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Cotton remains steady in Gujarat on cautious buying

26 May 2022 2:22 pm
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NEW DELHI, May 26 (Commoditiescontrol) - Cotton prices stayed unchanged in the mandis of Gujarat for the second consecutive day on Thursday due to limited buying from mills, while daily arrivals remained steady.

Meanwhile, the weather is clear in the cotton producing areas of the state. According to traders, cotton prices remained unchanged in the state today due to limited purchases by the mills, as they are not getting parity at the current price, with the price of yarn could not climb in proportion to the increase in cotton prices in the domestic market in the last few days. That is why most of the small mills in the state have stopped production, whereas big mills are able to work in only one or one and a half shifts. Although the balance stock of cotton with the spinning mills of the state is much less than last year, while there is still time for the new crop to come. Therefore, the prices of cotton in the spot market will come down gradually.

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 0.11 percent. While the May month cotton contract on the MCX gained by Rs 40 at Rs 48,240 per bale (1 bale -170 kg).

Today the daily arrival of cotton in the producer mandis of the state stood unchanged at 5,500 bales.

Cottonseed prices ranged from Rs 600 to Rs 810, while kapas at Rs 1,800 to Rs 2,800 per 20 kg in the state's mandis.

The price of A grade cotton was at Rs 99,000 to 1,03,000, B grade cotton at Rs 98,000 to 99,000 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 1,00,000 to Rs 1,04,000 per candy and godown stock cotton at Rs 1,00,000 to 1,05,000 per candy.

The price of new cotton of V797 variety was quoted at Rs 56,000 to Rs 67,000 per candy, while the price of cottonseed of V797 variety was Rs 4,750 to Rs 4,950.

(By Commoditiescontrol Bureau: +91-22-40015505)

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