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Cotton Prices Stagnate in MP Amid Low Sales from Ginners at Lower Prices; Daily Arrivals Stable

16 May 2024 3:27 pm
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New Delhi, May 15 (Commodities Control): Cotton prices in Madhya Pradesh remained unchanged on Thursday due to subdued sales from ginning mills at lower prices, while the daily arrivals of Kapas maintained stability in the state's mandis.

Traders reported that cotton prices opened higher today in electronic trading on ICE, but purchases from spinning mills were observed to be normal in the domestic market. Consequently, cotton prices came to a standstill in the spot market. However, ginning mills in the state are facing profitability challenges at current cotton prices, leading to decreased sales from ginners. In such circumstances, any fluctuations in cotton prices in the spot market are expected to be limited. Alongside Kapas, cottonseed prices also stabilized in the state.

In the domestic futures market, cotton prices saw an upward trend today. Kapas prices rose by Rs 5 to reach Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Similarly, cotton prices in the May-24 futures contract on MCX increased by Rs 120 to Rs 56,100 per candy.

The arrival of Kapas in the state's producer markets today amounted to 1,000 bales, with each bale weighing 170 kg, matching the figures from the previous day.




(By CommoditiesControl Bureau: +91-9820130172)


       
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