New Delhi, May 3 (Commodities Control): Cotton prices remained unchanged in Madhya Pradesh on Friday, reflecting subdued demand from spinning mills, while daily arrivals of Kapas in the state's mandis remained stable.
Traders report that spinning mills in the state are adopting a cautious approach, purchasing cotton only as per immediate requirement, as both local and export demand for yarn has witnessed a decline compared to previous levels. This cautious procurement strategy is necessitated by the need to manage limited margins amidst challenging market conditions.
Meanwhile, ginners are hesitant to reduce prices, as they too find the current pricing unprofitable. Despite these factors, the trend of cotton prices in the domestic market continues to be influenced by ICE futures prices. Kapas and cottonseed prices remained stable in the state.
In the domestic futures market, cotton prices experienced a declining trend today. Kapas prices in April-25 futures contracts on NCDEX weakened by Rs 8 to Rs 1,573.5 per 20 kg. Similarly, cotton prices in May-24 futures contracts on MCX saw a decline of Rs 80 to Rs 57,200 per candy.
The arrival of Kapas in the producer markets of the state stood at 1,800 bales, with each bale weighing 170 kg, matching the arrivals on the previous working day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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