New Delhi, May 8 (Commodities Control): Cotton prices in Madhya Pradesh held steady for the fifth consecutive trading day on Wednesday, largely due to restrained demand from spinning mills. Meanwhile, the state witnessed a surge in daily arrivals of Kapas in its mandis.
Despite an uptick in global cotton prices today, the domestic market remained unaffected. Traders attributed this stability to subdued local and export demand for cotton yarn, coupled with shrinking margins in cotton export tradings. Consequently, spinning mills are procuring cotton only as per immediate necessity. The prices of cottonseed showed this stability alongside Kapas in the region.
The domestic futures market reflected a downward trajectory in cotton prices today. The April-25 futures contract for Kapas on NCDEX witnessed a decline of Rs 7, settling at Rs 1,568.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX weakened by Rs 220 to reach Rs 57,300 per candy.
In terms of arrivals, the producer markets in the state welcomed 2,000 bales of Kapas, with each bale weighing 170 kg. This marked an increase from the previous working day's arrival of 1,800 bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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