Ahmedabad, April 15 (CommoditiesControl): The cotton market in Gujarat witnessed stability today, largely due to the subdued purchases from spinning mills. Traders note that this trend is contributing to the trend in cotton prices. Amid global tensions in the Middle East, the Indian cotton market is expected to maintain its stability with a marginal downward trend, according to industry experts.
The yarn market, meanwhile, showed a mixed scenario ranging from stability to slight declines. Market participants remain cautious as anticipation looms over potential impacts on export sales due to global geopolitical tensions.
Amid these circumstances, both the Cotton Corporation of India (CCI) and multinational companies are keen to offload their stocks. This urgency stems from concerns that any instability in the international cotton market could exert further pressure on Kapas prices in the near future.
The Kapas market in Gujarat presents a varied picture, with prices of low-quality Kapas exhibiting disparities across different centers. Significant quantities of Kapas are being directed straight to ginning factories, alongside a notable presence of old Kapas stocks.
In today's trading session, the price of 29mm cotton stood at Rs 58,900-59,500 per candy, each candy weighing 356 kg, while 28.5 mm cotton prices quoted at Rs 58,000-58,500 per candy. V 797 cotton traded at Rs 37,500-38,000 per candy. The average price of Kapas was recorded at Rs 1,350-1,530 per maund, each maund weighing 20 kg. Around 15,000 bales of cotton arrived in the state today, with each bale equivalent to 170 kg.
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(CommoditiesControl Bureau; +91-9820130172)
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