NEW DELHI, Sept 28 (Commoditiescontrol) : Cotton prices softened in the mandis of Gujarat for the third consecutive day on Wednesday as buying from the spinning mills continued to remain sluggish, while daily arrivals remained steady.
Meanwhile, light rain has occurred in some cotton producing areas of the state. According to traders, the production of cotton in the current season is expected to be higher, while the global prices of cotton on the ICE US Futures are continuously weakening due to the fear of global economic slowdown. In view of the arrival of new crop, MNCs are not buying from the state, due to which trade is also being done in limited quantity. Moreover, amid weak demand in yarn, the mills of the state are not getting parity at current prices of cotton, so they are procuring cotton only as per the requirement. In addition, there will be pressure of cotton arrivals in the state's mandis in October, so prices are expected to fall further.
A downtrend was seen in cotton and kapas prices in the domestic futures market today with April'23 futures contract of kapas on the NCDEX edged lower by 1.27 percent. The November month cotton contract on the MCX also fell by Rs 830 at Rs 30,060 per bale (1 bale -170 kg).
A total 4,000 bales of kapas arrived in the state today, unchanged from a day before.
Cotton prices in the state's mandis ranged between Rs 7,500-9,125 per quintal, while cottonseed prices ranged from Rs 650 to 730 per 20 kg.
The price of A grade cotton was at Rs 71,000 to 72,000 per candy, B grade cotton at Rs 70,000 to 71,000 and average grade cotton at Rs 69,000 to 70,000 per candy in the state's mandis.
Mills of South India did not do any business of cotton today, while godown stock cotton quoted at Rs 72,000 to 75,000 per candy.
The price of new cotton of V797 variety was quoted at Rs 54,000 to Rs 61,000 per candy, while the price of cottonseed of V797 variety was Rs 4,450 to Rs 5,100.
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