Cotton unchanged on limited buying by mills

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RAJKOT, JULY 30:

On the back of limited demand from millers, cotton prices ruled steady in Gujarat and other regions.

According to brokers, cotton price may drop marginally this week.

Sankar-6 ruled at Rs 37,200-37,500 a candy (of 356 kg) in Gujarat. Prices of New V-797 were at Rs 30,500-31,000. About 5,000-6,000 bales (of 170 kg) arrived in Gujarat and around 10,000-11,000 bales arrived in India. Kapas was traded atRs 970-1,005 for 20 kg.

In Maharashtra, A grade (low micronaire) was at Rs 36,800-37,300 a candy and A grade (high micronaire 29+ MM) was at 37,300-37,800.

A cotton broker said: “At present cotton trade is very limited. South Indian mills are focusing more on imports than domestic supply.” Northern mills are importing from Pakistan.

Source: http://www.thehindubusinessline.com/markets/commodities/article3704299.ece

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