New Delhi, April 4 (Commodities Control): Cotton prices in Karnataka maintained stability for the 12th consecutive working day on Thursday, reflecting limited demand from spinning mills, with daily arrivals also experiencing a standstill.
Clear weather prevailed in the cotton-growing regions of the state. Market observations indicate that spinning mills in Karnataka are currently procuring cotton only as needed, as ICE cotton futures exhibit a pattern of rising for two days followed by weakening for the next two days. This makes it challenging for domestic spinning mills to formulate effective purchasing strategies. However, with the ongoing consumption season and low cotton inventories held by mills, a significant price decline is not anticipated. Kapas prices in the state witnessed a modest increase of Rs 50, while cottonseed prices remained stable.
In the domestic futures market, a downward trend persisted in cotton prices. The April-24 futures contract for Kapas on NCDEX saw a decrease of Rs 12, settling at Rs 1,524 per 20 kg. Meanwhile, cotton prices in the May-24 futures contract on MCX dropped by Rs 420, ending at Rs 61,800 per candy.
Today, the arrival of Kapas in the state's mandis stood at 3,000 bales, each weighing 170 kg, with no change from the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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