Ahmedabad, May 6 (CommoditiesControl): Following a downturn in the global market last week, the Indian cotton market also experienced a decline. However, the yarn market is anticipated to maintain stability in view of improvements in the US cotton market. Today, with limited purchases from spinning mills, cotton prices remained steady for the second consecutive trading day. Conversely, the price of Kapas saw an uptick of Rs 10 per 20 kg due to purchases by ginners.
The ongoing general elections in Gujarat have resulted in slower and disrupted arrivals of Kapas. Tomorrow, Tuesday, the markets will remain closed due to voting in the state. Consequently, the cotton market's trajectory will depend on Wednesday's arrivals.
In the state today, the price of 29mm cotton ranged from Rs 57,000 to Rs 57,300 per candy, each candy weighing 356 kg, while 28.5 mm cotton was priced between Rs 56,300 to Rs 56,600 per candy. Additionally, the price of V797 stood at Rs 36,500 to Rs 36,700 per candy. The average price of Kapas was recorded at Rs 1,300 to Rs 1,510 per maund (maund = 20 kg). Around 8,000 bales, each bale weighing 170 kg of cotton arrived in the state today.
According to the Cotton Association of India, a total of 279.25 lakh bales have arrived in the country thus far, with Gujarat accounting for 74.01 lakh bales.
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(By CommoditiesControl Bureau: +91-9820130172)
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