Ahmedabad, April 30 (CommoditiesControl): A prevailing softness in the cotton yarn market has contributed to a stable environment in cotton prices across Gujarat. Reports indicate a decline of Rs 2 to Rs 3 per kilogram in cotton yarn prices, reflecting a continuous downturn in the yarn market.
Analysts anticipate that this downturn could have a ripple effect on the cotton market, effectively halting the recent upward trend in cotton prices. Over the past two days, cotton prices have maintained stability amid these trends.
Meanwhile, local arrivals of Kapas, or raw cotton, are on a downward trend. The decrease in local arrivals is attributed partly to the arrival of low-quality goods from Maharashtra, which has helped stabilize the average market conditions.
In today's market, the price of 29mm cotton was recorded at Rs 58,000-58,300 per candy, 28.5 mm at Rs 57,000-57,300 per candy, and V797 at Rs 37,500-37,700 per candy, with each candy equivalent to 356 kg. Additionally, the average price of Kapas stood at Rs 1,300-1,520 per maund, each maund weighing 20 kg. Notably, around 10,000 bales of cotton arrived in the state today, with each bale weighing 170 kg.
The improvement in New York cotton futures has prompted significant multinational companies to adjust their selling prices for May to July deliveries in Gujarat. Prices have been raised by Rs 300 to Rs 400, with May 15 delivery now priced at Rs 59,300 per candy, May to July delivery at Rs 60,200 per candy, and June to August delivery at Rs 60,700 per candy.
According to the Cotton Association of India, the country has received 277.26 lakh bales of cotton so far, with Gujarat accounting for 73.29 lakh bales of the total arrivals.
(By Commoditiescontrol Bureau: +91-9820130172)
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