New Delhi, December 02 (CommoditiesControl): Cotton prices in Karnataka experienced a decline on Monday, driven by weak purchases from spinning mills, despite an increase in daily Kapas arrivals in the state.
Traders reported that cotton prices had risen in Karnataka towards the end of last week, but cotton yarn prices did not rise proportionately, leading to reduced demand from spinning mills. As a result, cotton prices softened in the spot market.
However, traders are not anticipating a significant drop in prices, as local demand for cotton yarn is expected to increase with the upcoming consumption season. Additionally, spinning mills in the state have low stock levels of cotton. Cottonseed prices, along with Kapas, also saw a weakening trend in the state.
In the domestic futures market, cotton prices displayed a mixed trend. On the NCDEX, the price of Kapas in the April-25 futures contract fell by Rs 11.5 to Rs 1,525.5 per 20 kg. Meanwhile, the price of cotton in the November-24 futures contract on MCX rose by Rs 80 to Rs 55,880 per candy.
Today, the arrival of Kapas in Karnataka's mandis was recorded at 22,000 bales, each bale weighing 170 kg, compared to 20,000 bales on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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