NEW DELHI, Sept 24 (Commoditiescontrol) : Cotton prices fell further in the mandis of Karnataka on Saturday amid slow buying from spinning mills, while daily arrivals stayed unchanged.
The weather is inclement in the cotton producing areas of the state. According to traders, local prices softened today as global downtrend weighed on demand. Moreover, the spinning mills do not seem to be getting parity at current prices of cotton as the local and export demand for yarn is weak. Along with this, the arrival of new cotton crop in the producer mandis of the state will increase by the end of the current month, while there will be pressure of arrivals in October. Hence, mills do not want to take risk by buying cotton at the prevailing prices. However, as mills are left with limited stock of old cotton, the prices of cotton in the state's mandis are unlikely to fall sharply.
A total 1,000 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 2,800 to Rs 3,600 and that of kapas was Rs 7,500 to Rs 8,800 per quintal today.
The price of 29.5/30 mm cotton quoted at Rs 79,000 to Rs 81,000, 29.5 mm of cotton at Rs 77,000 to Rs 79,000 and 29 mm at Rs 75,000 to Rs 77,000 per candy.
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(By Commoditiescontrol Bureau)
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