Ahmedabad, May 2 (CommoditiesControl): The Indian cotton market witnessed a significant decline today as a result of the ongoing downturn in the global cotton sector. Cotton prices in Gujarat experienced a sharp drop of Rs 200-300 per candy. Over the past two days, this decline has amounted to Rs 600-700 per candy.
The slump in cotton prices has also impacted Kapas prices, which softened by Rs 5-10 per 20 kg. Market analysts attribute this downturn to the New York cotton futures, which have plummeted to as low as 77 cents. The future trend of the market remains uncertain, that depends upon global market and forthcoming sales.
In addition to the declining prices, there has been sluggish purchasing activity in the state. Ginners are pessimistic about any imminent recovery in cotton prices, given the existing disparity.
As per reports from the state, the price of 29mm cotton ranged from Rs 57000-57500 per candy, 28.5mm cotton was priced between Rs 56300-56900 per candy, and V 797 stood at Rs 36200-36500 per candy. The average price of Kapas hovered between Rs 1300-1500 per maund. Today, around 8000 bales of cotton arrived in the state, highlighting the persisting challenges faced by the industry.
Meanwhile, ICE cotton futures witnessed a significant dip, hitting their lowest point in a year and a half. July cotton futures fell by 2.0 cents, or 2.6%, to 76.39 cents, nearing their lowest level since November 2022. Weak demand continues to exert pressure on the market, further exacerbating the situation.
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(By Commoditiescontrol Bureau: +91-9820130172)
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