RAJKOT, APRIL 5:
Cotton prices declined as demand from the mills and exporters dropped marginally on Friday.
According to market sources, weak foreign market also supported the downtrend in domestic market.
Gujarat Sankar-6 cotton traded down by Rs 100-200 at Rs 39,100-39,200 for a candy of 356 kg.
The Kalyan variety cotton quoted at Rs 30,000-30,500.
Cotton ready delivery quoted at Rs 4,080-4,185 for a quintal in Punjab; Rs 4,070-4,085 in Haryana and Rs 4,070-4,080 in Rajasthan.
About 27,000-28,000 bales of cotton arrived in Gujarat and around 80,000 bales cotton arrived across the country.
Kapas traded weak by Rs 10-15 for a maund of 20 kg in Rajkot APMC. It was quoted Rs 880-1,004.
Surendranagar kapas futures declined and closed at Rs 923 for 20 kg.
A Rajkot-based cotton broker said that currently, export demand lower than normal and mills are also slow in buying putting futher pressure on the market.
It may decline further in next week also.
Cotton price may decline to Rs 38,500-38,700 for a candy in the next 8-10 days.
Weak global market also one of the reasons for downfall in cotton, said the broker.
Cotton futures slid on Thursday after US jobless claims rose for a third consecutive week, trumping an increase in US exports of the fibre.
Cotton for delivery in May on ICE Futures US was down 0.8 per cent at 88.47 cents a lb.
Source: Business Line