New Delhi, June 21 (Commodities Control): Cotton prices remained stable in Karnataka on Friday for the 14th consecutive trading day due to limited purchases by spinning mills. Daily arrivals of cotton in the state's mandis also remained stable.
Cloudy weather prevailed in the cotton-producing areas of the state. According to traders, spinning mills in Karnataka are buying cotton only as per their immediate requirements, as the local demand for yarn is weaker than usual. The recent weakening of cotton prices in the global market has resulted in negligible export deals, and the state's ginning mills are holding a significant stock of cotton. Prices for Kapas and cottonseed also remained stable in the state.
In the domestic futures market, there was a mixed trend in cotton prices today. The April-25 futures contract for Kapas on NCDEX weakened by Rs 2.5 to Rs 1,611 per 20 kg. Conversely, the July-24 futures contract for cotton on MCX rose by Rs 60 to Rs 57,850 per candy.
On Friday, the arrival of cotton in the state's mandis was 1,000 bales, with each bale weighing 170 kg, the same number as received on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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