New Delhi, July 4 (Commodities Control): Cotton prices in Karnataka remained stable on Thursday for the sixth consecutive working day, influenced by limited purchases from spinning mills. Daily arrivals of Kapas in the state's mandis also remained steady.
The weather conditions in the Kapas-producing areas of Karnataka are clear. Traders attribute the stability in cotton prices to the weak demand for yarn, leading spinning mills to purchase cotton in limited quantities. Consequently, prices have remained stable in the spot market.
Moreover, ginning mills in the state have substantial outstanding stocks of cotton, discouraging spinning mills from increasing their inventory levels. As a result, no significant rise or fall in cotton prices is anticipated in the domestic market today. Prices for both Kapas and cottonseed have stabilized in the state.
In the domestic futures market, cotton prices exhibited a downward trend. Kapas prices in the April-25 futures contract on NCDEX fell by Rs 3 to Rs 1,601.5 per 20 kg.
On Thursday, the arrival of Kapas in the state's mandis was recorded at 1,000 bales (one bale = 170 kg), consistent with the arrival on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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