Ahmedabad, April 22 (CommoditiesControl): After facing a downturn last week amid global fluctuations in the cotton market, India's cotton sector has exhibited signs of recovery, with significant improvements observed since last Saturday.
Today marked another positive turn for the market, particularly in Gujarat, as cotton prices surged by Rs 200 per candy. The uptick in cotton rates has also propelled Kapas prices upwards, further reflecting the market's bullish sentiment.
Traders attribute this surge to reduced selling by farmers, leading to a gradual decline in market arrivals. As a result, demand more than supply, prices went upwards in both the cotton and Kapas segments. Optimism looms for the yarn markets, with expectations of increased demand at comparatively lower price points, which could provide additional support to the cotton and Kapas sectors in the near future.
On this day, the prices for different grades of cotton in Gujarat stand at Rs. 57500-58000 per candy for 29mm cotton, Rs. 56800-57200 per candy for 28.5mm, and Rs. 37000-37500 per candy for V 797 variety. Meanwhile, Kapas prices quoted an average price range between Rs. 1250-1500 per maund. Today, around 15000 bales of cotton, equivalent to 170 kg each, were recorded in the state.
According to the Cotton Corporation of India (CCI), the nationwide arrival of cotton stands at 258.58 lakh bales, out of which Gujarat alone has contributed 62.83 lakh bales, underscoring the state's significant role in the country's cotton landscape.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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