New Delhi, April 10 (Commodities Control): Cotton prices in Karnataka held steady on Wednesday, with limited demand from spinning mills. Concurrently, the daily arrival of Kapas in the state's mandis witnessed a decline.
Traders report that cotton prices have maintained stability for the second consecutive working day, largely due to limited purchases from spinning mills in the state. Experts note that the remaining outstanding stock of Kapas is limited, and coupled with reduced daily arrivals of Kapas. Amid prevailing heat conditions, most ginning mills are operating at reduced capacity, typically one or two shifts. Moreover, ginners are reluctant to sell at lower prices, therefore, chances of significant price drops is low. Additionally, Kapas and cottonseed prices have remained stable in the state.
In the domestic futures market, cotton prices experienced a downward trend. The April-24 futures contract for Kapas on the NCDEX weakened by Rs 6 to Rs 1,519.5 per 20 kg.
Arrivals of Kapas in the state's mandis totaled 2,000 bales on Wednesday, with each bale weighing 170 kg. This figure represents a decline from the 4,000 bales reported on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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