Increasing demand from exporters and mills pushed up cotton prices on Monday in northern and western parts of the country. Moreover, slower arrivals also supported the surge in prices.
Gujarat Sankar-6 cotton was traded higher by Rs 200-300 at Rs 33,700-34,300 a candy of 356 kg. The price of kapas gained Rs 10-14 to Rs 815-830 for 20 kg and Kadi delivery kapas was traded at Rs 830-840 for 20 kg.
Arrivals in Gujarat stood at 25,000-30,000 bales against 35,000 bales last week. Prices of New V 797 ruled at Rs 26,000-26,500 a candy. About 1 lakh bales arrived at the national level.
In Maharashtra A-grade cotton low micronaire quoted at Rs 32,500-32,800 a candy and A-grade high micronaire cotton 29+ MM quoted at 33,500-34,000.
In Madhya Pradesh, A-grade cotton low micronaire was quoted at Rs 32,500-33,000 and A-grade high micronaire cotton 29+ MM quoted at 33,500-34,200.
The fibre quoted higher in North India on improved demand and lower arrivals. Arrivals were reported at 10,000 bales. J-34 RG was quoted in the range of Rs 3,595-3,645 a quintal in Punjab, Rs 3,530-3,540 in Haryana and Rs 3,520-3,530 in Rajasthan.
Dow Jones reports: New York cotton futures were marginally lower in very-thin trade, under pressure from weaker outside markets and a stronger dollar on Monday. But a range is likely in store for the July contract that is 0.1 per cent lower at 90.92 cents a pound, with expectations of a smaller crop next season countered by still-weak demand.