New Delhi, April 22 (Commodities Control): Cotton prices remained stable in Karnataka's mandis on Monday, with limited demand from spinning mills, while daily arrivals of Kapas increased in the state's mandis.
Traders note that cotton prices remained stable due to restrained purchases by the state's spinning mills, despite higher opening prices in the global market today. According to experts, further increases in cotton prices in the world market could lead to improvements in local cotton prices. Moreover, with the state's mills holding less outstanding stock of cotton, coupled with an anticipated rise in local demand for cotton yarn, the market dynamics could shift favorably. In contrast, Kapas prices rose by Rs 50 in the state, while cottonseed prices remained stable.
In the domestic futures market, cotton prices maintained their bullish trend today. Kapas prices rose by Rs 14 to Rs 1,445 per 20 kg in the April-24 futures contract on NCDEX. Similarly, cotton prices in the May-24 futures contract on MCX surged by Rs 940 to Rs 58,900 per candy.
Monday witnessed a notable surge in the arrival of cotton in the state's mandis, totaling 2,000 bales, with each bale weighing 170 kg, compared to 1,500 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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