New Delhi, May 2 (Commodities Control): Cotton prices witnessed a decline for the second consecutive day in the markets of Karnataka on Thursday, primarily due to weakened procurement from spinning mills. Additionally, a decrease in the daily arrivals of Kapas was observed in the state's mandis.
Traders note that cotton prices continue to exhibit a bearish trend in the spot market, largely influenced by a downturn in ICE cotton futures prices over the past two days. Despite this, there has been a reduction in the daily arrivals of Kapas in the state, coupled with a relatively low outstanding stock of cotton in most mills.
Consequently, mills will need to procure cotton, although the direction of its prices will hinge on international market dynamics. Meanwhile, Kapas prices in the state weakened by Rs 100, while cottonseed prices remained stable.
In the domestic futures market, cotton prices showed a mixed trend today. In the April-25 futures contract on NCDEX, Kapas prices weakened by Rs 3 to Rs 1,585 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 320 to reach Rs 57,440 per candy.
On Thursday, the arrival of Kapas in the mandis of the state amounted to 1,500 bales, with each bale weighing 170 kg, marking a decrease from the 2,000 bales recorded on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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