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Gujarat Cotton Market Sees Stability Amid Global Slowdown

26 Apr 2024 11:55 am
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Ahmedabad, April 26 (CommoditiesControl): The cotton market in Gujarat maintained stability today amid a global slowdown and reduced trade activity due to ongoing Lok Sabha elections. The persistent slowdown in cotton yarn demand in North India remains a cause for concern in the garment industry.

Traders warn that any further decline in cotton yarn prices in the upcoming days could significantly impact the cotton market. Meanwhile, the Cotton Corporation of India (CCI) has announced a reduction of Rs 100 in the selling price of cotton. The new price set by CCI stands at Rs 59,200 per candy for Ahmedabad and Rajkot.

In today's trading, the price of 29mm cotton in the state ranged from Rs 57,800 to Rs 58,300 per candy, while 28.5mm cotton prices quoted between Rs 57,000 and Rs 57,200 per candy, with each candy weighing 356 kg. V 797 cotton commanded a price range of Rs 37,200 to Rs 37,500 per candy. The average price of Kapas stood at Rs 1,250 to Rs 1,500 per maund, each weighing 20 kg. Notably, cotton arrivals continue to decline, as around 8,000 bales arrived today in the state, with each bale weighing 170 kg.

According to the latest data from the Cotton Association of India, the country has received a total of 275.67 lakh bales of cotton so far, with Gujarat alone accounting for 72.70 lakh bales.

In the international arena, ICE cotton futures saw minimal changes on Thursday. Despite a robust weekly export sales report, the bearish sentiment in financial markets and the strength of the US dollar offset any significant movements. July cotton futures closed slightly higher by 0.07 cents at 81.08 cents.

(By Commoditiescontrol Bureau: +91-9820130172)

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