New Delhi, April 15 (Commodities Control): Cotton prices in Karnataka remained steady on Monday, attributed to the reduced demand from spinning mills, while the state witnessed a notable increase in the daily arrivals of Kapas across its mandis.
Traders report that spinning mills in the state are procuring cotton only as per their immediate requirements, leading to stability in prices within the spot market. The export of both cotton and yarn from the domestic market is limited, with multinational companies continuing to sell their stocks in the state. Consequently, the prospects of a significant rise in current cotton prices in the spot market appear slim. Meanwhile, Kapas prices in the state saw an uptick of Rs 50, while cottonseed prices remained stable.
In the domestic futures market, a declining trend was observed in cotton prices today. Notably, Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 9.5 to Rs 1,494 per 20 kg.
On Monday, the arrival of Kapas in the mandis of the state amounted to 3,000 bales, with each bale weighing 170 kg, compared to 2,000 bales on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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