Our Correspondent Rajkot, March 11
After making sharp gains in the last two days, cotton prices declined on sluggish demand. Prices were marginally down as buying was limited at upper level.
Gujarat Sankar-6 cotton declined by Rs 100-200 to Rs 38,400-38,500 a candy of 356 kg. V 797 cotton A grade was offered at Rs 29,800-30,000. About 33,000-35,000 bales (of 170 kg) arrived in Gujarat and 95,000 bales arrived in India. Cotton 29 MM (3.8+ micronaire) ruled at Rs 38,300-38,800, 29 MM (3.6 micronaire) cotton Rs 37,500-37,900 in Maharashtra.
Traders said that buyers are cautious and minor correction in prices cannot be ruled out in near term, although overall trend is still bullish due to lower local supplies and good demand. Fresh imports deals were reported last week from Africa between 93 and 95 cents per pound. According to traders, imports will rise further in coming days on lower availability of local cotton. (Source: The Hindu Businessline)