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Stability Prevails in Gujarat Cotton Market on Akshaya Tritiya

10 May 2024 12:51 pm
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Ahmedabad, May 10 (CommoditiesControl): A festive like limited activity noted today in Gujarat cotton market on the eve of Akshaya Tritiya. Amid the festivities, the cotton market in the state remained stable. With several markets set to remain closed tomorrow due to Parshuram Jayanti, attention now turns to Monday's arrivals and global market conditions to gauge upcoming trends.

In today's trading session, the price of 29mm cotton ranged from Rs 57,500 to Rs 57,800 per candy, each candy weighing 356 kg, while 28.5 mm cotton was priced between Rs 56,600 to Rs 57,000 per candy. V 797 cotton commanded a price of Rs 37,000 to Rs 37,300 per candy. The average price of Kapas stood at Rs 1,300 to Rs 1,520 per maund, each maund weighing 20 kg. Approximately 7,000 bales of cotton arrived in the state today, with each bale weighing 170 kg.

According to the Cotton Association of India (CAI), the country has witnessed the arrival of 281.04 lakh bales of cotton so far, with Gujarat alone accounting for 74.58 lakh bales.

Despite a weaker dollar and robust weekly export sales data, ICE cotton futures experienced a decline on Thursday. The market maintained a cautious stance ahead of the US monthly federal demand and supply report, contributing to an overall bearish trend.



(By CommoditiesControl Bureau: +91-9820130172)


       
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