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Cotton gains in Karnataka amid higher offtake

10 Aug 2022 3:32 pm
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NEW DELHI, Aug 10 (Commoditiescontrol) - Cotton prices ruled firm in the mandis of Karnataka on Wednesday amid increased demand from spinning mills, while daily arrivals remained steady in the state.

According to traders, there was a rise in the prices of cotton in the global market on Tuesday, due to which the prices climbed in the domestic market also due to the weakening of the selling from the Ginners. However, the spinning mills do not seem to be getting parity on increased prices of cotton. Therefore, they are procuring cotton only as per the requirement as the local and export demand for yarn is weak. The arrival of new cotton crop in the producer mandis of the state will start only in September and October. Therefore, there is no possibility of a major fall in the prices of cotton in the state mandis.

As far as weather is concerned, it remained inclement in the state.

An uptrend was seen in cotton and kapas prices in the domestic futures market today afternoon with April'23 futures contract of kapas on the NCDEX edged higher by 0.09 percent. The August month cotton contract on the MCX also climbed by Rs 430 at Rs 48,760 per bale (1 bale -170 kg).

A total 50 bales of 170 kgs each of cotton arrived in the mandis of the state today, unchanged from a day before.

In the state mandis, the price of cottonseed was Rs 3,500 to Rs 4,300 and that of cotton was Rs 10,000 to Rs 11,000 per quintal today.

The price of 29.5/30 mm cotton quoted at Rs 94,000 to Rs 96,000, 29.5 mm of cotton at Rs 92,000 to Rs 94,000 and 29 mm at Rs 90,000 to Rs 92,000 per candy.

MARKET/VARIETY UNIT 10-Aug-2022 9-Aug-2022 AVERAGE %Change US cent/lb
10-Aug 09-Aug ABS CHANGE*
Karnataka 30/30+mm (MIC 3.8-4.0) Rs/Candy 94000-96000 93000-95000 95000 94000 1000 1.05 150.77-153.98
Karnataka 29.5mm Rs/Candy 92000-94000 91000-93000 93000 92000 1000 1.08 147.56-150.77
Karnataka 29 mm Rs/Candy 90000-92000 89000-91000 91000 90000 1000 1.10 144.36-147.56
Karnataka Kapas new Rs/100 KG 10000-11000 10000-11000 10500 10500 0 0.00 1257.51-1383.27
Karnataka Seed Rs/100 KG 3500-4300 3500-4300 3900 3900 0 0.00 440.13-540.73
Note : USD / INR 79.522
Note: 1 candy = 355.62 kg | 1 maund = 37.3kg
*Average Change is the difference between average price of current date vs previous date

(By Commoditiescontrol Bureau: +91-22-40015505)

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