Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
By 2024-03-18 10:42:33
Rapid rise in gin cotton prices has created concern among textile manufacturers and traders
The price of ginned cotton has increased by Rs 7,000 per candy (356 kg) within a month, causing concern among textile manufacturers and traders. After remaining stable around Rs 55,000 per candy for almost two months, prices started rising in February. Recently, they touched more than Rs 62,000 per candy before closing at Rs 61,100 on Saturday.
Despite minor fluctuations throughout the week, the Indian cotton market remained largely stable, with the Gujarat spot rate hovering around Rs 61,650 by the end of the week. Factors such as supply chain disruptions, global demand and weather conditions impacted these modest movements, reflecting a cautious sentiment among traders amid ongoing uncertainties in the market.
Bharat Chhajer, former chairman of PDEXCIL, said the sudden price hike has hit domestic demand, but prices are expected to remain stable in the near future.
