New Delhi, April 19 (Commodities Control): Cotton prices displayed a mixed trend for the second consecutive day on Friday in the markets of Andhra Pradesh and Telangana, as limited demand from spinning mills persisted, accompanied by a stagnation in daily arrivals of Kapas in these states.
While cotton prices remained stable in Andhra Pradesh, they weakened for the second consecutive day in Telangana. Traders attribute this trend to the cautious approach adopted by spinning mills in these states, which are procuring cotton only as per their immediate requirements.
This cautious stance stems from weakened export demand for cotton and a decline in local demand for yarn compared to previous levels. Consequently, the possibility of a significant increase in cotton prices appears slim, particularly as the Cotton Corporation of India (CCI) is selling cotton at higher prices in these states.
In the domestic futures market, cotton prices witnessed a declining trend. Kapas prices in the April-24 futures contract on NCDEX weakened by Rs 14.5 to Rs 1,446.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decrease of Rs 80 to Rs 57,500 per candy.
Today, the daily arrival of Kapas in the mandis of Andhra Pradesh totaled 2,500 bales, while in Telangana, the arrival stood at 600 bales. These figures match with the arrivals from the previous trading day.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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