Poor demand and weak global markets pushed the cotton prices down on Friday.
According to a Rajkot-based trader, demand from spinning mills was sluggish due to tight liquidity and poor offtake in yarn. In Gujarat, new A-grade Sankar-6 cotton traded at Rs 33,500- 33,800 a candy (of 356 kg) and B-grade cotton at Rs 33,000-33,300. New V 797 was offered at Rs 25,500-26,000.
In Maharashtra, A-grade cotton (low micronaire) quoted at Rs 32,500-33,000 a candy and A-grade (high micronaire) cotton 29+ MM quoted at 33,300-33,800. In Madhya Pradesh, A grade cotton (low micronaire) quoted at Rs 32,500-33,000 and A grade (high micronaire) cotton 29+ MM quoted at 33,300-33,800.
J-34 RG quoted in range of Rs 3,645-3,705 a quintal in Punjab, Rs 3,560-3,590 in Haryana and Rs 3,550-3,560 in Rajasthan. Total arrivals in the region stood at 3,000 bales (of 170 kg).
In New York, cotton for July delivery rose 0.7 per cent to 77.16 cents a pound on ICE Futures U.S. A close at that level would be the largest gain since April 26. Earlier, the price dropped as much as 0.2 per cent.