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Cotton Prices Stable in Karnataka as Spinning Mills Limit Purchases

17 May 2024 2:16 pm
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New Delhi, May 17 (Commodities Control): Cotton prices remained stable in Karnataka on Friday due to limited purchases from spinning mills. The daily arrival of Kapas in the state's mandis also remained stable.

Traders report that spinning mills in Karnataka are hesitant to increase their cotton inventory due to recent declines in domestic cotton prices. The local demand for yarn has also weakened, and cotton exports are currently not profitable. Consequently, mills are purchasing cotton only as needed, which is preventing a significant rise in spot market prices. Cottonseed prices have stabilized alongside Kapas in the state.

Despite the steady spot market, cotton prices showed an upward trend in the domestic futures market today. Kapas prices in the April-25 futures contract on NCDEX rose by Rs 2.5, reaching Rs 1,569 per 20 kg. Meanwhile, cotton prices in the May-24 futures contract on MCX increased by Rs 120, bringing the price to Rs 56,200 per candy.

The arrival of Kapas in Karnataka's mandis was recorded at 1,500 bales (each bale weighing 170 kg), consistent with the previous trading day's arrivals.



(By CommoditiesControl Bureau: +91-9820130172)


       
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