Ahmedabad, May 11 (CommoditiesControl): The impact of the collapse of New York and China cotton futures have reached theIndian cotton market, casting a shadow over its trading activities. In Gujarat, the cotton yarn market experienced a noticeable slowdown, leading to a softening of cotton prices by Rs 200-300 per candy.
Traders in the region attribute this downturn to a combination of factors, primarily the recession gripping foreign cotton markets, resulting in reduced selling activities locally. The effect is exerting downward pressure on its prices. Mumbai, too, has felt the effects, witnessing a decline in cotton yarn prices by Rs 2 to 3 per kg.
Today, in the state of Gujarat, the price dynamics reflected this subdued market sentiment. The price of 29mm cotton hovered around Rs 57,000-57,500 per candy, each weighing 356 kg, while the slightly shorter staple length of 28.5 mm cotton fetched Rs 56,500-56,600 per candy. V797, another variety in the mix, commanded a price range of Rs 37,000-37,200 per candy. Meanwhile, the average price of Kapas stood at Rs 1,300-1,520 per maund, each maund weighing 20 kg. The day saw arrival around 7,000 cotton bales.
According to the Cotton Association of India (CAI), the national cotton influx stands at a significant 281.42 lakh bales, with Gujarat accounting for 74.72 lakh bales of the total arrivals.
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(By CommoditiesControl Bureau: +91-9820130172)
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