Cotton trade has been damp for the last one week, result in prices declining marginally on Monday. According to market sources, demand in cotton is very poor. Buyers are waiting for new crop.
NEW CROP
A Rajkot-based cotton broker said, “At present there is no charm in cotton trading as demand is very weak. Buyers are waiting for good quality new cotton crop.”
Gujarat, new A grade S-6 cotton traded at Rs 35,500-36,000 a candy of 356 kg and B grade cotton at Rs 35,000-35,500. Prices were lower by at least Rs 200 compared with the weekend New V 797 was offered at Rs 28,000-28,500.
In Maharashtra, A grade cotton (low micronaire) quoted at Rs 34,500-35,000 and A grade (high micronaire cotton 29+ mm) 35,200-35,800. About 3,000 bales (170 kg each) cotton arrived in Gujarat and 6,000 bales cotton arrived in the country.
Old kapas were traded at Rs 900-945 for a maund of 20 kg and new kapas Rs 600-750.
Cotton was steady in North India on Monday amid slow demand. Around 300 bales of the new crop arrived in Punjab. J-34 RG quoted Rs 3,630-3,680 a quintal in Punjab; Rs 3,650-3,655 in Haryana and Rs 3,630-3,640 in Rajasthan.