Ahmedabad, April 8 (CommoditiesControl): In a relatively muted trading session today, cotton prices in Gujarat witnessed no significant change, attributed to restrained purchasing activity by the state's spinning mills. This comes against a backdrop of stable Kapas prices and recent fluctuations in the global markets, which traders believe has influenced local buying sentiment.
Market insiders highlight that the fluctuating global market last week has cast a shadow over the Indian cotton market, leading to a cautious approach among local buyers. Traders say, the volatility in global markets has made spinning mills slow down purchases. The direction of the cotton market in Gujarat now hinges on how buying patterns evolve in the near future.
In today’s trading, the price for 29mm staple cotton stood at Rs 60,000-60,300 per candy, with 28.5mm cotton slightly lower at Rs 59,700-59,500 per candy. The V797 variety was quoted at Rs 39,500-39,700 per candy, each weighing 356 kg. Meanwhile, the average price for Kapas hovered between Rs 1,350 to Rs 1,560 per maund, each maund weighing 20 kg. The state saw an arrival of around 19,000 cotton bales today, with each bale weighing 170 kg.
The Cotton Association of India's latest figures indicate that the country has received 251.71 lakh bales of cotton so far this season, with Gujarat contributing 68.47 lakh bales to this total.
(CommoditiesControl Bureau; +91-9820130172)
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