Ahmedabad, June 27 (CommoditiesControl): The local cotton market in Gujarat is experiencing a significant surge, driven by global market trends. Over the past four days, prices have risen by more than Rs 1500.
There are speculations that the price of cotton might reach Rs 60000 per candy. Alongside, the price of Kapas is also on an upward trend, with current rates at Rs 1550 per 20 kg and expectations of reaching Rs 1600 in the near future.
Traders attribute this price hike to reduced selling in the cotton market combined with strong support from global markets. The future direction of the market will largely depend on the selling trends observed in the coming days.
Currently, the price of 29mm cotton in Gujarat is Rs 57700-58000 per candy, each weighing 356 kg, 28.5 mm cotton is priced at Rs 57000-57500 per candy, and V 797 cotton is trading at Rs 40000-40500 per candy. The average price of Kapas is between Rs 1300-1550 per maund, each maund weighing 20 kg. Today, around 4500 bales of cotton arrived in the state, with each bale equivalent to 170 kg.
On the international front, ICE cotton futures prices continued their bullish trend for the third consecutive day on Wednesday. The October-24 futures contract rose by 0.38 cents to 74.59 cents, the December-24 futures contract increased by 0.27 cents to 75.34 cents, and the March-25 futures contract climbed by 0.33 cents to 76.75 cents.
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(By CommoditiesControl Bureau: +91-9820130172)
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