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Cotton Prices Remain Stable in Gujarat Amid Limited Purchases from Spinning Mills

29 Apr 2024 2:12 pm
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Ahmedabad, April 29 (CommoditiesControl): The cotton market in Gujarat has maintained a state of stability over the past several days. A decline in purchasing activity, particularly in the cotton yarn segment, has led to reduced demand from spinning mills.

Traders attribute the stable prices to the limited demand from these mills. The future trend of the cotton market depends on the surge in buying interest in the cotton yarn sector in the days ahead.

In today's trading session, the price of 29mm cotton stood at Rs 57,800-58,200 per candy, each candy weighing 356 kg, while 28.5 mm cotton prices quoted at Rs 56,900-57,300 per candy. Additionally, the price of V797 cotton registered at Rs 37,300-37,700 per candy. The average price of Kapas ranged between Rs 1,300-1,520 per maund, each weighing 20 kg. Notably, there has been a consistent decrease in the arrival of cotton, with around 10,000 bales reported today, each bale weighing 170 kg.

According to data from the Cotton Corporation of India (CCI), the total arrival of cotton in the country has reached 276.54 lakh bales, with Gujarat alone witnessing the arrival of 73.03 lakh bales. International projections from the International Cotton Advisory Committee indicate an anticipated increase in global cotton production for the upcoming season, attributed to higher yields in major producers like the United States and Brazil.

The projected world production for the new season is estimated at 1,486 lakh bales (1 bale = 170 kg), compared to 1,451 lakh bales in the current year, signaling a potential increase of 35 lakh bales. Despite this, world cotton usage is expected to rise to 1,461 lakh bales in the new season, up from 1,416 lakh bales in the current year, representing a 45-lakh bale increase in usage.




(By Commoditiescontrol Bureau: +91-9820130172)


       
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