NEW DELHI, May 19 (Commoditiescontrol) - Cotton prices moved lower in the mandis of Gujarat on Thursday due to lower buying from mills, while daily arrivals stayed unchanged.
Meanwhile, the weather is clear in the cotton producing areas of the state. According to traders, due to the fall in the prices of cotton in the global market for the second consecutive day, prices in the domestic market also moved lower today. However, the recent increase in cotton prices in the domestic market has not been able to commensurate with the increase in yarn prices, due to which the mills are buying cotton only as per the requirement. However, due to the reduction in the production estimate of cotton in the current season, most of the spinning mills in the state have a stock of cotton for the month to one and a half months for consumption, while the arrival of the new crop will start in October. Therefore, there is no possibility of a major fall in cotton prices in the spot market.
A mixed trend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged down by 0.05 percent, while the May month cotton contract on the MCX climbed by Rs 90 at Rs 49,160 per bale (1 bale -170 kg).
Today the daily arrival of cotton in the producer mandis of the state stood at 7,000 bales, unchanged from a day before.
Cottonseed prices ranged from Rs 600 to Rs 810, while kapas at Rs 2,000 to Rs 2,750 per 20 kg in the state's mandis.
The price of A grade cotton was at Rs 1,00,000 to 1,01,000, B grade cotton at Rs 99,000 to 1,00,000 and average grade cotton at Rs 96,000 to 97,000 per candy in the state's mandis.
The mills of South India purchased cotton at Rs 99,500 to Rs 1,01,000 per candy and godown stock cotton at Rs 1,01,000 to 1,03,000 per candy.
The price of new cotton of V797 variety was quoted at Rs 49,500 to Rs 70,000 per candy, while the price of cottonseed of V797 variety was Rs 4,850 to Rs 5,050.
(By Commoditiescontrol Bureau: +91-22-40015505)
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