RAJKOT, DEC. 9:
Cotton brokers said there was limited demand from local millers and exporters on Friday. New export enquiries from China were reported at 90-91 cents a pound. However, traders and ginners see prices declining.
The Sankar-6 variety was traded at Rs 35,200-35,300 a candy of 356 kg whilekapas or raw cotton price sold at Rs 850-860 for a maund of 20 kg. Kapas for delivery to ginners traded at Rs 875-880 a maund. While 45,000-50,000 bales of 170 kg each arrived in Gujarat, 1.5 lakh bales arrived in rest of the country.
From Maharashtra, around 500-600 trucks arrived in Gujarat and quoted Rs 870-880 a maund.
In Maharashtra, average new cotton quoted at Rs 33,700-34,100 a candy and A-grade 29-plus mm quoted at 34,700-34,700 a candy.
In Madhya Pradesh, average new cotton quoted at Rs 33,500-34,000 a candy and A-grade cotton 29-plus mm quoted at 34,200-34,700 a candy.
Cotton may fall to Rs 34,000 a candy in December because of low demand and as disparity at the current prices has brought down ginning volumes by half this year in Gujarat, said Mr arvind Raichura, Balkrishna Ginning.
Source: http://www.thehindubusinessline.com/markets/commodities/article2701607.ece
