India: Cotton falls as orders from mills slow down

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RAJKOT, FEB. 1: 

Cotton declined in Gujarat, as demand from mills was low on Friday. It was steady in Madhya Pradesh and Maharashtra. Export buying was low too.

The Sankar-6 variety was down Rs 100 to Rs 34,100-34,200 a candy of 356 kg. The V-797 variety was offered at Rs 25,700-26,000 a candy. Kapas or raw cotton fell by Rs 5 to Rs 845-850 for a maund of 20 kg here, while it was Rs 840-865 for delivery at Kadi. About 50,000 bales of 170kg each arrived in Gujarat, while 2 lakh bales arrived in the rest of the country.

In Maharashtra, the new 29-mm variety (3.8-plus micronaire) traded at Rs 33,800-33,900 a candy, while 29 mm (3.7-plus micronaire) traded at Rs 33,600-33,800. The low micronaire variety quoted at Rs 32,700-32,800.

A Rajkot-based cotton broker said, “At present, only mills are buying, exporters are not much active as price has gone up this week.”

The Cotton Advisory Board on Wednesday revised up export and import estimates for the year 2012-13 (October-September). The board revised export estimate to eight million bales from from seven million. Against the earlier import estimate of 1.2 million bales, it is now expected to stand at two million bales, as southern mills still found imports viable, it added.

Source: Business Line

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