New Delhi, March 27 (Commodities Control): Cotton prices exhibited a mixed trend in the markets of Telangana and Andhra Pradesh on Wednesday. Meanwhile, daily arrivals of Kapas remained stable in these states.
In Andhra Pradesh, cotton prices remained stable, whereas in Telangana, prices witnessed a weakening trend for the third consecutive working day. Traders attribute the subdued business activities to March closing, leading spinning mills in these states to procure cotton only as per their immediate requirements. Consequently, the current week is expected to see minimal fluctuations in cotton prices.
However, the surge in global cotton prices has rendered exports from the domestic market more profitable. Moreover, most small spinning mills in these states have relatively low outstanding stocks of cotton. In Telangana, Kapas prices weakened by Rs 50, while cotton prices saw a decline of Rs 25.
In the domestic futures market, cotton prices experienced a declining trend. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 6.5 to Rs 1,533 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX witnessed a decline of Rs 480 to Rs 62,040 per candy.
The daily arrival of Kapas in the mandis of Andhra Pradesh and Telangana stood at 6,000 bales on Wednesday, consistent with the figures reported on the previous trading day. Of this, 1,500 bales arrived in Telangana, while 3,500 bales were reported in Andhra Pradesh.
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(CommoditiesControl Bureau; +91-9820130172)
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