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Cotton holds steady for 4th straight day in Karnataka amid select buying

30 Jun 2022 4:49 pm
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NEW DELHI, June 30 (Commoditiescontrol) - Cotton prices ruled flat in the mandis of Karnataka for the fourth consecutive day on Thursday amid limited demand from spinning mills, while daily arrivals remained steady.

According to traders, the spinning mills of the state are procuring cotton only as per the requirement amid weak domestic as well as export demand for yarn. Furthermore, due to the shortage of cotton, most of the small mills in the state have already stopped production and the mills that are running are also cutting production. Hence the demand for cotton has also weakened. However due to the fall in the production of cotton in the current season, mills of the state are left with the cotton stock of less than a month's consumption on an average, while the arrival of new cotton crop in the mandis of the state will start in September-October. In such a situation, prices may remain move in a limited range ahead.

As far as weather is concerned, it is inclement in the cotton producing areas of the state.

A downtrend was seen in cotton and kapas prices in the domestic futures market today afternoon with April'23 futures contract of kapas on the NCDEX edged lower by 0.52 percent. The July month cotton contract on the MCX also declined by Rs 530 at Rs 43,030 per bale (1 bale -170 kg).

A total 100 bales (1 bale -170 kg) of cotton arrived in the state's mandis today, unchanged from a day before.

In the state mandis, the price of cottonseed was Rs 3,600 to Rs 4,300 and that of cotton was Rs 10,000 to Rs 11,000 per quintal today.

The price of 29.5/30 mm cotton quoted at Rs 96,000 to Rs, 98,000, 29.5 mm of cotton at Rs 94,000 to Rs 96,000 and 29 mm at Rs 92,000 to Rs 94,000 per candy.

MARKET/VARIETY UNIT 30-Jun-2022 29-Jun-2022 AVERAGE %Change US cent/lb
30-Jun 29-Jun ABS CHANGE*
Karnataka 30/30+mm (MIC 3.8-4.0) Rs/Candy 96000-98000 96000-98000 97000 97000 0 0.00 155.14-158.37
Karnataka 29.5mm Rs/Candy 94000-96000 94000-96000 95000 95000 0 0.00 151.91-155.14
Karnataka 29 mm Rs/Candy 92000-94000 92000-94000 93000 93000 0 0.00 148.68-151.91
Karnataka Kapas new Rs/100 KG 10000-11000 10000-11000 10500 10500 0 0.00 1266.99-1393.68
Karnataka Seed Rs/100 KG 3600-4300 3600-4300 3950 3950 0 0.00 456.11-544.8
Note : USD / INR 78.9275
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg
*Average Change is the difference between average price of current date vs previous date

(By Commoditiescontrol Bureau: +91-22-40015505)

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