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Cotton Prices Stable in Gujarat Amid Limited Sales by Ginners

17 May 2024 2:04 pm
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New Delhi, May 17 (Commodities Control): Cotton prices remained stable in Gujarat on Friday due to reduced sales from ginning mills at lower prices, while a decline in daily arrivals of Kapas was observed in the state's mandis.

Traders report that cotton prices had been depressed for the past two days, causing a disparity for ginning mills due to the reduced prices. To mitigate losses, ginning mills have limited their sales at these lower prices, resulting in stabilized cotton prices. However, a significant rise in cotton prices is not anticipated at this time, as spinning mills in the state are purchasing only as needed. Additionally, there is still a considerable stock of Kapas with farmers, with daily arrivals expected to continue until mid-June. Alongside Kapas, cottonseed prices also stabilized in the state.

The domestic futures market showed an upward trend today. Kapas prices in the April-25 futures contract on NCDEX increased by Rs 3 to Rs 1,569.5 per 20 kg. Similarly, cotton prices in the May-24 futures contract on MCX rose by Rs 20, reaching Rs 56,100 per candy.

In the producer markets of Gujarat, the arrival of Kapas was recorded at 7,000 bales (each bale weighing 170 kg), down from 8,000 bales on the previous trading day.

(By CommoditiesControl Bureau: +91-9820130172)

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