New Delhi, April 23 (Commodities Control): Cotton prices witnessed a notable rise in Karnataka on Tuesday, driven by improved demand from spinning mills, while daily arrivals of Kapas in the state's mandis recorded a decline.
Traders reported that cotton prices escalated due to heightened purchases by Karnataka's spinning mills, influenced by a recent surge in prices in the foreign market over the past two days.
Farmers in the state hold lesser outstanding stock of Kapas, while ginning mills find the current prices less profitable. Consequently, ginners are reluctant to reduce prices, paving the way for a potential further improvement in cotton prices. Notably, Kapas prices saw an increase of Rs 50 in the state, accompanied by a similar rise in cottonseed prices.
In the domestic futures market, cotton prices continued their upward trajectory. The April-24 futures contract on NCDEX witnessed a rise of Rs 6 in Kapas prices, reaching Rs 1,450 per 20 kg. Similarly, the May-24 futures contract on MCX experienced a surge of Rs 160, settling at Rs 59,100 per candy.
On Tuesday, the arrival of Kapas in the state's mandis amounted to 1,500 bales, with each bale weighing 170 kg. This figure marked a decrease from the previous trading day when arrivals totaled 2,000 bales.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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