New Delhi, April 30 (Commodities Control): Cotton prices remained stable in Karnataka on Tuesday, marking the sixth consecutive working day of steadiness, due to subdued purchases from spinning mills, while daily arrivals of Kapas also maintained stability in the state's mandis.
Traders highlighted a decline in cotton prices in the foreign market today, leading to a stabilization in purchases by domestic mills. Consequently, cotton prices remained steady in the domestic market. Ginners are grappling with unprofitable price levels for cotton, primarily due to their procurement of Kapas from farmers at elevated prices.
Additionally, the Cotton Corporation of India (CCI) is vending cotton at high prices in the domestic market. Despite these factors, the trajectory of cotton prices in the domestic market will predominantly hinge on the movement of ICE cotton futures prices. Kapas prices in the state witnessed a modest rise of Rs 25, while cottonseed prices remained stable.
In the domestic futures market, cotton prices experienced a decline today. Prices in the May-24 futures contract on MCX weakened by Rs 660 to reach Rs 58,000 per candy.
On Tuesday, the arrival of cotton in the state's mandis totaled 2,000 bales, with each bale weighing 170 kg, matching the arrivals from the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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