Ahmedabad, June 18 (CommoditiesControl): Gujarat's cotton market is experiencing a softening trend, influenced by the global cotton market. Leading cotton brokers indicated that while the global market exerts pressure on Indian cotton prices, it is unlikely that cotton prices will fall below Rs 55,000 per candy.
Today, Kapas prices in Gujarat decreased by Rs 100-200 per candy. However, there is potential for price improvement in the coming days depending on the selling activity. Meanwhile, Kapas sowing is already on the decline, and future sowing in Gujarat will depend significantly on the monsoon's progression.
Currently, the price of 29mm cotton in the state is Rs 55,500-55,700 per candy, each weighing 356 kg, 28.5 mm cotton is priced at Rs 55,000-55,200 per candy, and V 797 is Rs 37,500-38,000 per candy.
The average price of Kapas is recorded at Rs 1,300-1,490 per maund, each maund weighing 20 kg. Today's cotton arrivals in the state were about 7,000 bales (170 kg per bale).
On Monday, ICE cotton futures fell by about 3%, hitting a three-and-a-half-year low. December cotton futures fell by 0.37 cents or 0.50%, closing at 71.77 cents after reaching a session low of 70 cents, the lowest since November 2020. The July-24 futures contract dropped by 1.03 cents to 69.94 cents, while the March-25 futures contract decreased by 0.38 cents to 73.05 cents.
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(By CommoditiesControl Bureau: +91-9820130172)
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