Ahmedabad, April 19 (CommoditiesControl): The cotton market in Gujarat continues to witness a sluggish trend, with prices decline in the wake of global cotton recession. The Indian cotton market finds itself in a dire situation exacerbated by geopolitical tensions between Iran and Israel, alongside the ongoing downturn in New York cotton futures.
This downturn in the cotton market is reflected by a corresponding decline in Kapas prices in the local market, as Kapas prices in Gujarat hovering around Rs 1480 per 20 kg. Traders express concerns that if the foreign market downturn persists in the days ahead, its impact can be seen on the Indian cotton and Kapas market.
In today's trading session in Gujarat, cotton prices saw a reduction of Rs 200-300 per candy, while soft cotton prices declined by Rs 10-15 per 20 kg. The price breakdown for 29mm cotton in the state stood between Rs 58000-58500 per candy, each weighing 356 kg, 28.5 mm cotton priced in the range of Rs 57900-58000 per candy and V797 between Rs 37500-37800 per candy.
The average price of Kapas was recorded at Rs 1350-1500 per maund, each weighing 20 kg. Notably, around 12000 bales of cotton arrived in the state today, with each weighing 170 kg.
The continuous slowdown in New York cotton futures has prompted major multinational companies to slash selling prices for May to July delivery in Gujarat. These companies have reduced the price per candy for Gujarat by Rs 650 to Rs 58850 for April 30 delivery, by Rs 700 to Rs 60000 for May to July delivery, and by Rs 700 to Rs 60400 for June to August delivery.
ICE cotton futures plummeted to their lowest level in more than four months on Thursday, driven by selling pressure from speculators amidst bearish technical signals. May cotton futures fell 1.46 cents, or 1.84%, to 78.10 cents, reflecting the prevailing downward sentiment in the global cotton market.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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