Ahmedabad, April 10 (Commodities Control): The cotton market in Gujarat has experienced a downturn as multinational companies engage in selling activities, leading to a continued decline in cotton prices for the second consecutive day.
Today, cotton prices recorded a significant drop of Rs 150-200 per candy. However, if the selling pressure in Kapas remains subdued in the coming days, further declines in the market could potentially be halted.
Cotton traders attribute the softening of prices to several factors, including signs of improvement in global cotton prices and a total national arrival of around 70,000 bales. Multinational companies, aiming to clear their existing stocks at higher prices, are actively involved in selling, contributing to the downward pressure on cotton prices. Additionally, export trade remains sluggish, further impacting sales in the cotton yarn market.
In today's market activity, the price of 29mm cotton ranged from Rs 60,100 to Rs 60,300 per candy, each weighing 356 kg, while 28.5mm cotton prices quoted between Rs 59,200 to Rs 59,300 per candy. V 797 cotton saw prices ranging from Rs 39,500 to Rs 39,800 per candy. The average price of Kapas stood at Rs 1,350-1,560 per maund, each weighing 20 kg. Today, around 19,000 bales of cotton arrived in the state, each weighing 170 kg.
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(CommoditiesControl Bureau; +91-9820130172)
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