Ahmedabad, April 6 (Commoditiescontrol): The cotton market in Gujarat is experiencing a dip in prices, attributed primarily to the subdued demand for cottonseed cake and cottonseed, leading to a notable absence of purchases by yarn mills.
This trend has resulted in a decrease in cotton prices within the state, ranging between Rs 100 to Rs 200. Concurrently, a persistent downturn in New York cotton futures is exerting additional softness on the Indian cotton market, although Gujarat's market hasn't witnessed a substantial decline. The New York cotton futures have notably dropped to 86.25 cents.
The effects of this downturn are evident in the prices of Kapas, which also saw a reduction by Rs 5-10 per 20 kg today, amidst the general slowdown in the cotton sector. This ongoing price trend, if the low cotton prices persists, may cast a shadow over the early sowing states in May.
Market rates in the state today stood in the range for 29mm cotton at Rs 60,000-60,500 per candy (356 kg), 28.5 mm cotton at Rs 59,700-59,900 per candy, and V 797 variety at Rs 39,500-40,000 per candy. The average Kapas price was noted at Rs 1,350-1,550 per maund (20 kg), with the state witnessing an arrival of around 19,000 bales (170 kg each) of cotton today.
Cottonseed cake prices have seen an uptick to Rs 1,350-1,460 per 50 kg, depending on quality, while cottonseed prices quoted around Rs 530-570 per 20 kg.
The international market showed this trend, with ICE cotton futures marking a significant weekly downturn, the most substantial in five months. May cotton futures decreased by 0.89 cents, or 1%, settling at 86.25 cents, marking the largest weekly drop since early November.
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(CommoditiesControl Bureau; +91-9820130172)
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