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Cotton Markets Remain Stable in Andhra & Telangana Amid Sluggish Demand

25 Apr 2024 3:20 pm
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New Delhi, April 25 (Commodities Control): Cotton markets in Andhra Pradesh and Telangana witnessed another day of stability on Thursday, with prices holding steady for the second consecutive day. The subdued demand from spinning mills coupled with consistent daily arrivals noted in the mandis.

Traders noted that recent declines in cotton prices in the international market have led to a reduction in cotton exports, prompting spinning mills in these states to procure cotton only as needed. Consequently, spot market prices remained unchanged for the second consecutive day. The Cotton Corporation of India (CCI) holds ample stock in these states and is selling cotton at relatively higher prices, mitigating the possibility of significant price fluctuations in the spot market.

In the domestic futures market, cotton prices experienced a decline. On the National Commodity and Derivatives Exchange (NCDEX), the price of Kapas in the April-24 futures contract weakened by Rs 0.5 to Rs 1,455 per 20 kg. Similarly, on the Multi Commodity Exchange (MCX), the price of cotton decreased by Rs 260 to Rs 58,400 per candy in the May-24 futures contract.

Cotton arrivals in Andhra Pradesh and Telangana totaled 3,000 bales, with Andhra Pradesh seeing 2,500 bales and Telangana 500 bales. These figures match with the previous trading day's arrivals.

(By Commoditiescontrol Bureau: +91-9820130172)

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