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Cotton Prices Maintain Stability in Karnataka; Daily Arrivals Up

10 May 2024 3:57 pm
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New Delhi, May 10 (Commodities Control): Cotton prices in Karnataka remained stable on Friday, due to limited demand from spinning mills, while daily arrivals of Kapas witnessed an uptick in the state's mandis.

Traders noted a decline in cotton prices in the global market. However, ginning mills in the domestic market refrained from reducing cotton prices, thus maintaining stability in the spot market. Experts attributed this stability to the high-priced stock of cotton held by ginning mills, prompting them to engage in trading with limited margins at current price levels. They also suggested that a significant rise in cotton prices in the domestic market would be contingent upon an increase in local demand for cotton yarn. Meanwhile, Kapas prices in the state saw an increase of Rs 250, while cottonseed prices remained stable.

In the domestic futures market, cotton prices exhibited a declining trend. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 1.5 to Rs 1,561 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX decreased by Rs 120 to Rs 57,300 per candy.

Friday witnessed an increase in the arrival of Kapas in the state's mandis, totaling 2,000 bales, with each bale weighing 170 kg. This figure marked a rise from the previous trading day's arrival of 1,500 bales.



(By CommoditiesControl Bureau: +91-9820130172)


       
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