Our Correspondent Rajkot, Jan 21
Cotton prices dropped as demand declined on Monday. Along with this, increasing cotton arrivals in Gujarat and across the country also supported the bearish trend. Cotton prices decreased by Rs 150-200 a candy (356 kg) in Gujarat. Sankar-6 cotton for A grade was quoted at Rs 34,000-34,200 a candy and B grade cotton at Rs 33,900-34,000 in Gujarat. V 797 cotton was offered at Rs 26,000-26,500 a candy. About 55,000-56,000 bales cotton arrived in Gujarat and 1.96 lakh bales cotton arrived in India.
According to a Rajkot-based cotton broker, cotton arrival was about 48,000-50,000 bales during last week but it is now increased to 55,000 bales in Gujarat. Against it mills and export demand was coming down. Similar trend was seen in Maharashtra market also. Cotton buying moved down. New 29 MM (3.8+ micronaire) cotton traded at Rs 33,300-33,700 a candy, 29 MM (3.7+ micronaire) cotton traded Rs 33,000-33,300 in Maharashtra. Low micronaire cotton quoted at Rs 32,400-32,600.
A Rajkot-based ginner said, “Local farmers are not selling cotton much but as Gujarat price is higher than the other States, arrivals from Maharashtra and Andhra Pradesh is quite good.”
(Source: The Hindu Businessline)