New Delhi, March 21 (Commodities Control): Cotton prices remained stagnant in Karnataka on Thursday as ginning mills showed least interest to sell at lower prices, leading to a decline in daily arrivals of Kapas in the state's markets.
Traders report that following a decline in cotton prices in the state on Wednesday, ginning mills are finding it unprofitable to sell their stock at the prevailing lower prices. Consequently, sales by ginners have slowed down, resulting in a halt in cotton prices today. While business activities are expected to remain weak throughout the current month, it's noted that the outstanding stock of cotton with the mills is relatively low.
Additionally, there's an anticipation of a decrease in the daily arrivals of Kapas in the state's markets in the coming days. As a result, the likelihood of a significant unilateral fall in cotton prices in the spot market is minimal. Meanwhile, cottonseed prices remained stable in the state amidst the prevailing market conditions.
The domestic futures market saw a mixed trend in cotton prices today. Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 5.5 to Rs 1,561.5 per 20 kg. Conversely, cotton prices in the March-24 futures contract on the MCX rose by Rs 60 to reach Rs 60,700 per candy.
On Thursday, the arrival of Kapas in the mandis of the state totaled 6,000 bales, with each bale weighing 170 kg, marking a decline from the previous trading day's arrival of 7,000 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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