Cotton Prices Decline in Karnataka Amid Spinning Mills Weak Demand

New Delhi, October 8 (Commodities Control): Cotton prices in Karnataka have declined for the second consecutive day on Tuesday, driven by weak demand from spinning mills and declining daily arrivals of Kapas in the state.

Traders indicate that the decrease in cotton prices is largely due to reduced purchases by spinning mills as the new season of Kapas begins. Additionally, global market trends show weakening cotton prices, raising concerns about potential increases in imports this season. Demand for yarn remains lower than normal, further diminishing prospects for a price increase in the domestic market. Both Kapas and cottonseed prices have stabilized in Karnataka.

In the domestic futures market, cotton prices also showed a downward trend today. The April-25 futures contract for Kapas on NCDEX dropped by Rs 4, settling at Rs 1,578 per 20 kg. Meanwhile, the July-24 futures contract for cotton on MCX weakened by Rs 340, bringing the price to Rs 56,500 per candy, each candy weighing 356 kg.

Today, the arrival of Kapas in Karnataka’s mandis was reported at 7,000 bales, a decrease from the previous trading day's figure of 8,000 bales, each bale weighing 170 kg.



(By CommoditiesControl Bureau; +91-9820130172)