New Delhi, April 9 (Commodities Control): Cotton prices in Karnataka's remained steady on Tuesday as demand from spinning mills remained limited, while daily arrivals of Kapas surged across the state.
Traders noted that cotton prices held firm today, primarily due to subdued purchasing activity from spinning mills in Karnataka. Despite this, traders do not anticipate a significant decline in prices. Firstly, most spinning mills in the state have relatively low outstanding stocks of cotton. Secondly, with the onset of the consumption season, local demand for yarn is expected to rise in the near future. Moreover, the operational capacity of ginning mills is constrained due to increasing temperatures, with many operating at reduced capacity. Alongside Kapas, cottonseed prices also maintained stability in the state.
In the domestic futures market, cotton prices exhibited an upward trajectory today. In the April-24 futures contract on NCDEX, Kapas prices witnessed an increase of Rs 4 to reach Rs 1,525 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX climbed by Rs 40 to reach Rs 61,700 per candy.
The arrival of Kapas into the state's mandis notably rose on Tuesday, reaching 4,000 bales, each bale weighing 170 kg, compared to 2,000 bales on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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