Cotton Prices Surge in Karnataka Amid Spinning Mills Robust Demand

New Delhi, March 11 (Commodities Control): Cotton prices in Karnataka continued to show upward trend for the fourth consecutive trading day on Monday, driven by unwavering demand from spinning mills. Simultaneously, the state witnessed a notable increase in the daily arrivals of Kapas in the mandis.

Traders attribute the sustained surge in cotton prices to the increased export deals for cotton and yarn from the domestic market. Indian cotton, maintaining its position as one of the most competitively priced options globally, is expected to sustain demand. With spinning mills in the state holding a substantial outstanding stock of cotton, there is anticipation of a further increase in prices.

Kapas prices in Karnataka rose by Rs 100, complemented by a Rs 50 increase in cottonseed prices. This positive price trend reflects the robust demand dynamics in spinning mills, coupled with the advantageous position of Indian cotton in the international market.

In the domestic futures market, a mixed trend characterized cotton prices today. The April-24 futures contract on the National Commodity and Derivatives Exchange (NCDEX) recorded a Rs 3 rise in Kapas prices, reaching Rs 1,652 per 20 kg. Conversely, the March-24 futures contract on the Multi Commodity Exchange (MCX) witnessed a weakening of Rs 20, settling at Rs 62,680 per candy.

Monday saw the arrival of 6,000 bales of Kapas in Karnataka's mandis, each bale weighing 170 kg, marking an increase from the 5,000 bales recorded on the previous trading day.



(By CommoditiesControl Bureau; +91-9820130172)