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Lower Chinese demand because of festival holidays there pulled down cotton by Rs 500 a candy of 356 kg on Friday. Local demand was limited, too, as prices were high, a Rajkot-based trader said.
The Sankar-6 variety decreased by Rs 500 to Rs 36,100-36,200 a candy. During the week, cotton shaved off almost Rs 1,200 a candy due to low demand. Kapas or raw cotton was down Rs 20-25 to Rs 970-890 for a maund of 20 kg here and to Rs 900-910 for delivery at Kadi. Maharashtra cotton sold at Rs 850-875 for a maund . About 700-800 trucks arrived in Gujarat from Maharashtra.
The April kapas contracts declined by Rs 37 to Rs 889.50 for a maund on the National Commodity and Derivatives Exchange, with an open interest of 10295 lots.
About 69,000 bales of 170 kg each arrived in Gujarat, while 2.23 lakh bales arrived in rest of the country.
In North India, where 28,000 bales arrived, higher selling following sharp losses on the ICE in London and weak kapas futures dragged down cotton. A weak yarn market and strong rupee also weighed on the market. Ready delivery cotton traded at Rs 3,800-3,840 a quintal in Punjab, at Rs 3,730-3,750 in Haryana and at Rs 3,735-3,750 in Rajasthan.
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