New Delhi, June 22 (Commodities Control): Cotton prices in Karnataka remained stable for the 15th consecutive trading day on Saturday due to limited purchases by spinning mills. Daily arrivals of Kapas in the state's mandis also remained stable.
Clouds are looming over the cotton-producing areas of the state. Despite a slowdown in cotton prices in the international market on Friday, prices in Karnataka held steady. Traders attribute this stability to the recent decline in global cotton prices, making exports less profitable, which has led spinning mills to purchase cotton only as needed. Additionally, ginners are facing losses at current prices, resulting in weak selling activity. Prices of cottonseed have also remained stable in the state.
According to the Indian Meteorological Department (IMD), Karnataka received 53 percent more rainfall than normal between June 1 and June 21.
On Saturday, the arrival of Kapas in the state's mandis was 1,000 bales (one bale weighing 170 kg), the same as on the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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