New Delhi, May 2 (Commodities Control): Cotton prices remained stagnant in Karnataka on Friday, reflecting subdued sales from ginning mills at lower prices, while an increase in daily arrivals of Kapas witnessed in the state's mandis.
Traders note that cotton prices in the state have been under pressure for the past two days, with ginning mills finding it unprofitable to operate at current price levels. Consequently, the reluctance of ginning mills to engage in significant sales has led to a stagnation in cotton prices in the domestic market. However, traders are cautious about anticipating a significant rise in prices, as recent weakness in foreign market prices has resulted in a decrease in export deals. Meanwhile, Kapas prices in the state saw a decline of Rs 25, while cottonseed prices remained stable.
In the domestic futures market, cotton prices experienced a declining trend today. Kapas prices in April-25 futures contracts on NCDEX weakened by Rs 8 to Rs 1,573.5 per 20 kg. Similarly, cotton prices in May-24 futures contracts on MCX saw a decline of Rs 80 to Rs 57,200 per candy.
On Friday, the arrival of Kapas in the mandis of the state reached 2,000 bales, with each bale weighing 170 kg, compared to 1,500 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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