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Cotton Prices Decline in Karnataka Amid Weak Demand; Daily Arrivals Stable

15 May 2024 3:30 pm
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New Delhi, May 15 (Commodities Control): Cotton prices witnessed a decline in Karnataka on Wednesday, primarily attributed to weak demand from spinning mills, while the daily arrival of Kapas in the state's mandis remained stable.

Unfavorable weather conditions prevail in the cotton-producing areas of the state, with some regions experiencing cloudy weather. Traders highlighted that cotton prices have slowed down due to weak procurement from the state's spinning mills, influenced by recent declines in cotton prices in the world market. Consequently, exports of cotton and yarn do not appear to be profitable, maintaining pressure on cotton prices in the spot market. Despite this, Kapas prices in the state saw a decline of Rs 100, while cottonseed prices remained stable.

A declining trend was observed in cotton prices in the domestic futures market today. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 0.5, settling at Rs 1,561.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 700, reaching Rs 55,900 per candy.

On Wednesday, the arrival of Kapas in the mandis of the state amounted to 1,500 bales, with each bale weighing 170 kg, matching the figures from the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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