Ahmedabad, April 12 (Commodities Control): The cotton market in Gujarat continues to grapple with recessionary pressures as prices remain stagnant around the Rs 60,000 mark per candy, with concerns stemming from declining arrivals and subdued buying activity from multinational companies, coupled with lackluster export trade.
The impact of declining global cotton prices are further deepening the situation, with government agencies responding by slashing selling prices by Rs 300 to Rs 500 per candy.
Today witnessed a further softening in cotton prices in the state, with a decline of Rs 200-300 per candy. The downturn in cotton prices also influenced Kapas, with prices dipping by Rs 15-20 per 20 kg.
The Cotton Corporation of India (CCI) has responded to market conditions by reducing auction base prices for cotton sales in the South and North zones by Rs 300 to Rs 500, with rates set at Rs 61,200 for Ahmedabad and Rajkot.
Presently, in the state, the price of 29mm cotton quoted between Rs 59,400-59,700 per candy, while 28.5 mm cotton is priced at Rs 58,800-59,000 per candy, and V 797 at Rs 39,300-39,500 per candy. Meanwhile, the average price of Kapas stands at Rs 1,350-1,530 per maund. The day recorded the arrival of around 16,000 bales of cotton in the state.
The slowdown in New York cotton futures has prompted multinational companies to slash selling prices for Gujarat by Rs 800 to 850. Accordingly, prices per candy for April 25 delivery were reduced to Rs 60,500, while prices for May to July delivery dropped to Rs 61,700, and June-August delivery prices fell to Rs 62,100.
On Thursday, ICE cotton futures plunged over 2% due to weak weekly export sales data and a strengthening dollar, with May cotton futures closing down by 1.94 cents, approximately 2.27%, at 83.37 cents.
.jpeg)
(CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
