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Cotton softens in Karnataka amid lower buying, higher arrivals

28 Sep 2022 8:36 pm
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NEW DELHI, Sept 28 (Commoditiescontrol) : Cotton prices moved lower in the mandis of Karnataka on Wednesday amid reduced buying from spinning mills, while daily arrivals were reported higher.

The weather is clear in the cotton producing areas of the state. According to traders, as cotton continued to rule weak globally, export demand for cotton as well as yarn from the domestic market remained sluggish. If the weather remains clear, the arrival of new cotton crop in the producer mandis of the state will increase in October. With the local and export demand in yarn is lacklustre, mills are also facing disparity. In such a situation, mills do not want to take any risk by making large purchases at the prevailing prices of cotton.

Anyway, the mills of these states are working only wiht 45 to 55 percent production capacity. Therefore, further fall in cotton prices in the state mandis is expected. However, only a limited quantity of balance stock of old cotton is left with the mills.

A total 1,500 bales of 170 kgs each of cotton arrived in the mandis of the state today, up from 1,200 bales a day before.

In the state mandis, the price of cottonseed was Rs 2,800 to Rs 3,500 and that of kapas was Rs 7,800 to Rs 9,000 per quintal today.

The price of 29.5/30 mm cotton quoted at Rs 73,000 to Rs 75,000, 29.5 mm of cotton at Rs 71,000 to Rs 73,000 and 29 mm at Rs 69,000 to Rs 71,000 per candy.

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