India: Cotton steady on slow export demand

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RAJKOT, DEC 7:

On the back of normal demand of mills and exporters, cotton prices remained unchanged in most of the parts in the western region.

According to traders, prices may gain on expected export demand.

A grade Sankar-6 cotton traded at Rs 33,500-33,700 for a candy (356 kg) and B grade cotton at Rs 33,300-33,400 in Gujarat. V 797 cotton was offered at Rs 29,500-30,000.

About 40,000 bales ( a bale is 170 kg) arrived in Gujarat and 1.55 lakh bales arrived in the country.

New 29 MM (3.8+ micronaire) cotton traded at Rs 33,200-33,500, 29 MM (3.7+ micronaire) cotton was traded Rs 32,700-33,000 in in Maharashtra. Low micronaire cotton was quoted at Rs 31,500-32,500.

A Rajkot-based cotton broker said, “At present, mills are buying cotton, export demand is slow but we are expecting export demand the in coming days. Price may move up next week.”

Till end November, about 51 lakh bales cotton arrived in the country which was almost 15-16 per cent less than last year arrivals.

In Gujarat, so far around 11.50 lakh bales of new cotton arrived. The traders estimated about 340 lakh bales cotton production in the country and 90 lakh bales cotton production in Gujarat.

Source: Business Line

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