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Cotton Prices Decline in Lower Rajasthan Amid Weak Demand

2 May 2024 1:45 pm
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New Delhi, May 2 (Commodities Control): Cotton prices in Lower Rajasthan witnessed a decline for the second consecutive day on Thursday, primarily due to subdued procurement from spinning mills. Meanwhile, the daily arrival of Kapas in the state's mandis remained stable.

Traders attribute the recent decline in cotton prices to global market trends, where cotton prices have seen a downturn. Consequently, spinning mills in the state have scaled back their purchases to meet only immediate requirements. This reduction in demand has translated to lower prices in the spot market.

Experts predict that the export of cotton will be adversely affected by the weak prices in the global market. Additionally, the demand for cotton yarn in the domestic market has dwindled compared to previous levels. This scenario indicates little possibility of a price hike in the cotton spot market. Meanwhile, Kapas prices in the state weakened by Rs 150, while cottonseed prices remained steady.

In the domestic futures market, cotton prices showed a mixed trend today. In the April-25 futures contract on NCDEX, Kapas prices weakened by Rs 8 to Rs 1,580 per 20 kg. However, cotton prices in the May-24 futures contract on MCX rose by Rs 320 to reach Rs 57,440 per candy.

The arrival of Kapas in the mandis of Lower Rajasthan today amounted to 300 bales, each weighing 170 kg, which match the figures from the previous trading day.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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