New Delhi, June 18 (Commodities Control): Cotton prices remained stable in Karnataka on Tuesday for the 11th consecutive trading day due to limited sales by ginning mills. Meanwhile, daily arrivals of Kapas in the state's mandis have increased.
The weather remains cloudy over the cotton-producing areas of the state. According to traders, ginning mills are not reducing prices for their cotton sales, as they have purchased cotton from farmers at high prices.
Consequently, cotton prices have remained stable in the spot market. The demand for cotton yarn, both locally and for export, is weaker than usual, prompting mills to purchase cotton only as needed. This has led to a stable price outlook for cotton in the near term. Additionally, prices for Kapas and cottonseed have also stabilized.
In the domestic futures market, cotton prices showed a downward trend today. The April-25 futures contract on the NCDEX saw Kapas prices weaken by Rs 6, settling at Rs 1,566 per 20 kg. Similarly, the July-24 futures contract on the MCX saw cotton prices decline by Rs 100, settling at Rs 56,000 per candy.
On Tuesday, the arrival of Kapas in the state's mandis increased to 2,000 bales, with each bale weighing 170 kg, compared to 1,000 bales on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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