New Delhi, May 25 (Commodities Control): Cotton prices in the markets of Andhra Pradesh and Telangana showed mixed trends on Tuesday due to limited demand from spinning mills, while daily arrivals of Kapas increased in these states.
It is cloudy in Andhra Pradesh, while the weather is clear in the cotton-producing areas of Telangana. Cotton prices remain stable in Telangana, while it increased in Andhra Pradesh. According to traders, local and export demand for cotton yarn is weaker than normal, so the spinning mills in these states are not increasing inventory.
Experts indicate that a rise in cotton prices in the domestic market will occur only when local demand for cotton yarn increases. The Cotton Corporation of India (CCI) has significant outstanding stock of cotton in these states and increased the selling price of cotton by Rs 300 per candy on Monday.
The Cotton Production and Consumption Committee (COCPC) in its meeting on Monday raised the cotton production estimate for 2023-24 by 2 lakh bales to 325.22 lakh bales (170 kg per bale).
Cotton prices were mixed in the domestic futures market today. Kapas prices weakened by Rs 6 to Rs 1,612 per 20 kg in the April-25 futures contract on NCDEX. Meanwhile, cotton prices rose by Rs 470 to Rs 58,250 per candy in the July-24 futures contract on MCX.
Cotton arrivals in these states were 1,800 bales. Today, the daily arrival of Kapas in the mandis of Andhra Pradesh was 1,800 bales, while 300 bales arrived in Telangana. On the previous trading day, the arrival of Kapas in these states was 1,300 bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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