New Delhi, May 24 (Commodities Control): Cotton prices remained stable in the markets of Andhra Pradesh and Telangana on Monday, attributed to limited demand from spinning mills, while daily arrivals of cotton remained steady in these states.
The weather conditions show a cloudy sky in Andhra Pradesh, whereas Telangana's cotton-producing regions are experiencing clear weather. According to market traders, the spinning mills in these states are purchasing cotton only as needed due to weaker than usual demand for cotton yarn both locally and for export. Although most spinning mills have a reduced outstanding stock of cotton, ginning mills hold larger stocks, curbing any significant rise in cotton prices at present. Furthermore, the Cotton Corporation of India (CCI) still holds substantial stock in these states.
In the domestic futures market, cotton prices showed a mixed trend today. On the NCDEX, the price of Kapas for the April-25 futures contract weakened by Rs 8, settling at Rs 1,609 per 20 kg. Conversely, on the MCX, the price of cotton for the July-24 futures contract rose by Rs 20, reaching Rs 57,800 per candy.
The daily cotton arrival in these states amounted to 1,300 bales. Specifically, Andhra Pradesh reported a daily arrival of 1,000 bales, while Telangana recorded an arrival of 300 bales. These figures remain unchanged from the previous trading day.
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(By CommoditiesControl Bureau: +91-9820130172)
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