Ahmedabad, March 19 (CommoditiesControl): The cotton market in Gujarat finds itself in a state of stability for the second consecutive day, largely due to limited purchases from spinning mills amid the impending closure of March. Cotton prices have remained stagnant, with market trends influenced by financial constraints. Prospects for an upward trend this month appear bleak, as traders are primarily focused on finalizing their accounts before month-end.
Traders report that spinning mills are procuring only the necessary amount of material, contributing to the subdued market sentiment. The markets outlook depends on the anticipated sales of cotton in the forthcoming days.
In the state today, the price of 29mm cotton stood at Rs 61,000-61,300 per candy, each candy weighing 356 kg, while 28.5 mm cotton was priced at Rs 60,200-60,700 per candy. V 797 cotton was priced at Rs 41,500-42,000 per candy. The average price of Kapas was recorded at Rs 1,400-1,600 per maund, each weighing 20 kg. Around 25,000 bales of cotton arrived in the state today, with each bale weighing bale 170 kg.
US Kapas futures observed an increase on Monday, driven by positive industrial production and retail sales data from China, a key consumer. In the May-24 futures contract, prices rose by 0.63 cents to 94.57 cents, while the July-24 futures contract increased by 0.67 cents to 94.26 cents. The December-24 futures contract saw a rise of 0.13 cents to 83.81 cents.
According to data from the Cotton Association of India, the country has received 228.15 lakh bales of cotton so far, with Gujarat accounting for 61.83 lakh bales.
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(CommoditiesControl Bureau; +91-9820130172)
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