India: Profit booking drags raw cotton futures



Cotton was unchanged in Gujarat on Monday, as demand and supply matched, said traders. However, kapas or raw cotton futures on the National Commodity and Derivatives Exchange fell on profit booking.

The Sankar-6 variety was traded at Rs 33,500-34,200 for a candy of 356 kg, while the Kalyan variety traded at Rs 24,500-25000. Kapas ruled at Rs 825-830 a maund of 20 kg here and at Rs 845-850 for delivery at Kadi. About 28,000-30,000 bales of 170 kg each arrived in the State, while 1-1.25 lakh bales arrived in the rest of the country.

On the NCDEX, kapas‘ April contract was down Rs 5 to Rs 789 a maund, with an open interest of 5,872 lots.

The fibre was flat in North India, where 18,000 bales arrived. J-34 RG quoted at Rs 3,545-3,605 a quintal in Punjab, at Rs 3,470-3,485 in Haryana and at Rs 3,470-3,480 in Rajasthan.

Meanwhile, the Cotton Corporation of India has decided to procure about 10 lakh bales from Gujarat, mainly Saurashtra. The Corporation has opened 33 procurement centres in the region and so far purchased about 1.1 lakh bales.