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Cotton Prices Hold Steady in Karnataka Amid Limited Procurement

6 May 2024 3:11 pm
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New Delhi, May 6 (Commodities Control): Cotton prices remained stable in the markets of Karnataka for the third consecutive trading day on Monday, owing to limited procurement from spinning mills, while daily arrivals of Kapas in the state's mandis also remained stable.

Traders report that cotton prices have remained steady due to restrained purchases from the state's spinning mills, as both local and export demand for yarn failed to meet expectations. However, ginning mills in the state are also hesitant to lower cotton prices, given their prior purchases of Kapas from farmers at higher rates.

Consequently, the upturn in cotton prices in the domestic market is contingent upon an increase in local demand for cotton yarn. Kapas prices in the state saw a rise of Rs 125, while cottonseed prices increased by Rs 25.

In the domestic futures market, cotton prices saw an upward trend today. Kapas prices surged by Rs 9 to reach Rs 1,581 per 20 kg in the April-25 futures contract on NCDEX.

On Monday, the arrival of Kapas in the state's mandis totaled 1,500 bales, with each bale weighing 170 kg, maintaining parity with the arrival figures of the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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