Ahmedabad, June 29 (Commodities Control): Following the central government's increase in the minimum support price of cotton, the cotton market in Gujarat is witnessing a stabilization in prices.
Cotton prices are now stable, but the arrival of cotton is continually declining, making future market trends dependent on upcoming arrivals.
Meanwhile, Kapas prices have remained stable at high levels, with the price of Kapas reaching close to Rs 1600 per 20 kg. The declining arrival of Kapas at all centers in Gujarat suggests that prices may strengthen if sales decrease further.
Traders report that many ginning mills in Gujarat have almost ceased operations due to the monsoon season. The few operational mills are facing a shortage of Kapas, forcing them to pay higher prices. Ginning activity typically halts in July. There is also robust demand from yarn mills, which has contributed to the increase in cotton prices.
Current Prices:
- 29mm Cotton: Rs 58,000-58,300 per candy, each weighing 356 kg.
- 28.5mm Cotton: Rs 57,200-57,500 per candy
- V 797 Cotton: Rs 39,800-40,300 per candy
The average price of Kapas is currently between Rs 1300-1560 per maund, each maund weighing 20 kg. Around 4,500 bales of cotton arrived in the state today, with each bale weighing 170 kg.
According to the Cotton Association of India, a total of 304.04 lakh bales have arrived in the country so far, with 83.83 lakh bales arriving in Gujarat alone.
Overall, the stabilization in cotton prices and potential rise in Kapas prices reflect the ongoing adjustments in the market following government policy changes and the seasonal impact of the monsoon.
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(By CommoditiesControl Bureau: +91-9820130172)
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