New Delhi, April 24 (Commodities Control): Cotton prices remained steady in Karnataka markets on Wednesday as spinning mills reduced their demand at elevated prices, while daily arrivals of Kapas increased in the state's mandis.
Traders noted that although cotton prices had risen in the state on Tuesday, they stabilized due to weakened purchases by spinning mills at higher prices. Recent fluctuations in cotton prices in the foreign market have prompted mills in the domestic market to buy only according to their immediate requirements.
Consequently, limited fluctuations in cotton prices are anticipated in the spot market. Kapas prices remained unchanged in the state, while cottonseed prices saw a Rs 25 increase.
In the domestic futures market, cotton prices exhibited a mixed trend today. Kapas prices weakened by Rs 2.5 to Rs 1,446 per 20 kg in the April-24 futures contract on NCDEX. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 240 to Rs 58,780 per candy.
On Wednesday, the arrival of cotton in the state's mandis reached 2,000 bales, with one bale weighing 170 kg, compared to 1,500 bales on the previous trading day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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