Cotton prices were unchanged on higher level on the back of limited demand and rain deficit. However, market sources believe that price may increase in next week on strong demand and dull sowing.
Gujarat, new A grade S-6 cotton traded at Rs 37,500- 38,000 a candy of 356 kg and B grade cotton at Rs 37,300-37,500. Prices of New V 797 were at Rs 30,500-31,000. About 6,000-7,000 bales of 170 kg arrived in Gujarat and 17,000-18,000 bales arrived in India. South Indian mills bought around 7,000 bales from Gujarat on Thursday.
In Maharashtra, A grade cotton (low micronaire) quoted at Rs 36,800-37,300 and A grade (high micronaire 29+ MM) was Rs 37,300-37,800 .
Cotton traded steady in North India Friday amid slow demand and limited selling. J-34 RG quoted in range of Rs 3,870-3,915 a maund of 20 kg in Punjab, Rs 3,810-3,830 in Haryana and Rs 3,815-3,825 in Rajasthan.
“Cotton sowing has been delayed in Gujarat and the acreage has also dropped compared to last year. Also, we see increased demand from domestic millers especially from southern States. This may escalate prices to close to Rs 40,000 a candy over the next one month,” said a cotton trader in Ahmedabad.