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Cotton Prices Stagnant in Karnataka Amid Spinning MillS Limited Purchases

4 May 2024 3:12 pm
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New Delhi, May 4 (Commodities Control): Cotton prices remained unchanged in Karnataka for the second consecutive day on Saturday, as limited purchases from spinning mills persisted, while a reduction in daily arrivals of Kapas noted in the state's mandis.

Traders noted that despite an increase in cotton prices in the global market on Friday, prices in Karnataka remained stable due to restrained purchases from the state's spinning mills. Consequently, sales of cotton by ginning mills were lower than usual.

Experts anticipate that mills will need to increase their cotton purchases in the coming days, as most mills maintain lower outstanding stocks. The potential for a rise in cotton prices hinges upon an increase in local demand for cotton yarn. Meanwhile, prices for both Kapas and cottonseed stabilized in the state.

Arrivals of Kapas in the state's mandis totaled 1,500 bales on Saturday, with each bale weighing 170 kg, down from 2,000 bales on the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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