Cotton prices are witnessing a continuous decline
In North India, cotton prices are witnessing a continuous decline, particularly due to weak demand from spinning mills. In Ahmedabad, Gujarat, the price of 29 Shankar-6 cotton has dropped to between ₹58,800 and ₹59,200 per candy, marking a total decrease of ₹800 over the past four days. In Punjab, the prices for cotton have weakened to ₹5,820 to ₹5,825 per quintal for spot delivery, while in Haryana, prices have dropped to ₹5,710 to ₹5,730 per quintal. In Rajasthan, the rates have fallen to between ₹5,425 and ₹5,900 per quintal. Cotton arrivals are increasing, leading spinning mills to purchase limited quantities in anticipation of the new crop. After facing losses in the last two seasons, mills are not rushing into purchases this time. Despite some upward movement in the domestic futures market, the current market conditions suggest that price pressure may continue. If the weather remains favorable, new crop arrivals in Punjab's markets are expected to begin soon.