Ahmedabad, May 3 (CommoditiesControl): The cotton market in Gujarat continues to witness a softening trend, with prices declining by Rs 300 per candy today. This decline is attributed to the softness observed in the global market and the lack of purchasing activity in cotton yarn.
The Cotton Corporation of India (CCI) has once again reduced the price of cotton, further impacting market dynamics. Concurrently, Kapas prices also softened by Rs 5-10 per 20 kg today.
Traders note that both local and international cotton markets are experiencing a slowdown, leading to a softening of the cotton yarn market. Consequently, there has been a decline of Rs 2 to 3 per kg in the price of cotton yarn. Despite efforts by mills to stabilize yarn prices, stockists and traders are grappling with losses due to sluggish market conditions. Analysts suggest that cotton prices may potentially dip further, possibly reaching Rs 55,000 per candy.
In today's market, the price of 29mm cotton stood at Rs 56,800-57,300 per candy, while 28.5 mm cotton priced at Rs 56,200-56,600 per candy, with each candy weighing 356 kg. Additionally, V 797 cotton quoted at Rs 36,000-36,300 per candy. The average price of Kapas was recorded at Rs 1,300-1,500 per maund, with each maund weighing 20 kg. Around 8,000 bales, each bale weighing 170 kg, of cotton arrived in the state today. CCI has set the cotton price at Rs 57,400 per candy for Ahmedabad and Rajkot.
On the international front, ICE cotton futures plummeted to their lowest level in 18 months on Thursday following a weak export sales report from the US Department of Agriculture (USDA). July cotton futures saw a decline of 0.80 cents, or 1.1%, reaching 75.70 cents, marking their lowest level since November 2022.
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(By Commoditiescontrol Bureau: +91-9820130172)
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