Ahmedabad, March 23 (CommoditiesControl): The cotton market in Gujarat continues to witness a downward trend as prices have dipped below Rs 60,000 per candy, each weighing 356 kg, due to subdued demand. This marks a significant decline of over Rs 1,000 per candy within the past week alone, reflecting the escalating recession.
Traders have noted that the current selling activity in the cotton market is limited, with expectations of persistently low demand as March draws to a close. Cotton prices in the state have witnessed a further decline today, dropping by Rs 200-300 per candy. Consequently, the prices of Kapas remained soft by Rs 10-15 per 20 kg. With the onset of the Holi festival and the culmination of March, most markets are now closed and anticipated to reopen in April.
Today, the price range for various cotton grades in the state stood as follows: 29mm cotton was priced between Rs 60,000-60,500 per candy, 28.5 mm cotton ranged from Rs 58,800-58,900 per candy, and V797 cotton was priced at Rs 40,000-40,200 per candy. The average price of Kapas quoted around Rs 1,400-1,570 per maund, each weighing 20 kg. Notably, around 18,000 bales, each weighing 170 kg, of cotton arrived in the state today.
Meanwhile, in the global market, US cotton futures hit a one-month low on Friday amidst pressure from a stronger dollar and weakened demand, marking the third consecutive weekly decline. May cotton futures closed down 68 points at 91.53 cents.
According to the latest data from the Cotton Association of India (CAI), a total of 243.74 lakh bales have arrived in the country, with Gujarat accounting for the arrival of 65.65 lakh bales.
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(CommoditiesControl Bureau; +91-9820130172)
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