New Delhi, July 5 (Commodities Control): Cotton prices remained unchanged for the sixth consecutive trading day on Thursday in the markets of Andhra Pradesh and Telangana due to limited demand from spinning mills, while daily arrivals of Kapas also remained stable in these states.
Clouds are looming in the cotton-producing areas of Andhra Pradesh as well as Telangana. According to traders, the local demand for yarn is weaker than normal, and due to the recent weakening of prices in the foreign market, cotton exports do not seem profitable.
On the other hand, cotton production estimates are high in the US, so there is pressure on prices. The sowing time of Kapas is going on in the domestic market, and so far in the current monsoon season, the rainfall in the Kapas-producing states has been less than normal. In such a situation, millers are buying cotton in limited quantities.
There was a downward trend in cotton prices in the domestic futures market today. Kapas prices in the April-25 futures contract on NCDEX fell by Rs 3.5 to Rs 1,596.5 per 20 kg.
Cotton arrivals in these states were 1,700 bales. Today, daily arrivals of Kapas in Andhra Pradesh mandis were 1,500 bales, while in Telangana, 200 bales were received. On the previous trading day, the same number of bales of Kapas arrivals were received in these states.
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(By CommoditiesControl Bureau: +91-9820130172)
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