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Cotton Prices Surge in Karnataka Amid Increased Buying Activity

9 May 2024 3:09 pm
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New Delhi, May 9 (Commodities Control): Cotton prices witnessed a notable increase in Karnataka on Thursday, driven by increased purchases from spinning mills. Concurrently, daily arrivals of Kapas also saw an uptick in the state's mandis.

Traders note that cotton prices improved as spinning mills increased their purchases at lower prices. However, domestic demand for yarn remains weak. Despite this, ginning mill warehouses in the state are reportedly full of cotton, placing pressure on mills due to interest and rent obligations. Therefore, any potential increase in cotton prices in the domestic market is contingent upon corresponding movements in the global market. In Karnataka, Kapas prices rose by Rs 50, while cottonseed prices increased by Rs 25.

In the domestic futures market, cotton prices experienced a declining trend today. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 4 to Rs 1,561.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX declined by Rs 80 to Rs 57,500 per candy.

On Thursday, the arrival of Kapas in the state's mandis totaled 1,500 bales, each bale weighing 170 kg, compared to 1,000 bales on the previous trading day.



(By CommoditiesControl Bureau: +91-9820130172)


       
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