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Cotton Prices Hold Steady in Karnataka; Daily Arrivals Remain Stable

16 May 2024 3:36 pm
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New Delhi, May 16 (Commodities Control): Cotton prices remained unchanged in Karnataka on Thursday due to limited demand from spinning mills, while the daily arrival of Kapas in the state's mandis remained stable.

Traders noted that although cotton prices had weakened in the state on Wednesday, ginning mills are hesitant to lower prices due to the resultant disparity. Despite the lack of profitability in cotton and yarn exports, spinning mills are only purchasing cotton as per their immediate requirements. This cautious approach suggests that significant price increases in the cotton spot market are unlikely. Meanwhile, Kapas prices in the state witnessed a decrease of Rs 100, while cottonseed prices remained stable.

In the domestic futures market, cotton prices experienced an upward trend today. Kapas prices rose by Rs 5 to reach Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Similarly, cotton prices in the May-24 futures contract on MCX increased by Rs 120 to Rs 56,100 per candy.

On Thursday, the arrival of Kapas in the state's mandis 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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