Our Correspondent Rajkot, Feb. 18
Cotton increased by Rs 300 a candy of 356 kg, as arrival declined across the country. Moreover, exporters and mills are buying on expectation of yarn export. According to a Rajkot-based cotton broker, the fibre crop is up since last couple of days mainly because of slower arrivals and high demand. Prices may increase further, he added.
The Sankar-6 variety traded higher by Rs 200-300 at Rs 35,200-35,500 a candy. The V-797 A grade variety was offered at Rs 27,800-28,000 a candy. While 45,000 bales of 170 kg each arrived in Gujarat, 1.45 lakh bales arrived in the rest of the country.
Traders say that prices may rise to Rs 38,000 a candy on expectation of lower output, strong yarn exports and improvement in overseas sales of lint. Kapas or raw cotton rose by Rs 20-25 to Rs 880-885 for a maund of 20 kg in Gujarat and was at Rs 900-915 for delivery at Kadi. Surendranagar Kalyan kapas contract gained Rs 10 at Rs 914.75 a maund. Demand from spinners and exporters was high, while ginners bought less because of higher kapas prices. (Source: The Hindu Businessline)