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Cotton Prices Hold Steady in Karnataka on Spinning Mills Sluggish Demand

25 Apr 2024 3:20 pm
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New Delhi, April 25 (Commodities Control): Cotton prices in Karnataka's mandis maintained stability for the second consecutive day on Thursday, with limited demand from spinning mills contributing to the market's trend. Furthermore, daily arrivals of Kapas remained stable in the state's mandis.

Traders reported that cotton prices remained unchanged today due to restrained purchases by the state's spinning mills. Weak opening prices in ICE's cotton futures have deterred spinning mills from increasing their inventory in the domestic market. Additionally, ginners have shown little interest in the current price levels, resulting in expectations of minimal fluctuations in spot market prices for the time being. Alongside Kapas, cottonseed prices have also stabilized in the state.

The domestic futures market witnessed a downward trend in cotton prices today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 3.5 to Rs 1,452 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX decreased by Rs 260 to Rs 58,400 per candy.

On Thursday, cotton arrivals in the state's mandis totaled 2,000 bales, with each bale weighing 170 kg. This figure remained consistent with the previous trading day.

(By Commoditiescontrol Bureau: +91-9820130172)

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