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Cotton Arrivals Dip in Gujarat Amid Elections, Prices Hold Steady

25 Apr 2024 1:15 pm
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Ahmedabad, April 25 (CommoditiesControl): Cotton arrivals in Gujarat declined amid the ongoing Lok Sabha elections and subdued prices. Additionally, the rising temperatures also dampening cottonseed purchases. The impact of the Cotton Corporation of India (CCI) initiating cotton sales is also evident in the market. Today, the state witnesses stability in cotton prices, with market trend likely to be influenced by forthcoming arrivals.

Traders in the Kapas market highlight that the majority of ginning mills in the Kadi region of Gujarat are either closed or operating at reduced capacity, with only 20-25 regular mills in operation. These mills are anticipated to function merely three to four days a week, adding to the challenges faced by the industry. The combination of market trends and declining Kapas arrivals has prompted the closure of several ginning mills, with more closures expected in the upcoming month. Yesterday, 10 traders collectively purchased around 25,300 bales of cotton from CCI.

Presently, the price of 29mm cotton in the state stands at Rs. 57,800-58,500 per candy, each candy weighing 356 kg, 28.5mm at Rs. 57,000-57,300 per candy, and V797 at Rs. 37,300-37,500 per candy.

The average price of Kapas quoted around Rs. 1,250-1,500 per maund, each maund weighing 20 kg. Cotton arrivals continue to experience a downward trend, with today's arrivals recorded at around 8,000 bales, with each bale 170 kg.

According to CCI data, the total cotton arrivals in the country have reached 260.33 lakh bales, with Gujarat contributing 71.77 lakh bales.

ICE cotton futures witnessed a decline on Wednesday, influenced by bearish sentiments in the US financial markets. Furthermore, a stronger dollar exerted pressure on the Kapas market, with July cotton futures falling by 0.71 cents or 0.87% to close at 81.01 cents.



(By Commoditiescontrol Bureau: +91-9820130172)


       
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