New Delhi, April 16 (Commodities Control): Cotton prices in Karnataka maintained stability for the second consecutive day on Tuesday, reflecting subdued demand from spinning mills, while daily arrivals of Kapas in the state remained steady.
Traders noted that cotton prices held steady in the state for a second day in a row due to spinning mills purchasing only as needed. Both local and export demand for yarn in the domestic market has been below normal levels, despite most spinning mills holding diminished stocks of cotton. Consequently, any uptick in yarn demand would prompt mills to procure cotton, mitigating the likelihood of significant price declines in the current cotton market. Alongside Kapas, cottonseed prices stabilized in the state.
In the domestic futures market, cotton prices exhibited a downward trajectory today, with Kapas prices in the April-24 futures contract on NCDEX declining by Rs 3 to Rs 1,484 per 20 kg.
On Tuesday, the arrival of Kapas in the state's mandis totaled 3,000 bales, each weighing 170 kg, consistent with the previous trading day's arrival figures.
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(CommoditiesControl Bureau; +91-9820130172)
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