New Delhi, April 5, 2024 (Commodities Control): Cotton prices found stability in the markets of Telangana and Andhra Pradesh on Friday, attributed to subdued demand from spinning mills, while daily arrivals remained steady.
Traders report that cotton prices have remained subdued in the global market over the past three days, prompting spinning mills in these states to procure cotton only as per their immediate requirements. Consequently, prices have stabilized in the spot market. Analysts anticipate an increase in local demand for yarn in the upcoming days due to the ongoing consumption season. Additionally, most small spinning mills in the region have limited outstanding stock of cotton, which is expected to necessitate further cotton purchases in the near future.
In the domestic futures market, cotton prices exhibited a downward trend. The April-24 futures contract for Kapas on the NCDEX recorded a decrease of Rs 3, settling at Rs 1,522 per 20 kg. Similarly, the May-24 futures contract for cotton on the MCX witnessed a decline of Rs 240, reaching Rs 61,620 per candy.
Today, the daily arrival of Kapas in the mandis of Andhra Pradesh and Telangana amounted to 5,000 bales. Of this, 1,500 bales were reported in Telangana, while Andhra Pradesh saw the arrival of 3,500 bales, with each bale weighing 170 kg. These figures match with the arrivals reported on the previous trading day.
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(CommoditiesControl Bureau; +91-9820130172)
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