New Delhi, May 10 (Commodities Control): For the sixth consecutive trading day, cotton prices remained stable in the markets of Andhra Pradesh and Telangana, owing to limited demand from spinning mills. Concurrently, the daily arrival of Kapas in these states remained consistent.
Traders noted that spinning mills in these states are procuring cotton only as per their immediate requirements, given the weaker-than-normal local and export demand for yarn. With fluctuations observed in cotton prices in the foreign market, mills are adopting a cautious approach. However, small spinning mills in these states possess a limited outstanding stock of cotton. As local demand for yarn picks up, these mills will likely be compelled to resume cotton purchases.
In the domestic futures market, cotton prices exhibited a declining trend. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 1.5 to Rs 1,561 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decrease of Rs 120 to Rs 57,300 per candy.
The total arrival of cotton in these states amounted to 2,500 bales. In Andhra Pradesh, the daily arrival of Kapas stood at 2,000 bales, while in Telangana, it was 500 bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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