Ahmedabad, March 01 (Commodities Control): After experiencing a robust surge in the global cotton market, the Indian cotton market witnessed an uptick. However, on Thursday, New York cotton futures experienced a cooling trend, contributing to a sense of stability in the Indian market today. Traders emphasize that market dynamics will hinge on future sales, while Kapas cotton prices have also maintained stability.
The Ministry of Agriculture and Farmers Welfare released the second advance estimates for major agricultural crops for the year 2023-24, revealing an estimated production of 323.11 lakh bales of Kapas, with each bale weighing 170 kg each.
In today's market in the state, the price of 29mm cotton stood at Rs 61,000-61,300 per candy, each candy weighing 356 kg, 28.5 mm cotton at Rs 60,500-61,000 per candy, and V 797 at Rs 40,500-41,000 per candy. The state witnessed the arrival of 30,000 bales of cotton on this day. Kapas prices were recorded at Rs 1400-1600 per maund, each weighing 20 kg.
As per the Cotton Association of India, the country has received a total of 214.49 lakh bales of cotton, with Gujarat contributing 57.05 lakh bales.
US cotton futures experienced a decline on Thursday, retracting from the previous day's one-year high. The Kapas market felt the impact of lower sales in the US cotton export sales report. May cotton futures fell by 1.95 cents, or 2%, to 99.12 cents. Despite this, the prices reached their highest level since September 2022 in the previous session, with May futures witnessing a remarkable 14% increase for the month.
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(By CommoditiesControl Bureau; +91-9820130172)
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