New Delhi, March 26 (Commodities Control): Cotton prices exhibited a mixed trend in the markets of Telangana and Andhra Pradesh on Tuesday, influenced by limited demand from spinning mills. Moreover, a reduction in daily arrivals of Kapas noted in these states.
While cotton prices remained stable in Andhra Pradesh, a slight weakening was observed in Telangana during the second working day. Traders attribute this to the combined impact of festival holidays and the closure of March, prompting spinning mills in these states to procure cotton solely based on immediate requirements. Consequently, the market is anticipated to witness limited bullish and bearish trends in cotton prices.
Despite most small spinning mills having lower outstanding stock levels of cotton, an upsurge in local demand for yarn is expected in the forthcoming days. As a result, spinning mills will likely need to replenish their cotton stocks, mitigating the potential for significant declines in current prices. In Andhra Pradesh, cottonseed prices experienced a decline of Rs 160, whereas in Telangana, Kapas prices decreased by Rs 50, and cottonseed prices dipped by Rs 75.
In the domestic futures market today, cotton prices displayed a mixed trend, with a Rs 4 weakening observed in the April-24 futures contract for Kapas on NCDEX, reaching Rs 1,537 per 20 kg. Conversely, cotton prices in the May-24 futures contract on MCX rose by Rs 20 to Rs 62,000 per candy during this period.
Today, the daily arrival of Kapas in the mandis of Andhra Pradesh and Telangana totaled 6,000 bales, with 1,500 bales arriving in Telangana and 3,500 bales in Andhra Pradesh, each bale weighing 170 kg. This reflects a slight decrease from the previous trading day's arrivals, which also totaled 6,000 bales in these states.
(CommoditiesControl Bureau; +91-9820130172)
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