Ahmedabad, 24 April (CommoditiesControl): Cotton prices in Gujarat are exhibiting stability within a defined range. Recent days have witnessed a decline of 5 to 10 rupees per kilogram in cotton yarn prices in Mumbai, with similar trends observed in markets across the South.
Consequently, the momentum in the cotton market has been tempered by sluggish demand for cotton yarn, leading to a stable market trend today. However, the trend of cotton prices in the coming days will depend upon demand.
The Cotton Corporation of India (CCI) has revised the auction base price of cotton in several cotton procurement areas, including Gujarat, with an increase of Rs 300 per candy. In Ahmedabad, the base price has been set at Rs 59,300 for 28 mm and Rs 58,300 for 26 mm, while in Rajkot, it stands at Rs 59,300 per candy for 28 mm.
Today, the price of 29mm cotton in the state ranged from Rs 57,800 to Rs 58,500 per candy, each weighing 356 kg, while 28.5 mm cotton prices quoted between Rs 57,000 and Rs 57,500 per candy. V797 cotton witnessed prices ranging from Rs 37,200 to Rs 37,600 per candy. The average price of Kapas stands at Rs 1,250 to Rs 1,500 per maund, each maund weighing 20 kg. Approximately 13,000 bales, each bale weighing 170 kg, of cotton arrived in the state today. According to CCI data, the country has received a total of 259.84 lakh bales of cotton so far, with Gujarat accounting for 71.59 lakh bales.
ICE cotton futures experienced a decline on Tuesday despite weakness in the US dollar, as technical selling ensued following a previous session's rise of more than 1%. July cotton futures closed at 81.72 cents, down 0.70 cents or 0.85%.
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(By Commoditiescontrol Bureau: +91-22-40015505)
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