New Delhi, June 26 (Commodities Control): Cotton prices remained stable in Karnataka on Wednesday due to limited purchases by spinning mills, while daily arrivals of Kapas in the state's mandis also remained stable.
Cloudy weather prevailed in the cotton-producing areas of the state. Traders reported that cotton prices had risen in the state on Tuesday, but limited purchases by spinning mills at the increased prices kept the prices stable today. Over the past two days, the Cotton Corporation of India (CCI) has increased the selling prices of cotton, and most mills have low outstanding stock. Therefore, it is expected that mill purchases will increase in the coming days, potentially driving up current prices. Kapas prices in the state rose by Rs 75, while cottonseed prices remained stable.
According to sources, CCI sold 9,000 tonnes of cotton to Indian mills yesterday at a record level and plans to start selling to traders from July 1.
Cotton prices rose in the domestic futures market today. On NCDEX, Kapas prices increased by Rs 1 to Rs 1,628 per 20 kg in the April-25 futures contract. Meanwhile, on MCX, cotton prices rose by Rs 510 to Rs 59,400 per candy in the July-24 futures contract.
On Wednesday, the arrival of Kapas in the state's mandis was recorded at 1,000 bales, consistent with the previous trading day's arrival.
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(By CommoditiesControl Bureau: +91-9820130172)
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