Ahmedabad, June 15 (CommoditiesControl): The cotton market in Gujarat witnessed stable prices today as arrivals began to decrease and trading activities remained subdued. Prices traded within a narrow range, reflecting the current market sentiment influenced by minimal buying interest from spinning mills and a lack of significant developments in foreign futures markets.
Ginning mills in Gujarat have started to shut down operations, contributing to a decrease in overall demand and trade activities. Market participants are also discussing the impact of early sowing decisions being influenced by prevailing low prices. The future direction of the market hinges on factors such as upcoming sales and planting decisions by cotton growers.
Today, cotton prices in Gujarat were reported as follows: 29mm cotton traded at Rs 55,600-55,900 per candy (1 candy = 356 kg), 28.5mm cotton at Rs 55,300-55,500 per candy, and V 797 cotton at Rs 37,800-38,200 per candy. On average, prices translated to Rs 1,300-1,490 per maund (1 maund = 20 kg). The state received around 5,000 bales (1 bale = 170 kg) of cotton today.
In global markets, ICE cotton futures showed an upward movement on Friday, driven by investors shifting positions from July futures to subsequent months. The December contract closed at 72.14 cents, up by 0.35 cents or 0.50%, indicating a mixed but cautiously optimistic sentiment among traders.
The ongoing dynamics in Gujarat's cotton market suggest a cautious outlook with stability prevailing amidst reduced arrivals and subdued demand. Market participants are closely monitoring developments both domestically and internationally for any potential shifts in pricing and demand patterns.
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(By CommoditiesControl Bureau; +91-9820130172)
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