India: Limited supply may hold cotton at current levels

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RAJKOT, MAY 27:

Cotton prices remained unchanged as demand was normal and supply was limited supply.

According to market sources, mostly South-based mills were active in buying.

Gujarat Sankar-6 cotton was traded at Rs 37,900-38,200 a candy of 356 kg. Medium grade cotton stood at Rs 37,500-37,800. V 797 cotton A grade was offered at Rs 27,000-27,500 in Gujarat.

Kapas or raw cotton was traded at Rs 945-975 for 20 kg and Kadi delivery kapas price was Rs 970-995.

About 10,000-12,000 bales of 170 kg each of cotton arrived in India and 32,000-34,000 bales arrived in India.

Cotton 29 MM (3.8+ micronaire) was traded at Rs 38,000-38,500 a candy, 29 MM (3.6 micronaire) cotton at Rs 37,300-37,700 in Maharashtra.

According to cotton brokers, south Indian mills are active in the market and some exporters are also buying.

Overall demand is normal but supply side is weak and it may hold the cotton price at current level.

Source: Business Line

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