New Delhi, May 24 (Commodities Control): Cotton prices in Gujarat increased for the second consecutive day on Friday, driven by continued demand from spinning mills. This price surge occurred despite an increase in the daily arrivals of Kapas in the state's mandis.
Traders indicate that the rise in global cotton prices this week has made exports from the domestic market potentially more profitable. As a result, spinning mills have increased their purchases in the spot market, pushing up cotton prices further. However, local demand for cotton yarn remains lower than expected, suggesting that a significant one-sided price surge is unlikely.
Experts predict that Kapas arrivals in the state will decline after mid-June. Cottonseed prices have also stabilized alongside Kapas in Gujarat.
The domestic futures market showed a mixed trend today. The April-25 futures contract for Kapas on NCDEX weakened by Rs 3.5, settling at Rs 1,607 per 20 kg. Meanwhile, the May-24 futures contract for cotton on MCX rose by Rs 40 to Rs 56,540 per candy.
Daily arrivals of Kapas in Gujarat's producer markets increased to 7,000 bales (each weighing 170 kg), up from 6,500 bales on the previous working day.
(655)(1).png)
(By CommoditiesControl Bureau: +91-9820130172)
0 Comments 
Post Comment 
