New Delhi, March 26 (Commodities Control): Cotton prices in Karnataka maintained stability for the fourth consecutive trading day on Tuesday, with limited demand from spinning mills and a decrease in daily arrivals of Kapas in the state's mandis.
Traders report that due to the closure of March, spinning mills are procuring cotton only as per their immediate requirements. Consequently, the market is experiencing minimal fluctuations in cotton prices. However, the limited outstanding stock of Kapas with farmers in the state, coupled with stockists' reluctance to sell at reduced prices, is contributing to the stability in prices.
Additionally, the Cotton Corporation of India (CCI) is selling cotton at higher prices, further influencing market dynamics. It is anticipated that spinning mills in the state will need to purchase cotton next month, potentially leading to an improvement in prices. Kapas prices in the state witnessed a decline of Rs 75, while cottonseed prices remained stable.
In the domestic futures market today, cotton prices displayed a mixed trend, with the April-24 futures contract for Kapas on NCDEX weakening by Rs 6 to reach Rs 1,535 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 20 to Rs 62,000 per candy during this period.
The arrival of Kapas in the state's mandis on Tuesday totaled 4,000 bales, with each bale weighing 170 kg, representing a decrease from the previous trading day's arrivals, which stood at 5,000 bales.
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(CommoditiesControl Bureau; +91-9820130172)
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