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Cotton Prices Hold Steady in Gujarat Amid Limited Purchases

20 May 2024 1:30 pm
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New Delhi, May 20 (Commodities Control): Cotton prices remained unchanged in Gujarat for the third consecutive trading day on Monday, owing to limited procurement from spinning mills. The daily arrival of Kapas in the state's mandis also remained stable.

Traders indicate that the stability in cotton prices is primarily due to the restrained purchasing behavior of spinning mills. The recent decline in cotton prices has led to increased sales from multinational companies (MNCs) within the state, although current market conditions render cotton exports unprofitable.

Despite the presence of outstanding Kapas stock, arrivals are expected to decline post mid-June. Consequently, any significant bullish or bearish movements in spot market cotton prices are likely to remain limited. Cottonseed prices have also stabilized in tandem with Kapas.

The producer mandis in Gujarat reported an arrival of 7,000 bales, each weighing 170 kg, mirroring the arrival figures from the previous working day.

(By CommoditiesControl Bureau: +91-9820130172)

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