New Delhi, March 27 (Commodities Control): Cotton prices remained steady in Karnataka's markets for the fifth consecutive trading day on Wednesday, attributed to limited demand from spinning mills, while daily arrivals of Kapas in the state's mandis stabilized.
Traders report that due to limited demand from spinning mills, cotton prices have maintained stability in the state for the fifth consecutive working day. With March closing activities underway, spinning mills are procuring cotton only as per their immediate requirements, leading to minimal fluctuations in prices for the current week.
However, most mills in the state have relatively low outstanding stocks of cotton, necessitating future purchases next month. Notably, Kapas prices in the state witnessed an increase of Rs 50, while cottonseed prices weakened by Rs 125.
In the domestic futures market, cotton prices experienced a declining trend. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 6.5 to Rs 1,533 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a decline of Rs 480 to Rs 62,040 per candy.
On Wednesday, the arrival of Kapas in the mandis of the state stood at 4,000 bales, consistent with the figures reported on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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