New Delhi, July 27 (Commodities Control): Cotton prices in Karnataka remained stable on Saturday, reflecting consistent daily arrivals of Kapas despite a subdued demand from spinning mills.
The stability in cotton prices comes amid a cautious purchasing approach by local spinning mills, which are buying cotton only in line with their immediate requirements. The weak local demand for cotton yarn and the lack of profitable export opportunities have contributed to this trend. Consequently, ginners are also experiencing limited profits at current price levels, which has resulted in constrained selling activities.
According to the Indian Meteorological Department (IMD), Karnataka has received 30% more rainfall than normal from June 1 to July 26, which is favorable for the cotton crop and may influence future market conditions.
On Saturday, the arrival of Kapas in Karnataka's mandis was reported at 500 bales, each weighing 170 kg. This figure remained consistent with the previous trading day's arrivals.
Cottonseed prices, along with Kapas, have also remained stable in the state. With the current market trends, cotton prices are expected to show mixed movements in the spot market, reflecting both bullish and bearish pressures.
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(By CommoditiesControl Bureau: +91-9820130172)
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