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Cotton prices declined by Rs 100 for a candy of 356 kg in Gujarat on increasing arrivals and lower demand from mills and exporters.
New cotton was offered at Rs 33,300-33,500 a candy. The A-grade Sankar-6 variety traded at Rs 33,300-33,500 a candy and B-grade at Rs 33,000-33,200 a candy. V-797 was offered at Rs 28,500-28,600 a candy.
New cotton was offered at Rs 33,500-33,800 a candy in Maharashtra. A-grade low micronaire quoted at Rs 33,300-33,500 a candy and high micronaire (29 mm) at Rs 33,000-33,300.
About 50,000-52,000 bales of 170 kg each arrived in the State. Overall, 80,000 bales arrived in the country. Rain is likely to damage the crop in parts of Andhra Pradesh.
According to traders, prices may decline this week, because demand has dropped as arrivals have increased. Besides, international demand for cotton is also weak.
A report from the Junagadh Agriculture University has estimated a 33 per cent fall in Gujarat production compared with last year. The report said that despite lower production, prices are expected to remain stable due to large global stockpiles, including in China.
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