New Delhi, March 21 (Commodities Control): Cotton prices maintained stability in the markets of Telangana and Andhra on Thursday, with demand from spinning mills remaining limited. However, an increase in daily arrivals of Kapas was observed in the mandis of these states.
Traders note that spinning mills in Telangana and Andhra Pradesh are procuring cotton in limited quantities, primarily due to the upcoming holidays and closings, which are anticipated to result in weak business activities for the next eight to ten days.
Consequently, while a slight softening in cotton prices in the domestic market is expected, a significant decline is not foreseen. Additionally, there appears to be a decline in cotton exports from the domestic market, with the CCI selling cotton in the domestic market at a 10 percent premium compared to the purchase price. In Telangana, Kapas prices saw an increase of Rs 100.
The domestic futures market exhibited a mixed trend in cotton prices today. Kapas prices in the April-24 futures contract on the NCDEX weakened by Rs 5.5 to Rs 1,561.5 per 20 kg. Conversely, cotton prices in the March-24 futures contract on the MCX rose by Rs 60 to reach Rs 60,700 per candy.
Today, the daily arrival of Kapas in the mandis of Andhra Pradesh and Telangana totaled 6,300 bales, with 1,800 bales arriving in Telangana and 4,500 bales in Andhra Pradesh. This represents an increase from the previous trading day, which saw 6,000 bales arriving in these states.
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(CommoditiesControl Bureau; +91-9820130172)
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