New Delhi, April 20 (Commodities Control): Cotton prices experienced a downturn in Karnataka on Saturday, influenced by diminished demand from spinning mills, coupled with a reduction in daily arrivals of Kapas in the state's mandis.
Traders attribute the decline in cotton prices to weak purchases from Karnataka's spinning mills. Additionally, the weakening of cotton prices in the foreign market by more than six to seven cents during the current week has rendered cotton exports unprofitable.
Furthermore, ginning mills are grappling with losses at the current cotton prices, exacerbated by their existing stock of high-priced cotton. Consequently, the likelihood of a significant decline in cotton prices is minimal at present. Alongside Kapas, the prices of cottonseed have stabilized in the state.
On Saturday, the arrival of Kapas in the state's mandis amounted to 1,500 bales, with each bale weighing 170 kg, compared to 2,000 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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