Ahmedabad, April 27 (CommoditiesControl): With the cotton season entering its final stage, the cotton market in Gujarat has witnessed stability in prices over the last three days.
Moreover, a decrease in cotton arrivals in the region has also contributed to the stability, while the Cotton Corporation of India (CCI) reducing cotton sale prices by Rs 300 per candy. As a result, the current price for cotton in Ahmedabad and Rajkot stands at Rs 58,900.
With this, lack of support in global market and sluggish local demand have dampened the prospects of Kapas witnessing a significant rise in prices. Consequently, Kapas prices also remained steady today.
In Gujarat, the prevailing prices for cotton varieties are as follows: 29mm cotton ranged between Rs 57,800-58,200 per candy, 28.5mm cotton was priced at Rs 56,900-57,300 per candy, and V 797 cotton stood at Rs 37,200-37,500 per candy. Meanwhile, the average price of Kapas was recorded at Rs 1,300-1,500 per maund.
Cotton arrivals in the state have been witnessing a continuous decline, with today's arrivals totaling around 8,000 bales.
According to the Cotton Association of India (CAI), the country has witnessed the arrival of 276.13 lakh bales of cotton so far, out of which Gujarat accounts for 72.88 lakh bales. On Friday, ICE cotton futures experienced a slight decline, with sluggish demand exerting pressure on the cotton market. July Kapas futures concluded at 80.90 cents, marking a decrease of 0.18 cents or 0.22%.
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(By Commoditiescontrol Bureau: +91-9820130172)
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