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Cotton Prices Hold Steady in Andhra & Telangana Amid Limited Buying

30 Apr 2024 3:08 pm
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New Delhi, April 30 (Commodities Control): Cotton prices remained stable in the markets of Andhra Pradesh and Telangana on Tuesday, due to subdued demand from spinning mills, while stability in daily arrivals of Kapas noted in these states.

Traders noted minimal fluctuations in cotton prices in the global market over the past week, reflecting a cautious approach by domestic spinning mills in purchasing cotton only as per their immediate requirements. Moreover, both local and export demand for yarn are reported to be weaker than usual, leading to a stagnation in the mills' inventory levels. However, spinning mills in these states are operating with limited outstanding stock, necessitating further cotton purchases to meet their production needs.

In the domestic futures market, cotton prices witnessed a downward trend today. Prices in the May-24 futures contract on MCX weakened by Rs 460 to reach Rs 58,200 per candy.

Cotton arrivals in these states totaled 3,000 bales. In Andhra Pradesh, the daily arrival of cotton stood at 2,500 bales, while in Telangana, it was 500 bales. These figures match the arrivals from the previous trading day.

(By Commoditiescontrol Bureau: +91-9820130172)

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