New Delhi, March 28 (Commodities Control): Cotton prices in Karnataka remained stable for the sixth consecutive trading day on Wednesday, as limited demand from spinning mills persisted, while the daily arrival of Kapas in the state's mandis also maintained stability.
Traders indicate that local demand for cotton yarn remains weak due to impending closures, prompting mills to restrict their cotton purchases to limited quantities. Consequently, cotton prices have sustained stability throughout the week, with business activities anticipated to remain subdued for the next three to four days.
Given the lower outstanding stock of cotton in most mills in the state, it's anticipated that mills will need to replenish their cotton supplies in the upcoming month. Meanwhile, Kapas prices in the state saw a decline of Rs 25, while cottonseed prices also experienced a consecutive decline of Rs 25 for the second consecutive day.
In the domestic futures market, cotton prices followed a declining trend. The April-24 futures contract for Kapas on NCDEX weakened by Rs 7.5 to Rs 1,527.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a decline of Rs 80 to Rs 62,000 per candy.
On Thursday, the arrival of Kapas in the state's mandis amounted to 4,000 bales, with each bale weighing 170 kg, matching the figures from the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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