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Cotton price remained unchanged on limited demand at Gujarat on Monday.
According to brokers, increasing arrivals and slack demand may result in cotton price going down further.
A ginners said: “As new cotton has started to arrive, ginning activity will start after middle of this month.
“Prices may not gain as demand is very limited. Buyers are in wait-and-watch mode.”
Gujarat A grade Sankar-6 cotton traded at Rs 34,000-34,500 for a candy (356 kg) and B grade cotton at Rs 33,500-33,800 for a candy.
Prices of V 797 offered at Rs 28,000-28,500 for a candy.
In Maharashtra, A grade cotton (low micronaire) was quoted at Rs 34,200-34,700 a candy and A grade (high micronaire) cotton (29+ MM) quoted at Rs 34,700-35,200.
New cotton for November delivery was offered at Rs 33,500-33,600 in Gujarat.
New crop with 12-15 per cent moisture offered at Rs 32,000-32,500 in Maharashtra.
About 7,000-8,000 bales cotton arrived in Gujarat and out of these, around 3,000-3,500 bales were new.
Lower cotton acreage coupled with poor rain in major producing State, Gujarat, may lead to a drop in output to 335 lakh bales.
Cotton sowing as on September 28 was down at 116 lakh hectares compared with 120.70 lakh hectares in the same period last year.
According to the latest updates of the Cotton Advisory Board (CAB), production for 2011-12 is revised upward to 357 lakh bales compared with 347 lakh bales earlier.
Also, on account of the cheaper cotton available in the global markets, imports have more than doubled to 12 lakh bales.
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