Cotton prices declined by Rs 200-300 for a candy of 356 kg on Friday as arrivals increased and buying was limited.
According to traders, market sentiments are not supporting the cotton price as most of the buyers are waiting for quality arrivals.
A Rajkot-based broker said, “Demand from mills and exporters are limited and that’s why cotton price is declining. But it will not go down further as after Navaratri demand will likely to come from export front.”
New cotton was offered at Rs 33,800-34,000 a candy in Gujarat. A-grade S-6 cotton fetched Rs 33,700-34,000 and B-grade fibre Rs 33,500-33,800.
Prices of V-797 were at Rs 27,500-28,000.
In Maharashtra, A-grade cotton low micronaire was ruling at Rs 33,000-33,500 while A-grade high micronaire cotton (29+ MM) was at Rs 33,500-34,200.
New crop was offered at Rs 33,800-34,500 .
About 15,000-17,000 bales of 170 kg arrived in Gujarat and 28,000-29,000 bales arrived in India.
Mills and exporters bought around 12,000 bales from Gujarat on Thursday.
Raw cotton or Kapas price stood at Rs 775-845 for 20 kg.
Cotton futures for December delivery fell 1 per cent to 77.12 cents a pound on ICE.
Source: Business Line, Oct. 19