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Cotton Market Stabilizes in Gujarat Following Uptick in New York Cotton Futures

4 May 2024 2:53 pm
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Ahmedabad, May 4 (CommoditiesControl): The cotton market in Gujarat witnessed a halt in its downward trend today, finding stability following a rise in New York cotton futures. Prices remained unchanged amid sluggish buying activity from spinning mills, with market participants now closely monitoring upcoming arrivals to gauge future market movements. Traders note that the Kapas season is nearing its conclusion.

In the state today, the price of 29mm cotton ranged from Rs 57,000 to Rs 57,300 per candy (1 candy = 356 kg), while 28.5 mm cotton was priced at Rs 56,300 to Rs 56,600 per candy. Additionally, V 797 cotton commanded a price of Rs 36,500 to Rs 36,700 per candy. The average price of Kapas stood at Rs 1,300 to Rs 1,500 per maund (1 maund = 20 kg). Around 8,000 bales of cotton (1 bale = 170 kg) arrived in the state today.

On Friday, ICE Kapas futures surged by more than 3% after hitting an 18-month low, propelled by a weak dollar and positive sentiment from other financial markets. July cotton futures rose by 2.44 cents, or 3.23%, settling at 78.06 cents.

(By Commoditiescontrol Bureau: +91-9820130172)

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