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Cotton prices rule steady n Gujarat amid moderate trade

8 Aug 2022 4:28 pm
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Mumbai, Aug 8 (Commoditiescontrol): Cotton prices ruled steady in the major market Gujarat on Monday amid moderate buying carried out by the spinning mills. The demand and supply remained unchanged compared to last session as arrivals were also flat around 800 bales of 170 kg each.




As per the trade sources, the ginners were not ready to reduce their rates while buyers were hesitant to buy at higher rates. But the balance stock of cotton with the mills of the state is also much less than last year due to a fall in the production in the current season, while imports are not competitive. The arrival of new cotton in the mandis of the state will start only in September-October. Hence, prices of cotton are unlikely to see any big fall in near term.

Some parts of Gujarat received rains today. However, it doesn’t make any interruption in trade.



In Gujarat, cotton sowing so far in the current kharif has increased to 25.04 lakh hectares as against 22.22 lakh hectares in the same period last year. According to the India Meteorological Department ( IMD), from June 1 to August 7, Gujarat region has received 25% above normal rainfall while Saurashtra and Kutch have received 45% above normal rains.



Cottonseed prices ranged from Rs 650 to Rs 750, while kapas or raw cotton at Rs 1,700 to Rs 2,400 per 20 kg in the state's mandis. Kapas of fardar quality quoted at 1,500 to 2,000 per 20 kg.


The price of A grade cotton was at Rs 93,000 to 95,000 per candy, B grade cotton at Rs 89,000 to 93,000 and average grade cotton at Rs 88,000 to 89,000 per candy in the state's mandis.

Mills of South India did not do any business of cotton today, while godown stock cotton quoted at Rs 94,000 to 96,000 per candy.

The price of new cotton of V797 variety was quoted at Rs 53,500 to Rs 60,000 per candy, while the price of cottonseed of V797 variety was Rs 4,650 to Rs 4,950.

At Multi Commodity Exchange cotton for delivery in Aug was trading at 47450 per bale, up Rs 140 0r 0.30% from the last session.



(By Commodities control Bureau; +91 9820130172)


       
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