New Delhi, March 22 (Commodities Control): Cotton prices remained stagnant for the second consecutive day on Friday in Karnataka, mainly due to limited demand from spinning mills, while a decline in daily arrivals of Kapas noted in the state's mandis.
The weather conditions in the cotton-producing areas of the state remained clear. Traders reported a decrease in the daily arrivals of Kapas in the state's mandis, attributed to the ongoing festive season. Concurrently, mills are also purchasing cotton in limited quantities, resulting in stable cotton prices in the spot market for the second consecutive day. Experts noted an increase in the export of cotton from the country so far in the current season, with mills still finding profitability in exports. Consequently, the purchase of cotton by mills in the state is expected to increase next month. Cotton prices in the state weakened by Rs 25, while cottonseed prices increased by Rs 50.
In the domestic futures market, a declining trend was observed in cotton prices today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 18.5 to Rs 1,533.5 per 20 kg. Similarly, cotton prices in the March-24 futures contract on MCX weakened by Rs 620 to Rs 59,300 per candy during this period.
On Friday, the arrival of Kapas in the mandis of the state was recorded at 5,000 bales, with each bale weighing 170 kg, compared to 6,000 bales on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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