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Cotton maintains steady tone at Karnataka markets on limited mill buying amid regular arrivals

1 Dec 2022 5:34 pm
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Mumbai, 1 DEC (Commoditiescontrol): Cotton prices maintained steady tone at the mandis of Karnataka on Thursday, due to restricted spinning mills demand while regular daily arrivals were witnessed, traders informed.



Clear weather conditions are witnessed in the cotton growing region of the state. According to traders, due to poor local and overseas demand, mills are buying cotton in limited quantities. Hence, cotton prices are witnessing a steady price tone. On the other hand, below average daily arrivals have forced ginners to operate at suboptimal levels. cotton arrivals increased today but they continue to lag expectations. Further, the farmers are delaying the offloading of raw cotton at the current rate. They are hoping to sell cotton at elevated levels, similar to last year. Hence, cotton prices are likely to witness volatile moves.

On the domestic futures market today, cotton prices moved higher during the afternoon session. April'23 futures contract of kapas on the NCDEX gained 0.76 percent. The November month cotton contract on the MCXadded Rs 590 to Rs 32,200 per bale (1 bale -170 kg).

A total of 10,000 bales of 170 kgs each of cotton arrived in the mandis of the state today, similar quantity was received on the previous day.

In the state mandis, the price of cottonseed was Rs 3,700 to Rs 3,900 and that of kapas was Rs 8,700 to Rs 9,250 per quintal today.

The price of 29.5/30 mm cotton quoted at Rs 70,000 to Rs 71,000, 29.5 mm of cotton at Rs 69,000 to Rs 70,000 and 29 mm at Rs 67,000 to Rs 69,000 per candy.

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

       
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