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Cotton Prices Firm in Gujarat amid Improved Demand

11 Jul 2020 4:52 pm
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Mumbai (commodities control) - Gujarat cotton prices witnessed second consecutive session of firm prices. Local demand along with that from South Indian markets helped take prices Rs 100- 200 per candy higher.

State registered arrivals of 8,000 bales. Kapas was quoted at Rs 4200-4800. Cottonseed was quoted at Rs 2300-2400/quintal. While cottonseed oilcake traded at Rs 2000-2200/quintal. 29 mm Sankar-6 cotton was quoted at Rs 33,500-33,800 and 28.5+mm cotton was priced at Rs 32,300-32,500 per candy. While Traders reveal there's good demand for 29 mm from South India, while the arrivals are diminishing for this variety. Meanwhile groundnut is taking over cotton's area of cultivation in the state. Cotton cultivation is lagging by 2.5% due to higher acreage in groundnut. As on 6th July, Gujarat’s area under cotton cultivation has reached 18, 76,010 hectares. According to the 3 year average cotton sowing in Gujarat is over 68% complete thus far. Meanwhile groundnut acreage has reached 18, 27,519 hectares which 54% higher than acreage last year during the corresponding period. Traders confirm that the strength in overseas cotton is the reason behind positive sentiments in domestic markets. ICE cotton meanwhile has moved past 64.70 cents in October futures; a five months high and has upped 2% this week. CCI is auctioning 28.5 mm cotton in Rajkot at Rs 35,700 and 26-28.5 mm cotton in Ahmedabad at Rs 34,700-35,700 per candy. This is inclusive of Rs 300-1500 discount given by CCI.

       
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