New Delhi, April 29 (Commodities Control): Cotton prices in Madhya Pradesh remained unchanged for the second consecutive working day on Monday due to subdued demand from spinning mills, while daily arrivals of Kapas in the state's mandis stabilized.
Traders noted that the ginning mills in the state appear unaffected by the prevailing cotton prices, as they possess stocks of higher-priced cotton. Consequently, ginners are reluctant to lower prices, given the limited local demand for cotton yarn. Similarly, spinning mills in the state are purchasing cotton only as per immediate requirements, contributing to the stagnation in prices in the spot market. Cottonseed prices remained stable alongside Kapas in the state.
In the domestic futures market, cotton prices exhibited an upward trend today. Kapas prices saw a rise of Rs 2 to reach Rs 1,448 per 20 kg in the April-24 futures contract on NCDEX. Concurrently, cotton prices surged by Rs 260 to Rs 58,600 per candy in the May-24 futures contract on MCX.
The arrival of Kapas in the producer markets of the state amounted to 1,800 bales, each weighing 170 kg, consistent with the previous working day's arrivals.
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(By Commoditiescontrol Bureau: +91-9820130172)
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