Ahmedabad, April 16 (CommoditiesControl): Gujarat's cotton market continues to show a stable trend over the past two days, amid consistent demand from spinning mills and ginning mills. The prevailing stability in the market has been attributed to a balanced buying pattern from these key players, resulting in steady prices for Kapas.
Traders emphasize that spinning mills are procuring cotton according to their immediate requirements, while ginning mills are also aligning their purchases accordingly. Consequently, this balanced demand-supply dynamic has helped maintain price stability in the market.
Concerns loom over the yarn segment, with market participants closely monitoring global geopolitical developments, as any significant shifts could directly impact export demand. Despite this apprehension, the Indian Kapas market is anticipated to sustain its stability, following a modest recovery in the global market sentiment.
The Indian Meteorological Department's (IMD) recent forecast regarding the upcoming monsoon season has brought optimism to the agricultural sector. The expectation of a normal monsoon this year is anticipated to boost sowing activities and subsequently enhance Kapas production.
As of today, the price range for cotton in the state stands at Rs 59,000-59,500 per candy for 29mm variety, Rs 58,500-58,800 per candy for 28.5mm variety, and Rs 38,000-38,500 per candy for V 797. Meanwhile, the average price of Kapas hovers between Rs 1,350 and Rs 1,530 per maund. Today's cotton arrivals in the state totaled around 15,000 bales, with each bale weighing 170 kg.
In the broader market context, ICE cotton futures witnessed a slight rebound on Monday, primarily driven by speculative buying activities following a dip to a nearly three-month low in the preceding session. However, gains were capped by the strength of the US dollar. May cotton futures concluded at 82.93 cents, marking an increase of 0.31 cents or 0.40%.
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(CommoditiesControl Bureau; +91-9820130172)
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