New Delhi, April 26 (Commodities Control): Cotton prices remained stable in Karnataka on Friday for the third consecutive day, primarily due to limited demand from spinning mills, while daily arrivals of Kapas also witnessed a decrease in the state's mandis.
Traders note that cotton exhibited a mixed trend in the morning session of ICE's electronic trading, but prices have since shown improvement. Spinning mills in the state are procuring cotton in limited quantities, as local demand for yarn remains weaker than normal.
However, ginners are also finding it unprofitable at current prices. Consequently, limited fluctuations are expected in the price of cotton in the spot market. Alongside Kapas, the prices of cottonseed have also stabilized in the state.
In the domestic futures market, cotton prices exhibited a mixed trend today. The April-24 futures contract for Kapas on NCDEX weakened by Rs 2 to Rs 1,448 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 60 to Rs 58,680 per candy.
On Friday, the arrival of cotton in the state's mandis amounted to 2,000 bales (one bale equals 170 kg), consistent with the previous trading day's arrivals.
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(By Commoditiescontrol Bureau: +91-9820130172)
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