The Hindu Business Line : Lint prices head north

COTTON lint prices continued to maintain an upward trend during the second February fortnight. Kappas arrivals had slowed down in the northern belt but demand from mills continued.

In Punjab, Haryana and Rajasthan, kappas arrival had dropped to less than 5,000 bales a day. The prices, however, ruled firm. Mills demand was moderate.

Bengal Deshi ruled at Rs 1,420 and Rs 1,530 per maund spot. J 34 saw ginned quoted between Rs 1,800 and Rs 1,950 per maund spot.

In Gujarat belt, lint prices ruled firm to upward. Quality lots of Shankar 6 were in great demand but the inflow was less.

Expecting a further rise in the price levels, sellers were reluctant to push their lots.

The price level moved to Rs 19,000-21,000 per candy spot. V 797 was transacted at Rs 14,500-14,700 per candy spot delivery.

The rate of H4 variety in Madhya Pradesh rose by Rs 1,000 a candy in the second fortnight of February compared to the earlier fortnight. DCH 32, MECH 1 and LRA were the main arrivals in this belt apart from H4.

The Maharashtra Cotton Federation charged a premium of Rs 300-600 per candy for higher volume of offers ranging from 10,000 bales to Rs 25,000 bales and above.

A firm trend prevailed in Andhra Pradesh, Karnataka and Tamil Nadu. The summer crop sowing is likely to be delayed further in the southern belt. Considering the expected short fall in crop volume for the 2002-03 season and taking into account their demand for cotton, the mill sector, it is learnt, has started covering leading to an upward movement in price levels.

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