New Delhi, April 5, 2024 (Commodities Control): Cotton prices experienced a softening trend in the markets of Karnataka on Friday, attributed to subdued demand from spinning mills, although daily arrivals remained stable.
Market analysts point to weak procurement activities from the spinning mills in Karnataka, influenced by recent declines in global cotton prices. This has resulted in reduced profit margins for cotton exporters compared to previous periods. Despite this, traders are cautious about predicting a significant decline in prices. Firstly, most mills in the state have limited outstanding stock of cotton, and secondly, the Cotton Corporation of India (CCI) is selling cotton at comparatively higher prices. Kapas prices in the state decreased by Rs 100, while cottonseed prices remained unchanged.
In the domestic futures market, a downward trend was observed in cotton prices. The April-24 futures contract for Kapas on the NCDEX saw a decrease of Rs 3, settling at Rs 1,522 per 20 kg. Similarly, the May-24 futures contract for cotton on the MCX witnessed a decline of Rs 240, reaching Rs 61,620 per candy.
On Friday, the arrival of Kapas in the state's mandis totaled 3,000 bales, with each bale weighing 170 kg, matching the volume reported on the previous trading day.
(443)(1).png)
(CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
