New Delhi, April 19 (Commodities Control): Cotton prices remained stable in Karnataka for the second consecutive day on Friday, driven by limited demand from spinning mills, alongside a cessation in the daily arrival of Kapas in the state mandis.
Traders note that despite continuous weakening of cotton prices in the foreign market over the past three days, prices in Karnataka have remained stable. This stability is attributed to the limited purchases from the state's spinning mills, which are cautious amid the global market downturn. Consequently, the prospect of profitable exports remains bleak.
Additionally, ginning mills are grappling with losses at current prices, particularly given their inventory of high-priced Kapas. Consequently, the state's cotton market is characterized by the possibility of limited price fluctuations. Notably, Kapas prices in the state weakened by Rs 100, while cottonseed prices remained stable.
In the domestic futures market, a declining trend in cotton prices persisted. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 14.5 to Rs 1,446.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decrease of Rs 80 to Rs 57,500 per candy.
On Friday, the arrival of Kapas in the mandis of the state totaled 2,000 bales, with each bale weighing 170 kg, matching with the arrivals recorded on the previous trading day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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