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Cotton prices steady across Gujarat spot markets on slow mill offtake, daily arrivals fall

6 Feb 2023 12:01 pm
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Mumbai, 6 Feb (Commoditiescontrol): Cotton prices were largely unchanged across Gujarat spot markets on Monday, due to slow mill demand, while a fall in the pace of daily arrivals at market yards was reported.

Clear weather conditions are reported from the cotton growing regions of the state. As per traders, disparity in cotton has prompted limited mill buying which resulted in cotton prices maintaining a steady tone. Farmers are delaying disposal of cotton at lower prices. The arrivals are still lagging normal averages. Arrivals are about 70% less as compared with previous year, which has created uncertainty among traders. Both ginners and millers were actively involved in need-based buying of cotton.

Ginners are suffering losses from ginning activity. Hence, the millers are buying cotton in limited quantities. As per traders, the export realisations are still unfavourable hence limited deals are taking place. Hence, multinational companies are engaged in fewer trades. As such, domestic cotton prices are expected to witness volatility in the near term.

On the domestic futures market today, cotton prices quoted weak. April'23 futures contract of kapas on the NCDEX quoted 0.99 a percent lower.

Today, various markets have received 36,000 bales, as compared to 38,000 bales received on the previous day.

Kapas prices in the state's mandis ranged between Rs 1,500- 1,700 per quintal, while cottonseed prices ranged between Rs 610 to 680 per 20 kg.

The price of A grade cotton was at Rs 60,800 to 62,300 per candy, in the mandis across the state.

The price of new cotton of V797 variety was quoted at Rs 45,500 to Rs 48,500 per candy. Cottonseed was offered at Rs 4,800 - Rs 5,300 per 100 kg.

(By Commoditiescontrol Bureau: +91-9820130172)

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