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Cotton falls for 6th straight day in Gujarat amid subdued offtake, steady arrivals

1 Oct 2022 7:03 pm
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NEW DELHI, Oct 1 (Commoditiescontrol): Cotton prices extended downtrend in the mandis of Gujarat for the sixth consecutive day on Saturday as buying from the spinning mills continued to remain sluggish, while daily arrivals remained steady.

According to traders, local and export demand is weak in yarn, while cotton exports are also not getting competitive. The weather is clear in the cotton producing areas of the state, so the daily arrival of new cotton will increase in the current month. In the current kharif season, cotton sowing in the state has increased than last year, due to which the production of cotton is also expected to remain higher. Hence, at present MNC companies are adopting a wait and see policy. In such a situation, the current cotton prices are expected to fall further due to weak buying from spinning mills.

In Gujarat, cotton sowing has increased to 25.49 lakh hectares in the current kharif seson as against 22.54 lakh hectares in the same period last year. According to the India Meteorological Department (IMD, in the current season from October 1 to September 30, rainfall in Gujarat region has been 19 per cent above normal and Saurashtra and Kutch have received 39 per cent more than normal.

A total 4,000 bales of kapas arrived in the state today, unchanged from a day before.

Kapas prices in the state's mandis ranged between Rs 1,400- 1,800 per quintal, while cottonseed prices ranged from Rs 640 to 730 per 20 kg.

The price of A grade cotton was at Rs 68,000 to 69,000 per candy, B grade cotton at Rs 66,000 to 67,000 and average grade cotton at Rs 63,000 to 64,000 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 69,000 to 70,000 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 4,700 to Rs 5,100.


       
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