Falling cotton prices force ginners to hold stocks

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RAJKOT, JUNE 11:

Cotton was unchanged on Monday amid below-normal demand and restricted selling by ginners.

Falling prices have restricted ginners from selling their stocks, said a cotton broker. Cotton may continue to fall this week on global cues.

The new A-grade S-6 variety traded at Rs 32,000-32,500 a candy of 356 kg and B-grade at Rs 31,500-31,800. The New V-797 variety was offered at Rs 26,000-26,500 a candy. About 15,000-16,000 bales of 170 kg each arrived in Gujarat, around 45,000 bales arrived in the rest of the country.

In Maharashtra, A-grade low micronaire (29 mm) quoted at Rs 31,700-32,000 a candy and high micronaire at Rs 32,000-32,500. In Madhya Pradesh, while the former quoted at Rs 31,700-32,000, the latter quoted at Rs 32,000-32,500.

According to the Cotton Corporation of India, out of the estimated 347.05 lakh bales, 321.27 lakh bales had arrived till May 27, in line with last year’s 321.52 lakh bales. Despite a decline in consumption to 252 lakh bales, compared with 267 lakh bales last year, end stocks are estimated to decline sharply to 24.3 lakh bales on the back of record high exports that crossed 115 lakh bales this year.

Source: http://www.thehindubusinessline.com/markets/commodities/article3516247.ece

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