Buying by mills keeps cotton steady

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RAJKOT, AUG. 27:

Cotton was unchanged here even as buying by mills continued on Monday, while in North India higher demand pushed it up.

The A grade S-6 variety traded at Rs 38,200-38,500 a candy of 356 kg and B grade at Rs 38,000-38,200. The New V-797 was offered at Rs 30,500-31,000 a candy. About 4,000 bales of 170 kg each arrived in Gujarat, while 7,500 bales arrived in the rest of the country.

In Maharashtra, A grade low micronaire (29 mm) quoted at Rs 37,700-38,000 a candy and high micronaire at Rs 38,200-38,500.

The fibre traded higher in North India amid restricted selling. Local mills bought for immediate requirement. J-34 RG quoted at Rs 3,950-4,000 a quintal in Punjab, at Rs 3,950-3970 in Haryana and at Rs 3,940-3,940 in Rajasthan.

Rains reported in Junagarh, Jamnagar, Amreli and Bhavnagar districts of Saurashtra region may be beneficial for the standing crop, but there is no chance for fresh planting.

Meanwhile, the Cotton Advisory Board has estimated that textile mills may import 12 lakh bales in the current season (October-September), Textile Minister Anand Sharma said in a written reply in the Lok Sabha.

Source: http://www.thehindubusinessline.com/markets/commodities/article3828118.ece

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