Ahmedabad, April 20 (CommoditiesControl): After experiencing a significant downturn in the foreign market leading to a continuous decline in cotton prices over the past three days, the cotton market witnessed a stabilizing trend in Gujarat today.
The softening trend in cotton yarn prices, driven by low demand and global uncertainty, saw a pause with a slight improvement in the foreign market observed on Friday evening, consequently bringing stability to the Indian cotton market.
Traders noted that the recent instability in the global market had impacted the Indian market over the past three days, but today, Gujarat's cotton market showed signs of steadiness.
The stability in the cotton market was reflected by the steady prices of Kapas in the state today. However, farmers expressed concerns as Kapas prices dipped below Rs 1500 per 20 kg.
Today's prices for different varieties of cotton in Gujarat were recorded as follows:
- 29mm cotton: Rs 57000-57500 per candy, each candy weighing 356 kg.
- 28.5mm cotton: Rs 56700-56900 per candy
- V 797: Rs 36500-37000 per candy
The average price of Kapas stood at Rs 1250-1480 per maund, each weighing 20 kg. Today, around 12000 bales of cotton arrived in the state, with each weighing 170 kg.
ICE cotton futures showed a slight improvement on Friday following a previous session's fall to a four-month low. Technical buying in the futures contributed to this uptick, with May cotton futures closing at 78.69 cents, up by 0.59 cents or 0.76%.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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