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Cotton Prices Stable in Andhra & Telangana; Daily Arrivals Hold Steady

16 May 2024 3:33 pm
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New Delhi, May 16 (Commodities Control): Cotton prices in the markets of Andhra Pradesh and Telangana maintained stability on Thursday, attributed to subdued demand from spinning mills, while daily arrivals of Kapas remained unchanged.

Despite an increase in cotton prices during today's electronic trading on ICE, purchases from spinning mills in these states remained limited. Traders noted that weak demand for cotton and yarn in the domestic market has led to selling by multinational companies (MNCs), thereby preventing significant price rises in the cotton market. However, with most spinning mills in these states holding less outstanding cotton stocks, they will inevitably need to procure cotton in the near future.

In the domestic futures market, cotton prices experienced an upward trend today. Kapas prices rose by Rs 5 to reach Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Similarly, cotton prices in the May-24 futures contract on MCX increased by Rs 120 to Rs 56,100 per candy.

The arrival of cotton in Andhra Pradesh and Telangana totaled 2,500 bales today. Specifically, the daily arrival of cotton in Andhra Pradesh was 2,000 bales, while in Telangana, it amounted to 500 bales, matching the figures from the previous trading day.





(By CommoditiesControl Bureau: +91-9820130172)


       
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