New Delhi, May 14 (Commodities Control): Cotton prices in Gujarat showed steady trend for the second consecutive day on Tuesday, owing to subdued purchases from spinning mills. The daily arrival of Kapas in the state's mandis also maintained stability.
Traders reported that spinning mills in the state are presently procuring cotton only as per their immediate requirements. This cautious approach stems from weaker-than-normal local and export demand for cotton yarn. While larger spinning mills have stocks that could last for one and a quarter to one and a half months, smaller mills possess relatively lesser reserves. Consequently, mills may need to acquire additional cotton in the near future, although a significant price hike seems unlikely at present. Cottonseed prices remained stable alongside Kapas in the state.
In the domestic futures market, there was a downward trend observed in cotton prices today. Kapas prices in the April-25 futures contract on the NCDEX weakened by Rs 7.5 to Rs 1,562 per 20 kg.
The arrival of Kapas in the producer markets of the state remained consistent at 8,000 bales, with each bale weighing 170 kg, similar to the previous working day's arrival.
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(By CommoditiesControl Bureau: +91-9820130172)
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