New Delhi, April 29 (Commodities Control): Cotton prices in Karnataka maintained stability for the fifth consecutive trading day on Monday, owing to subdued purchases from spinning mills. Simultaneously, a surge in daily arrivals of Kapas was reported in the state's mandis.
Traders attribute the stable cotton prices in the domestic market to the limited purchases from Karnataka's spinning mills, as only nominal quantities of cotton export deals are being executed from the domestic market, preventing a buildup of mill inventory. However, traders express cautious optimism regarding cotton prices. Firstly, ginners find current prices unprofitable, and secondly, most mills in the state hold relatively low outstanding stocks of cotton. Alongside Kapas, cottonseed prices remained stable 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 rose by Rs 9 to reach Rs 1,455 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX surged by Rs 460, reaching Rs 58,800 per candy.
Monday witnessed a notable increase in the arrival of Kapas in the state's mandis, totaling 2,000 bales, with each bale weighing 170 kg. This marks a significant rise from the 1,500 bales reported on the previous trading day.
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(By Commoditiescontrol Bureau: +91-9820130172)
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