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Cotton Prices Decline in Gujarat Amid Softening Trend in Global Market

13 Apr 2024 4:02 pm
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Ahmedabad, April 13 (CommoditiesControl): Gujarat's cotton market witnessed a significant decline as global cotton prices softened, particularly with New York cotton futures experiencing a downward trend. Today, a reduction of Rs 200 per candy was recorded, further adding to the bearish sentiment prevailing in the market. The ongoing trend suggests that without substantial market activity, prices may continue to decline.

Currently, the selling price of 29mm cotton in the state ranged from Rs 59,000 to Rs 59,500 per candy, each weighing 356 kg, while 28.5 mm cotton was priced between Rs 58,300 and Rs 58,700 per candy. V 797 cotton was quoted at Rs 38,000 to Rs 38,500 per candy. Meanwhile, the average price of Kapas stood at Rs 1,350 to Rs 1,530 per maund, each maund weighing 20 kg. Today, around 15,000 bales of cotton arrived in the state, with each bale weighing 170 kg.

The Cotton Corporation of India (CCI) has adjusted auction base prices for cotton sale, reducing them by Rs 700 in the Central and South Zones, and by Rs 1,000 in the North Zone. Notably, for Ahmedabad and Rajkot, the base price has been set at Rs 60,600, reflecting the impact of this adjustment in the market.

In response to the sustained slowdown in New York cotton futures, multinational companies have further reduced prices for July delivery in Gujarat. Prices for April 25 delivery were decreased by Rs 300 to Rs 60,200 per candy, while May to July delivery saw a reduction of Rs 400 to Rs 61,300 per candy, and June to August delivery dropped by Rs 300 to Rs 61,800 per candy. This week alone, multinational companies have slashed prices by Rs 900 to Rs 1,000.

ICE cotton futures hit a nearly three-month low on Friday, declining for the sixth consecutive week due to selling pressure from speculators and a stronger US dollar. May cotton futures fell by 0.75 cents, or 0.90%, to 82.62 cents, marking the lowest level since January 18.



(CommoditiesControl Bureau; +91-9820130172)


       
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