Ahmedabad, April 4 (CommoditiesControl): The Indian cotton market felt the impact of the consecutive decline in New York cotton futures, with Gujarat witnessing a notable drop in cotton prices. Gujcot, a major player in the region, has slashed cotton prices by Rs 200 per candy. Amid this, spinning mills in the state purchasing cotton at the range of Rs 60,800 to Rs 61,000 per candy.
Cotton brokers have observed a significant slowdown in ginning activities, with most ginning mills either closed or operating at reduced capacity, running only two to three days a week. The shortage of Kapas has led to disruptions in the supply chain, particularly in key centers of Saurashtra such as Dhasa, Jasdan, and Babra, where ginning activities are only at 15 to 20 percent capacity. Additionally, the price of cotton yarn has surged by Rs 4 to 5 per kilogram in just three days in April, further impacting cotton purchase patterns, which are expected to increase in the near future.
Today, the state recorded the price of 29mm cotton ranging from Rs 60,500 to Rs 61,000 per candy, each weighing 356 kg, 28.5 mm cotton at Rs 59,800 to Rs 60,200 per candy, and V 797 cotton at Rs 40,300 to Rs 40,500 per candy. The average price of Kapas stood at Rs 1,450 to Rs 1,580 per maund, each weighing 20 kg. Around 20,000 bales, each weighing 170 kg, of cotton arrived in the state today.
According to data from the Cotton Corporation of India (CCI), the country has received a total of 249.93 lakh bales of cotton, with Gujarat accounting for 67.86 lakh bales. The downward pressure on cotton prices persisted as ICE cotton futures fell for the second consecutive day on Wednesday, marking the lowest level in nearly two months. Cotton futures for May recorded a decline of 1.83 cents, or 2%, reaching 88.98 cents.
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(CommoditiesControl Bureau; +91-9820130172)
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