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Gujarat Cotton Prices Steady

14 Aug 2020 3:25 pm
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Mumbai (commodities control) - Cotton prices were quoted steady in Gujarat cotton mandis despite reduced arrivals. Prices were unchanged despite CCI raising the base price of its cotton.

Cotton arrivals of 3000 bales were registered in the state mandis. Kapas was quoted at Rs 4000-4500. Cottonseed was quoted at Rs 2200-2350/quintal, while cottonseed oilcake traded at Rs 2000-2200/quintal. It is to be noted at CCI has raised the base price of its cotton by Rs 100 per candy, under the discount scheme. The agnecy has uooed the rates tracking strength in global cotton benchmark. This is the third time, CCI has hiked its base price taking the total hike for the state to Rs 500 this month. 29 mm Sankar-6 cotton was quoted at Rs 34,200-34,700 and 28.5+mm cotton was priced at Rs 33,300-33,500 per candy. While 28 mm was priced at Rs 32,300-32,700 per candy. Traders reveal that trade is disrupted in the state due to heavy rains. Market is running short on sellers and buyers alike. This is the reason why the market is unable to respond to the multiple positive factors. According to CCI's new discount scheme 28.5 mm cotton in Rajkot was quoted at Rs 35,300-36,300 per candy and 26-28.5 mm was priced at Rs 35,300-36,300 per candy in Ahmedabad. The scheme is inclusive of Rs 300-1500 per candy of quantitative discounts.

       
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