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Stability Persists in Karnataka Cotton Prices Amid Spinning Mills Limited Purchases

8 May 2024 2:16 pm
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New Delhi, May 8 (Commodities Control): Cotton prices in Karnataka maintained stability for the fifth consecutive trading day on Wednesday, primarily due to limited purchases from spinning mills, while the daily arrival of Kapas in the state's mandis stood at 1,000 bales.

Traders noted fluctuations in global cotton prices throughout the current week, while domestic demand for yarn remained weaker than normal. Consequently, the possibility of significant price hikes in the domestic market remains remote. Alongside Kapas, cottonseed prices also stabilized in the state.

In the domestic futures market, cotton prices experienced a declining trend today. The April-25 futures contract for Kapas on NCDEX weakened by Rs 7, settling at Rs 1,568.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 220, reaching Rs 57,300 per candy.

On Wednesday, the arrival of Kapas in the state's mandis reached 1,000 bales, each bale weighing 170 kg, compared to zero bales on the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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