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Cotton maintains downtrend in Gujarat amid subdued buying, steady arrivals

29 Sep 2022 1:48 pm
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NEW DELHI, Sept 29 (Commoditiescontrol) : Cotton prices moved lower in the mandis of Gujarat for the fourth consecutive day on Thursday as buying from the spinning mills continued to remain sluggish, while daily arrivals remained steady.

Meanwhile, light rain has occurred in some cotton producing areas of the state. According to traders, in view of the arrival of new crop, MNCs have not started procurement from the state yet. Mills expect prices to come down further as daily arrivals of cotton increase. Anyway, due to weak demand in yarn, the mills of the state are not getting parity at current prices of cotton and are able to utilize only 40 to 50 percent of the total production capacity. Along with Gujarat, the production of cotton in the current season in the country is expected to be high, while the fear of economic slowdown at the global level is also expected to affect the demand for clothes. Therefore, the current prices are expected to soften further due to weak buying from spinning mills.

A downtrend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged lower by 0.91 percent. The November month cotton contract on the MCX also fell by Rs 540 at Rs 29,630 per bale (1 bale -170 kg).

A total 4,000 bales of kapas arrived in the state today, unchanged from a day before.

Cotton prices in the state's mandis ranged between Rs 7,500-9,125 per quintal, while cottonseed prices ranged from Rs 650 to 730 per 20 kg.

The price of A grade cotton was at Rs 68,000 to 70,000 per candy, B grade cotton at Rs 66,000 to 68,000 and average grade cotton at Rs 64,000 to 66,000 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 72,000 to 74,000 per candy.

The price of new cotton of V797 variety was quoted at Rs 54,000 to Rs 61,000 per candy, while the price of cottonseed of V797 variety was Rs 4,450 to Rs 5,100.


(By Commoditiescontrol Bureau)


       
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