Ahmedabad, May 9 (CommoditiesControl): The Indian cotton market, particularly in Gujarat, witnessed a notable rise as the global cotton market displayed signs of improvement. Today, cotton prices in Gujarat saw an uptick of Rs 200-300 per candy. Traders attribute this surge to the 3% increase in ICE cotton futures observed yesterday.
The uptick in Kapas prices in the global market is reportedly influenced by several factors, including heavy floods in Brazil and allegations regarding the quality of Kapas, which have tarnished its reputation. Consequently, buyers may redirect their focus towards American Kapas. Moreover, weather uncertainties in various regions contribute to market volatility.
Conversely, ICE cotton futures recorded a more than 3% increase on Wednesday, buoyed by expectations of reduced acreage, while fresh demand further supported cotton futures following multi-month lows in previous sessions.
In Gujarat today, the price of 29mm cotton ranged from Rs 57500-57800 per candy, each weighing 356 kg, while 28.5 mm cotton was priced at Rs 56600-57000 per candy. Additionally, the price of V 797 stood at Rs 37000-37300 per candy. The average price of Kapas hovered around Rs 1300-1520 per maund (maund=20 kg). Approximately 8000 bales, each weighing 170 kg, of cotton arrived in the state today.
According to CAI, the country has witnessed the arrival of 280.60 lakh bales so far, with Gujarat alone receiving 74.43 lakh bales.
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(By CommoditiesControl Bureau: +91-9820130172)...
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