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Cotton Prices Decline in Gujarat for Second Consecutive Day Amid Weak Procurement

16 May 2024 3:10 pm
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New Delhi, May 16 (Commodities Control): Cotton prices in Gujarat witnessed a downturn for the second consecutive day on Thursday, as demand from spinning mills continued to subdued, while the daily arrival of Kapas in the state's mandis maintained stability.

Traders reported an increase in cotton prices during today's electronic trading session on ICE. However, weak procurement from the state's spinning mills has exerted downward pressure on cotton prices in the spot market for the second day running. According to experts, the local cotton yarn market is experiencing stagnation. Many small spinning mills in the state possess limited outstanding cotton stocks and will need to replenish their supplies once demand for yarn picks up. Despite the decline in cotton prices, cottonseed prices remained stable alongside Kapas in Gujarat.

The domestic futures market saw a positive trend in cotton prices today, with Kapas prices rising by Rs 5 to Rs 1,560 per 20 kg in the April-25 futures contract on NCDEX. Concurrently, cotton prices surged by Rs 300 to reach Rs 56,280 per candy in the May-24 futures contract on MCX.

The arrival of Kapas in the state's producer markets remained consistent at 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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