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Cotton Prices Remain Stable in Andhra and Telangana; Daily Arrivals Steady

7 May 2024 3:28 pm
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New Delhi, May 7 (Commodities Control): Cotton prices continued to hold steady in the markets of Andhra Pradesh and Telangana for the third consecutive working day on Tuesday, reflecting limited demand from spinning mills, while daily arrivals of Kapas in these states remained stable.

Traders reported that spinning mills in these states are adopting a cautious approach, procuring cotton only based on immediate requirements due to the lack of profitability at current price levels. Moreover, both local and export demand for yarn is weaker than usual. The Cotton Corporation of India (CCI) holds a significant outstanding stock of cotton in these states and has accordingly reduced the selling price of cotton. In this scenario, significant upward movement in cotton prices in the spot market seems unlikely.

In the domestic futures market, cotton prices witnessed a declining trend today, with Kapas prices falling by Rs 8.5 to Rs 1,574 per 20 kg in April-25 futures contracts on NCDEX.

The total arrival of cotton in these states amounted to 2,500 bales. In Andhra Pradesh, the daily arrival of Kapas in mandis reached 2,000 bales, while in Telangana, it stood at 500 bales. These figures remained consistent with the previous trading day's arrivals.




(By CommoditiesControl Bureau: +91-9820130172)


       
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