New Delhi, May 23 (Commodities Control): Cotton prices remained stable in Karnataka for the sixth consecutive trading day on Thursday due to limited purchases from spinning mills. Additionally, the daily arrival of Kapas in the state mandis has also remained stable.
Traders noted that while cotton prices had risen in the foreign market on Wednesday, today's electronic trading on ICE showed weaker prices. Consequently, the demand from the state's spinning mills remained limited, keeping spot market prices stable. However, ginning mills in the state are suffering losses at these price levels, leading to reduced sales. Alongside Kapas, cottonseed prices have also stabilized in the state.
In the domestic futures market, cotton prices exhibited a mixed trend today. Kapas prices settled at Rs 1,601 per 20 kg in the April-25 futures contract on NCDEX. During this period, cotton prices in the May-24 futures contract on MCX rose by Rs 280 to Rs 56,260 per candy.
On Thursday, the arrival of Kapas in the state's mandis was 1,500 bales, each weighing 170 kg, the same as the previous trading day's arrivals.
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(By CommoditiesControl Bureau: +91-9820130172)
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