Ahmedabad, April 18 (CommoditiesControl): The Indian cotton market has been impacted by a recession in global cotton futures, with New York cotton futures declining below 80 cents. This downturn led to a decrease in Indian cotton prices to Rs 59,000 per candy. If demand does not pick up at the lower price point, there is potential for further price drops. Cotton prices in Gujarat have declined by Rs 200-250 per candy today, while Kapas prices have also declined by Rs 20-25 per 20 kg due to the recession in the cotton market.
Traders report a reduction in Kapas arrivals in Gujarat and diminished farmer selling due to the price decline. Support for the Kapas market will only arise if cotton prices improve in the coming days.
In Gujarat today, the price of 29mm cotton ranged from Rs 58,000 to Rs 58,500 per candy, each candy weighing 356 kg, while the price of 28.5mm cotton ranged from Rs 57,900 to Rs 58,000 per candy. V797 cotton prices quoted at Rs 37,500 to Rs 37,800 per candy. The average price of Kapas stood in the range of Rs 1,350 to Rs 1,500 per maund, each each weighing 20 kg. The state saw an arrival of around 14,000 bales of cotton today, each weighing 170 kg.
ICE cotton futures faced selling pressure from speculators, reaching their lowest level in nearly four months on Wednesday. May cotton futures fell by 1.73 cents, or 2.13%, to 79.56 cents.
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(CommoditiesControl Bureau; +91-9820130172)
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