Ahmedabad, March 21 (CommoditiesControl): The cotton market in Gujarat is currently experiencing a slump in demand, leading to stable prices. The prevailing economic conditions, characterized by a shortage of funds, have hindered purchasing activity even at reduced prices, contributing to the subdued market atmosphere.
Traders have noted that the current stability in prices may be short-lived if the downward trend continues, with projections suggesting prices could potentially drop to Rs 60,000 per candy. Additionally, as the end of March approaches, the sale of Kapas, or raw cotton, is witnessing a decline across the state. Anticipating the impending lull in market activity, most markets are expected to remain closed for a week starting from Saturday. The market's trend in April will largely depend on the performance of Kapas sales during that period.
As of today, the price of 29mm cotton stands at Rs 60,800-61,300 per candy, while 28.5 mm cotton is priced at Rs 60,200-60,500 per candy. V 797 cotton is trading at Rs 40,800-41,000 per candy. The average price of Kapas ranges between Rs 1,400-1,580 per maund, each weighing 20 kg. Presently, the state has seen the arrival of approximately 25,000 bales of cotton, each weighing 170 kg.
Meanwhile, in the global market, U.S. cotton futures recorded a consecutive decline for the second day on Wednesday, marking their lowest level in nearly a month. This downturn was attributed to a strengthening dollar and downturns in crude oil and equity markets. May cotton futures closed down by 1.16 cents, or approximately 1.24%, at 92.18 cents, reaching their lowest point since February 21 at 91.81 cents.
.jpeg)
(CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
