New Delhi, May 13 (Commodities Control): Cotton prices remained stable for the second consecutive day on Thursday in the markets of Andhra Pradesh and Telangana due to limited demand from spinning mills, while daily arrivals of Kapas decreased.
The weather in the cotton-producing areas of Andhra Pradesh and Telangana is currently bad and cloudy. According to traders, the stability in cotton prices is attributed to the limited purchases by spinning mills in these states.
There is no significant demand for cotton yarn, and ginners are facing a disparity with current prices. As a result, a significant increase in cotton prices in the domestic market is unlikely. Additionally, the Cotton Corporation of India (CCI) holds a substantial stock of high-quality cotton in these states and is selling it at higher prices than the spot market.
Today, there was a downward trend in cotton prices in the domestic futures market. On NCDEX, the April-25 futures contract for Kapas weakened by Rs 3.5 to Rs 1,567 per 20 kg. Similarly, on MCX, the July-24 futures contract for cotton fell by Rs 220 to Rs 56,000 per candy.
The arrival of cotton in these states was 2,700 bales. Specifically, the daily arrival of Kapas in the mandis of Andhra Pradesh was 2,500 bales, while in Telangana, it was 200 bales. On the previous trading day, the arrival of Kapas in these states was 2,800 bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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