New Delhi, March 22 (Commodities Control): Cotton prices remained stable in the markets of Telangana and Andhra Pradesh for the second consecutive day on Friday, owing to limited demand from spinning mills, coupled with a decline in the daily arrivals of Kapas in these states.
The weather conditions in both Andhra Pradesh and Telangana remained clear. Traders noted that mills in these states are procuring cotton only as per their immediate requirements, as many laborers have returned to their villages due to ongoing festival holidays. Additionally, the impact of March closing activities is being observed in the cotton trade.
Consequently, market observers anticipate limited fluctuations in cotton prices in the current month. Despite the Cotton Corporation of India (CCI) holding a considerable outstanding stock of cotton in these states, it is selling cotton at a higher price than the purchase price.
In the domestic futures market, a declining trend was observed in cotton prices today. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 18 to Rs 1,534 per 20 kg. Similarly, cotton prices in the March-24 futures contract on MCX weakened by Rs 520 to Rs 59,400 per candy during this period.
Today, the daily arrival of Kapas in the mandis of Andhra Pradesh and Telangana stood at 6,000 bales, with 1,500 bales arriving in Telangana and 4,500 bales in Andhra Pradesh. In comparison, 6,300 bales arrived in these states during the last trading decade.
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(CommoditiesControl Bureau; +91-9820130172)
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