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Cotton Prices Decline in Gujarat; Daily Arrivals Stable

15 May 2024 2:20 pm
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New Delhi, May 15 (Commodities Control): Cotton prices in Gujarat experienced a downturn on Wednesday, attributed to a reduction in purchases from spinning mills, while the daily arrivals of Kapas in the state's mandis remained stable.

Traders noted a decline in cotton prices in the electronic trading of ICE, leading to weakened procurement from the state's spinning mills. Both local and export demands for cotton yarn failed to meet expectations, dampening the prospects of a rise in cotton prices in the spot market. However, most small ginning mills in the state have reported a lower outstanding stock of cotton. Consequently, both cottonseed and Kapas prices in the state saw a decrease of Rs 20 each.

A downward trend was also observed in cotton prices in the domestic futures market today. Kapas prices in the April-25 futures contract on NCDEX weakened by Rs 9.5, settling at Rs 1,552 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX saw a decline of Rs 680, reaching Rs 55,920 per candy.

The arrival of Kapas in the state's producer mandi amounted to 8,000 bales, with each bale weighing 170 kg, matching the figures from the previous working day.



(By CommoditiesControl Bureau: +91-9820130172)


       
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