Our Correspondent Rajkot, Feb 4
Cotton prices remained unchanged on Monday as demand was normal and arrival slightly lower in Gujarat. Gujarat Sankar-6 cotton was traded at Rs 33,900-34,100 for a candy of 355 kg in Gujarat.
About 45,000-50,000 bales cotton arrived in Gujarat and 1.85 lakh bales cotton arrived in India. A Rajkot-based cotton broker said, “Currently, mills are primary buyers, while export demand is very limited. In this condition, price may remain at the current level.”
On the other hand, traders expect cotton exports from India to South-East Asia to more than double in 2013, and that could compensate to some extent for a fall in demand from China, the world’s largest consumer and traditionally the biggest buyer of the Indian fibre. Kapas also traded flat in Rajkot.
Kapas price stood at Rs 840-845 for a maund of 20 kg. Kadi delivery kapas price was quoted at Rs 855-860. Cotton traded slightly up Rs 10-15 in North India Monday on decreased arrivalsaround 10,000 bales. New cotton ready delivery quoted at Rs 3,660-3,725 a quintal in Punjab, Rs 3,645-3,660 in Haryana and Rs 3,640-3,650 in Rajasthan.
Bloomberg reports:
Cotton tumbled to a 21-month low during the weekend after a US government report showed global inventories will gain and data from Asia showed a further slowdown in industrial output. (Source: The Hindu Businessline)