New Delhi, April 24 (Commodities Control): Cotton prices remained unchanged in the markets of Andhra Pradesh and Telangana on Wednesday due to subdued demand from spinning mills, coupled with steady daily arrivals in these states.
Traders noted that spinning mills in these states are purchasing cotton strictly according to their immediate requirements, as prices in the foreign market exhibit fluctuations. Consequently, cotton exports appear less lucrative, and domestic demand for cotton yarn also remains subdued compared to normal.
However, the Cotton Corporation of India (CCI) holds ample cotton stock in these states and is selling cotton at elevated prices. Consequently, there is minimal likelihood of a significant decline in cotton prices in the spot market.
In the domestic futures market, cotton prices displayed a mixed trend today. On NCDEX, the price of Kapas in the April-24 futures contract weakened by Rs 2.5 to Rs 1,446 per 20 kg. Conversely, on MCX, the price of cotton in the May-24 futures contract rose by Rs 240 to Rs 58,780 per candy. Daily cotton arrivals in these states totaled 3,000 bales.
In Andhra Pradesh, the daily arrival of Kapas in mandis reached 2,500 bales, while in Telangana, 500 bales were recorded. These figures match with the previous trading day's arrivals.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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