Mumbai, 21 January (Commoditiescontrol): Cotton prices declined in the markets of Gujarat on Friday due to slowdown in the global market which resulted in reduced buying by the domestic mills, while the daily arrivals were stable.
Traders said that ICE Cotton futures closed lower on Thursday, and their prices also softened in electronic trading today. As a result of the drop in global cotton prices, demand from spinning mills in the domestic market has also decreased. However traders in the domestic market are not in a bearish mood, as farmers have reduced their selling of kapas at a lower price, while ginners are also not selling bales at a lower price. They had bought kapas at a higher price. According to experts, cotton prices in the domestic market are following the prices of ICE cotton futures, so domestic prices are expected to fluctuate in tandem with global prices.
On NCDEX, the April'22 futures kapas contract rose by 0.12 percent, while the February futures cotton contract on MCX fell by Rs 290 to Rs 36,450 per bale (1 bale – 170 kg).
Today the market arrivals of kapas were reported at 40,000 bales unchanged from the last trading session.
Cottonseed prices ranged from Rs 710 to 750 and kapas was Rs 1,600 to Rs 2,020 per 20 kg in the mandis of the state.
The 29 mm cotton from the state mandis was traded by the mills of South India at the rate of 75,500 to 75,700 per candy.
The price of A grade cotton was Rs 75,000 to 75,500, the price of B grade cotton was Rs 74,000 to 74,500 and the average grade cotton was Rs 73,000 to 74,000 per candy in the mandis of the state.
The price of cotton of the V797 variety was quoted at Rs 47,000 to Rs 47,500 per candy.
(By Commoditiescontrol Bureau: +91-22-40015505)
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