India: Cotton wilts on poor purchase

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RAJKOT, SEPT. 30:

Poor buying pulled down cotton by Rs 200-500 a candy of 356 kg on Friday.

A-grade Sankar-6 variety sold at Rs 38,000-38,500 a candy, B-grade at Rs 36,000-37,000 a candy and C-grade at Rs 35,000-35,500 a candy. Kalyan variety sodl at Rs 25,000-27,000 a candy.

Raw cotton or kapas declined to Rs 870-950 for a maund of 20 kg. It quoted at Rs 960-962 a maund for delivery to ginners.

While 7,000-8,000 bales arrived in Gujarat, 15,000-16,000 bales arrived in the rest of the country.

Demand from exporters and millers is likely to remain weak till mid-October as they are waiting for the new crop, brokers said.

Sowing in the State has increased by over 3 lakh hectares at 2.98 million hectares in the current kharif season. According to industry estimates, the State’s production would rise by about 1-1.2 million bales of 170 kg each this year. Estimates released by the Cotton Association of India indicate production to rise by around 7 per cent to 11.3 million bales in 2011-12 as against 10.5 million bales in 2010-11. Gujarat produces about a third of the country’s cotton.

Source: http://www.thehindubusinessline.com/markets/commodities/article2500775.ece

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