Mumbai, 3 DEC (Commoditiescontrol): Cotton prices traded steady on Saturday, at mandis of Andhra Pradesh and Telangana, due to sporadic mill participation, along with fall in daily arrivals, traders said.
Clear weather condition witnessed over Andhra Pradesh and Telangana. As per traders, domestic cotton prices continues to experience increased volatility, similar to observed at overseas markets, and, are less influenced by demand factor. Currently, local markets witness lot of uncertainty. Poor local and overseas demand has resulted in millers indulge in need-based cotton buying, while, on the other hand, slow pace of daily cotton arrivals has curtailed mill operation 40-50%. Hence, cotton prices are expected witness increased volatility in near term. Farmers are delaying sell cotton at lower price. Hence, cotton prices are likely to witness volatility in the near term.
The daily arrival of cotton in the mandis of Andhra Pradesh and Telangana was 10,500 bales (1 bale -170 kg) today, as compared with 11,000 bales received on previous session. Of the total arrivals, 6,500 bales arrived in Telangana and 4,000 bales in Andhra Pradesh.
Cotton prices were at Rs 7,000- 8,510 per quintal in Telangana mandis and at Rs 6,000 to 9,000 per quintal in Andhra Pradesh mandis.
Cottonseed prices ranged from Rs 3,700 to Rs 3,650 per quintal in mandis of Telangana and Rs 2,700 to Rs 3,800 per quintal in mandis of Andhra Pradesh.
In Guntur mandi of Andhra Pradesh, 29/29.5plus mm RD 71/73 variety of cotton traded at Rs 58,000 to 65,000 per candy (candy-356 kg), while 30 mm RD 71/73 variety new cotton traded at Rs 68,000-70,000 per candy, depending on the quality.
In Adoni Mandi of the state, 29 plus mm RD 72/75 variety of cotton was traded at the rate of Rs 67,000 - 70,000 per candy (candy-356 kg).
In Bhainsa Mandi, the price of 29/29 plus MM variety of RD 72/75 cotton was quoted at Rs 68,500 to Rs 69,500 per candy.
At Adilabad Mandi, 29 MM variety of RD 72/75 cotton was quoted at Rs 68,000 to Rs 68,500 per candy.
(By Commoditiescontrol Bureau: +91-22-40015505)
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