the domestic futures market, cotton prices witnessed an upward trend. The April-24 futures contract on NCDEX saw Kapas prices rise by Rs 7 to reach Rs 1,451 per 20 kg. Similarly, the May-24 futures contract on MCX experienced a surge of Rs 160 to settle at Rs 59,100 per candy.
The arrival of cotton in the state's producing markets totaled 1,500 bales, with each bale weighing 170 kg. This marked a decrease from the previous working day when arrivals stood at 2,000 bales.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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